ING Groep (NYSE:ING) Raised to “Strong-Buy” at Citigroup

ING Groep (NYSE:ING) was upgraded by stock analysts at Citigroup to a “strong-buy” rating in a report released on Thursday, Zacks.com reports.

Separately, Deutsche Bank Aktiengesellschaft lowered ING Groep from a “buy” rating to a “hold” rating in a research report on Wednesday, October 9th.

ING Groep Stock Up 0.7 %

Shares of ING opened at $17.39 on Thursday. The company has a current ratio of 0.95, a quick ratio of 1.12 and a debt-to-equity ratio of 2.54. The firm has a market cap of $60.82 billion, a P/E ratio of 7.69 and a beta of 1.52. The company’s 50-day moving average price is $17.77 and its 200 day moving average price is $17.44. ING Groep has a 12-month low of $12.44 and a 12-month high of $18.72.

ING Groep (NYSE:ING) last issued its quarterly earnings data on Thursday, August 1st. The financial services provider reported $0.58 EPS for the quarter. The firm had revenue of $6.15 billion for the quarter. ING Groep had a net margin of 30.60% and a return on equity of 12.65%. During the same quarter in the prior year, the company posted $0.65 earnings per share. On average, sell-side analysts forecast that ING Groep will post 2.04 earnings per share for the current year.

Institutional Trading of ING Groep

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its stake in shares of ING Groep by 19.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 25,378 shares of the financial services provider’s stock valued at $461,000 after buying an additional 4,165 shares during the period. Werba Rubin Papier Wealth Management purchased a new stake in shares of ING Groep during the 3rd quarter worth $185,000. Raymond James & Associates grew its stake in shares of ING Groep by 49.7% during the third quarter. Raymond James & Associates now owns 794,658 shares of the financial services provider’s stock worth $14,431,000 after purchasing an additional 263,904 shares in the last quarter. Blue Trust Inc. increased its holdings in ING Groep by 345.6% in the third quarter. Blue Trust Inc. now owns 21,336 shares of the financial services provider’s stock valued at $366,000 after buying an additional 16,548 shares during the last quarter. Finally, Net Worth Advisory Group acquired a new stake in ING Groep in the third quarter valued at $335,000. 4.49% of the stock is currently owned by institutional investors and hedge funds.

About ING Groep

ING Groep N.V. provides various banking products and services in the Netherlands, Belgium, Germany, rest of Europe, and internationally. It operates through five segments: Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, and Wholesale Banking. The company accepts current and savings accounts.