Millennium Management LLC Buys 487,716 Shares of ING Groep (NYSE:ING)

Millennium Management LLC raised its stake in ING Groep (NYSE:ING) by 671.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 560,313 shares of the financial services provider’s stock after purchasing an additional 487,716 shares during the period. Millennium Management LLC’s holdings in ING Groep were worth $8,780,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Roxbury Financial LLC acquired a new stake in ING Groep during the 4th quarter worth approximately $25,000. IFP Advisors Inc increased its position in ING Groep by 25.1% during the 4th quarter. IFP Advisors Inc now owns 3,095 shares of the financial services provider’s stock worth $48,000 after buying an additional 621 shares during the period. Whipplewood Advisors LLC acquired a new stake in shares of ING Groep during the fourth quarter worth $55,000. SRS Capital Advisors Inc. boosted its position in shares of ING Groep by 20.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 3,985 shares of the financial services provider’s stock valued at $62,000 after acquiring an additional 665 shares during the period. Finally, Sierra Ocean LLC acquired a new position in shares of ING Groep in the fourth quarter valued at about $65,000. 4.49% of the stock is owned by institutional investors.

ING Groep Price Performance

Shares of NYSE ING opened at $21.13 on Monday. The company has a market capitalization of $73.90 billion, a PE ratio of 9.87, a P/E/G ratio of 6.42 and a beta of 1.15. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.89. ING Groep has a twelve month low of $15.09 and a twelve month high of $21.76. The firm has a fifty day simple moving average of $19.56 and a 200 day simple moving average of $17.62.

ING Groep (NYSE:ING) last announced its quarterly earnings data on Friday, May 2nd. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.07). The company had revenue of $6.36 billion for the quarter, compared to analyst estimates of $5.74 billion. ING Groep had a return on equity of 11.81% and a net margin of 28.30%. On average, sell-side analysts forecast that ING Groep will post 2.14 EPS for the current year.

ING Groep Increases Dividend

The company also recently disclosed a semi-annual dividend, which was paid on Friday, May 9th. Shareholders of record on Friday, April 25th were given a $0.6526 dividend. This represents a yield of 5.1%. This is an increase from ING Groep’s previous semi-annual dividend of $0.17. The ex-dividend date was Friday, April 25th. ING Groep’s dividend payout ratio is presently 64.45%.

Analysts Set New Price Targets

ING has been the subject of several recent research reports. Cfra Research upgraded ING Groep from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, May 6th. The Goldman Sachs Group upgraded ING Groep from a “neutral” rating to a “buy” rating in a research report on Thursday, March 27th. Four analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, ING Groep currently has an average rating of “Moderate Buy”.

ING Groep Company Profile

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.