Allspring Global Investments Holdings LLC Sells 2,524 Shares of ING Group, N.V. $ING

Allspring Global Investments Holdings LLC lessened its stake in ING Group, N.V. (NYSE:ING) by 5.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 44,951 shares of the financial services provider’s stock after selling 2,524 shares during the period. Allspring Global Investments Holdings LLC’s holdings in ING Group were worth $989,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD bought a new position in ING Group during the first quarter worth about $36,062,000. Millennium Management LLC lifted its stake in ING Group by 197.6% during the first quarter. Millennium Management LLC now owns 1,667,239 shares of the financial services provider’s stock worth $32,661,000 after purchasing an additional 1,106,926 shares during the period. Natixis Advisors LLC lifted its stake in ING Group by 25.7% during the first quarter. Natixis Advisors LLC now owns 4,250,850 shares of the financial services provider’s stock worth $83,274,000 after purchasing an additional 869,281 shares during the period. National Bank of Canada FI lifted its stake in ING Group by 1,434.0% during the first quarter. National Bank of Canada FI now owns 405,101 shares of the financial services provider’s stock worth $7,932,000 after purchasing an additional 378,693 shares during the period. Finally, Curi RMB Capital LLC bought a new position in ING Group during the first quarter worth about $6,833,000. Institutional investors own 4.49% of the company’s stock.

ING Group Stock Performance

ING stock opened at $23.80 on Thursday. The company has a debt-to-equity ratio of 2.83, a current ratio of 1.12 and a quick ratio of 1.12. The company has a 50 day moving average price of $24.79 and a 200 day moving average price of $22.43. ING Group, N.V. has a fifty-two week low of $15.09 and a fifty-two week high of $26.27. The stock has a market capitalization of $74.89 billion, a PE ratio of 10.97, a price-to-earnings-growth ratio of 1.70 and a beta of 1.07.

ING Group (NYSE:ING) last posted its quarterly earnings data on Thursday, July 31st. The financial services provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. ING Group had a net margin of 27.28% and a return on equity of 11.62%. The firm had revenue of $6.55 billion during the quarter, compared to analysts’ expectations of $6.40 billion. Analysts forecast that ING Group, N.V. will post 2.14 EPS for the current year.

ING Group Cuts Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were given a $0.4002 dividend. This represents a yield of 450.0%. The ex-dividend date was Monday, August 11th. ING Group’s payout ratio is 31.80%.

Analysts Set New Price Targets

A number of research analysts have commented on ING shares. Weiss Ratings cut shares of ING Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. Barclays upgraded shares of ING Group from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, July 15th. Cfra Research upgraded shares of ING Group from a “hold” rating to a “moderate buy” rating in a research note on Thursday, September 25th. Finally, Morgan Stanley upgraded shares of ING Group from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, September 2nd. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, ING Group currently has an average rating of “Moderate Buy”.

About ING Group

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.