Short-term stake in ING Groep (NYSE:ING) drops 16.5%

ING Groep (NYSE: ING – Get Rating) benefited from a sharp fall in short-term interest rates in August. As of August 31, there was short interest totaling 6,090,000 shares, down 16.5% from the total of 7,290,000 shares as of August 15. Currently, 0.2% of the company’s shares are sold short. Based on an average daily volume of 5,180,000 shares, the short interest rate is currently 1.2 days.

ING Groep shares fall 0.6%

NYSE: ING lost $0.06 on Friday, hitting $9.80. 3,531,550 shares of the company were traded, with an average volume of 5,950,875. The company has a 50-day moving average price of $9.29 and a 200-day moving average price of $9.87. The company has a debt ratio of 1.65, a current ratio of 1.09 and a quick ratio of 1.10. ING Groep has a 52-week low of $8.42 and a 52-week high of $15.97. The company has a market cap of $38.23 billion, a P/E ratio of 8.45, a price-to-earnings growth ratio of 0.96, and a beta of 1.63.

ING Groep cuts its dividend

The company also recently declared a — dividend, which was paid on Monday, August 22. Shareholders of record on Monday, August 15 received a dividend of $0.1737 per share. The ex-dividend date was Friday, August 12. This represents a return of 10.1%. ING Groep’s dividend payout ratio (DPR) is currently 25.00%.

Institutional investors weigh on ING Groep

A number of institutional investors and hedge funds have recently changed their holdings in the company. Captrust Financial Advisors increased its stake in ING Groep shares by 26.3% in the second quarter. Captrust Financial Advisors now owns 14,473 shares of the financial services provider valued at $144,000 after buying 3,017 additional shares during the period. SRS Capital Advisors Inc. bought a new stake in ING Groep stock in Q2 valued at around $40,000. rhino investment partners Inc purchased a new stake in ING Groep stock in Q2, valued at approximately $1,171,000. Goldman Sachs Group Inc. increased its stake in ING Groep shares by 27.1% in the second quarter. Goldman Sachs Group Inc. now owns 7,851,043 shares of the financial services provider valued at $77,882,000 after purchasing an additional 1,673,262 shares during the period. Finally, First Republic Investment Management Inc. increased its stake in ING Groep shares by 15.1% in the second quarter. First Republic Investment Management Inc. now owns 130,135 shares of the financial services provider valued at $1,291,000 after purchasing an additional 17,025 shares during the period. 4.39% of the shares are held by institutional investors.

Analyst upgrades and downgrades

A number of equity analysts have weighed in on ING shares recently. Royal Bank of Canada cut its price target on ING Groep shares from €12.50 ($12.76) to €11.00 ($11.22) in a Tuesday, July 12 research note. UBS Group raised its price target on ING Groep shares from €14.50 ($14.80) to €14.70 ($15.00) and assigned the stock a “buy” rating in a Monday August 15 research note. Goldman Sachs Group began covering ING Groep shares in a research note on Monday, May 30. They issued a “buy” rating for the company. Morgan Stanley raised its price target on ING Groep shares from €13.50 ($13.78) to €14.00 ($14.29) in a Monday June 27 research note. Finally, JPMorgan Chase & Co. raised its price target on ING Groep shares from €12.80 ($13.06) to €13.00 ($13.27) in a Wednesday 7 research note. september. Four investment analysts gave the stock a hold rating and five gave the stock a buy rating. According to data from MarketBeat, ING Groep currently has an average rating of “Moderate Buy” and an average price target of $12.74.

About ING Group

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ING Groep NV, a financial institution, offers various banking products and services in the Netherlands, Belgium, Germany, Poland, the rest of Europe, North America, Latin America, Asia and Australia . It operates in six segments: Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, Wholesale Banking and Corporate Line Banking.

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