Ritholtz Wealth Management has significantly increased its investment in ING Group, N.V. by 33.6% during the second quarter of 2023. This adjustment, detailed in the firm’s most recent Form 13F filing with the Securities and Exchange Commission, reveals that Ritholtz now holds 190,867 shares of the financial services provider after acquiring an additional 47,969 shares in the period. As of the latest filing, Ritholtz Wealth Management’s stake in ING Group is valued at approximately $4.17 million.
Several other institutional investors have also adjusted their positions in ING Group. For example, Allspring Global Investments Holdings LLC increased its stake by 68.7% during the first quarter, now owning 47,475 shares valued at around $931,000 after purchasing an additional 19,332 shares. Other notable moves include Penserra Capital Management LLC, which acquired a new position valued at $126,000, and FORA Capital LLC, which invested $302,000 in the same quarter. PNC Financial Services Group Inc. also raised its holdings in ING by 14.7% and now owns 104,056 shares worth approximately $2.04 million.
Analysts Update Ratings and Price Targets
Recent reports from analysts reflect a positive outlook for ING Group. Morgan Stanley upgraded its rating from “equal weight” to “overweight” on September 2, 2023. Similarly, Barclays also elevated its rating on July 15, 2023. Cfra Research increased its recommendation from “hold” to “moderate buy” on September 25, 2023. In contrast, Weiss Ratings downgraded the stock from a “buy (b-)” to a “hold (c+)” rating on October 8, 2023. Currently, one analyst has assigned a “Strong Buy” rating, while four others recommend a “Buy” and one maintains a “Hold” rating, resulting in a consensus rating of “Buy” according to MarketBeat.com.
Performance and Dividend Insights
As of the latest trading session, shares of ING Group opened at $24.35. The stock has fluctuated between a one-year low of $15.09 and a high of $26.27. The company’s market capitalization stands at approximately $76.62 billion, with a price-to-earnings (P/E) ratio of 11.22 and a beta of 1.07. ING Group also reported a quarterly earnings per share (EPS) of $0.64 for the period ending July 31, 2023, exceeding the consensus estimate of $0.59 by $0.05. The firm generated revenue of $6.55 billion, surpassing expectations of $6.40 billion.
Recently, the company declared a semi-annual dividend, which was paid on August 25, 2023. Shareholders on record as of August 11, 2023 received a dividend of $0.4002 per share. This dividend represents a yield of 450.0%, with a dividend payout ratio of 31.80%.
Founded in the Netherlands, ING Groep N.V. offers a wide array of banking products and services across Europe and internationally. The company operates under five segments: Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, and Wholesale Banking. It provides both current and savings accounts to its customers.
For investors and stakeholders looking to monitor ING Group closely, the firm’s ongoing performance and the adjustments made by significant institutional investors underscore its importance in the financial services sector.
