Short Interest in ING Group, N.V. (NYSE:ING) Declines By 52.2%

ING Group, N.V. (NYSE:ING) was the target of a significant drop in short interest during the month of June. As of June 15th, there was short interest totaling 1,002,207 shares, a drop of 52.2% from the May 31st total of 2,095,786 shares. Based on an average daily volume of 4,452,077 shares, the days-to-cover ratio is presently 0.2 days. Currently, 0.0% of the shares of the stock are sold short.

ING Group Stock Up 0.3%

Shares of ING Group stock traded up $0.10 during trading on Wednesday, hitting $31.48. 2,513,910 shares of the stock traded hands, compared to its average volume of 4,865,551. The firm has a market cap of $91.61 billion, a P/E ratio of 12.44, a price-to-earnings-growth ratio of 1.01 and a beta of 0.85. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 2.73. ING Group has a 52-week low of $22.07 and a 52-week high of $32.22. The stock’s fifty day simple moving average is $30.01 and its 200 day simple moving average is $28.77.

ING Group (NYSE:ING) last issued its quarterly earnings data on Friday, May 1st. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.03. The company had revenue of $616.97 million for the quarter, compared to analyst estimates of $6.86 billion. ING Group had a net margin of 27.68% and a return on equity of 12.27%. On average, equities analysts predict that ING Group will post 2.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ING Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. MidFirst Bank acquired a new stake in ING Group during the 4th quarter worth about $25,000. YANKCOM Partnership boosted its stake in shares of ING Group by 197.2% in the fourth quarter. YANKCOM Partnership now owns 948 shares of the financial services provider’s stock worth $27,000 after buying an additional 629 shares during the last quarter. Evergreen Advisors LLC acquired a new stake in ING Group during the first quarter worth about $28,000. Binnacle Investments Inc grew its holdings in ING Group by 57.0% during the third quarter. Binnacle Investments Inc now owns 1,088 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 395 shares during the period. Finally, Transamerica Financial Advisors LLC raised its position in ING Group by 359.9% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,113 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 871 shares in the last quarter. 4.49% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Wall Street Zen downgraded ING Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Keefe, Bruyette & Woods raised shares of ING Group from a “moderate sell” rating to a “hold” rating in a research note on Thursday, March 26th. Weiss Ratings reissued a “buy (b)” rating on shares of ING Group in a research note on Friday, May 29th. Zacks Research cut shares of ING Group from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Finally, Morgan Stanley reaffirmed an “equal weight” rating on shares of ING Group in a research note on Monday, March 23rd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

About ING Group

ING Group N.V. is a Dutch multinational financial services company headquartered in Amsterdam. Formed through the consolidation of Dutch financial businesses, ING operates as a banking and financial services group that serves retail, small and medium-sized enterprises, large corporates and institutional clients. The company is organized under a two-tier governance model common in the Netherlands, with an Executive Board responsible for day-to-day management and a Supervisory Board providing oversight.

ING’s principal activities include retail and direct banking, commercial and wholesale banking, corporate lending, transaction services and cash management, and a range of investment and savings products.