ING Group (NYSE:ING) Shares Cross Below Two Hundred Day Moving Average – Here’s Why

ING Group, N.V. (NYSE:ING)’s share price crossed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $31.31 and traded as low as $30.86. ING Group shares last traded at $30.9260, with a volume of 3,756,259 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ING shares. DZ Bank reaffirmed a “buy” rating on shares of ING Group in a research note on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of ING Group in a research report on Tuesday, August 25th. UBS Group reiterated a “buy” rating on shares of ING Group in a research report on Friday, July 31st. JPMorgan Chase & Co. reissued a “buy” rating on shares of ING Group in a report on Thursday, October 1st. Finally, Zacks Research upgraded shares of ING Group from a “strong sell” rating to a “hold” rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, ING Group currently has an average rating of “Moderate Buy” and an average price target of $34.50.

ING Group Price Performance

The firm’s fifty day simple moving average is $34.75 and its 200 day simple moving average is $31.31. The company has a market capitalization of $88.45 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 0.86 and a beta of 0.89.

Institutional Investors Weigh In On ING Group

Several hedge funds have recently made changes to their positions in the company. Bank of America Corp DE boosted its stake in ING Group by 1.0% in the 1st quarter. Bank of America Corp DE now owns 6,451,137 shares of the financial services provider’s stock worth $168,052,000 after purchasing an additional 61,919 shares during the period. TD Waterhouse Canada Inc. grew its position in ING Group by 9.1% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 421,191 shares of the financial services provider’s stock worth $14,416,000 after purchasing an additional 35,218 shares in the last quarter. Parr Mcknight Wealth Management Group LLC raised its stake in ING Group by 954.1% during the 1st quarter. Parr Mcknight Wealth Management Group LLC now owns 101,528 shares of the financial services provider’s stock valued at $2,645,000 after purchasing an additional 91,896 shares during the period. QRG Capital Management Inc. raised its stake in ING Group by 15.4% during the 2nd quarter. QRG Capital Management Inc. now owns 394,253 shares of the financial services provider’s stock valued at $12,372,000 after purchasing an additional 52,524 shares during the period. Finally, Gibbs Wealth Management acquired a new stake in ING Group during the 1st quarter valued at $817,000. Hedge funds and other institutional investors own 4.49% of the company’s stock.

About ING Group

ING Groep N.V. is a Netherlands-based international banking group headquartered in Amsterdam. Through its principal banking operations, ING provides retail and commercial banking services to individuals, businesses and institutions, with a strong emphasis on digital banking and mobile financial services.

The company’s products and services include current and savings accounts, consumer and residential lending, business loans, payments, investment services, and wholesale banking. Its wholesale banking operations serve corporate and institutional clients with services such as lending, transaction banking, financial markets, and corporate finance.