Representative Lisa C. McClain (R-Michigan) has sold shares of ING Group, N.V. (NYSE:ING), according to a disclosure filed on November 21, 2023. The transaction, which took place on October 31, 2023, involved a sale valued between $1,001 and $15,000 and occurred within her 401(k) account at Charles Schwab.
In addition to the sale of ING Group shares, McClain executed several other trades on the same day. These included divestments of similar value in shares of Ciena (NYSE:CIEN), Alibaba Group (NYSE:BABA), Coherent (NYSE:COHR), Clorox (NYSE:CLX), Northern Trust (NASDAQ:NTRS), Honda Motor (NYSE:HMC), Home BancShares (NYSE:HOMB), Five Below (NASDAQ:FIVE), Pure Storage (NYSE:PSTG), and BHP Group (NYSE:BHP).
Market Performance of ING Group
Following the announcement of McClain’s transaction, shares of ING Group experienced a slight increase, trading up by $0.37 to reach $25.93 on the day of the report. The company recorded a trading volume of 1,291,503 shares, which is lower than its average volume of 2,568,771.
Currently, ING Group holds a market capitalization of approximately $81.61 billion and has a price-to-earnings (P/E) ratio of 11.68. Over the past year, the stock has fluctuated between a low of $15.09 and a high of $26.59. Analysts have noted a fifty-day moving average price of $25.07 and a two-hundred-day average of $23.56. The company’s debt-to-equity ratio stands at 2.99, indicating a relatively high level of debt compared to equity.
Several financial analysts have weighed in on ING Group’s stock. Notably, Citigroup upgraded the stock to a “strong-buy” rating on November 21, while Weiss Ratings reaffirmed a “buy” rating on November 19. Other firms, including Morgan Stanley and Cfra Research, have also recently revised their ratings, reflecting a growing interest in the company’s financial prospects.
Institutional Investments in ING Group
Institutional investors have been active in adjusting their stakes in ING Group. During the third quarter, Abound Wealth Management significantly increased its holdings by 2,757.6%, acquiring an additional 910 shares to total 943 shares. Similarly, Binnacle Investments Inc expanded its position by 57.0%, bringing its ownership to 1,088 shares. Other notable investors include Salomon & Ludwin LLC and Rexford Capital Inc., both of which increased their stakes as well.
Overall, institutional investors currently hold approximately 4.49% of ING Group’s stock, indicating a level of confidence in the company’s future performance.
About Representative Lisa McClain
Lisa McClain has served as a member of the U.S. House of Representatives since January 3, 2023, representing Michigan’s 9th Congressional District. She is currently in her first term, which will conclude on January 3, 2027, and has already declared her candidacy for re-election in the upcoming 2026 election. McClain holds a bachelor’s degree in business administration from Northwood University and has previously founded the North End Support Team, where she served as president.
As the landscape of investments continues to evolve, the recent trades by Representative McClain highlight her active management of personal assets amid shifting market dynamics. The ongoing performance of ING Group and the responses of institutional investors may offer insights into broader trends within the financial services sector.
