Trouble With ING Is That Everyone Knows It Is Good

I’ve liked Dutch multinational bank ING Groep (NYSE:ING) for quite some time now and seen investors run hot and cold on the bank due to issues like its unbalanced exposure to dollar-denominated lending, its exposure to energy lending (which wasn’t that large), its capital requirements, and economic concerns about the markets in which it operates. More recently, though, ING seems to be getting more of its due on the basis of its solidly profitable retail banking franchises, its expense leverage, and its best-in-class digital offerings.

ING shares have performed toward the upper end of its peer group range over the last few years, lagging ABN Amro (OTCPK:ABNRY) a bit, but otherwise performing well next to KBC Group (OTCPK:KBCSY), BNP Paribas (OTCPK:BNPZY), Erste Bank (OTCPK:EBKDY), Deutsche Bank (NYSE:DB), Banco Santander (NYSE:SAN), and Nordea Bank (OTCPK:NRBAY). With that, I can’t really say these shares are undervalued anymore. There are certainly worse things than holding the shares of a fairly valued bank that is executing well and that pays a good dividend, but this isn’t really a name for bargain hunters looking to pay $0.80 and get a dollar back.

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Trouble With ING Is That Everyone Knows It Is Good