5 Cheap Stocks to Buy According to Billionaire Ken Fisher

1. ING Groep N.V. (NYSE:ING)

Fisher Asset Management’s Stake Value: $672.013 million

Percentage of Fisher Asset Management’s 13F Portfolio: 0.41%

Number of Hedge Fund Holders as of Q3 2021: 8

Stock Price as of December 8, 2021: $14.33

Return since December 8. 2021: -33.7%

Based in the Netherlands, ING Groep N.V. (NYSE:ING) is a financial services company. By the end of the third quarter of 2021, Ken Fisher’s fund held 46 million shares of ING Groep N.V. (NYSE:ING) worth over $672 million and constituting 0.41% of the fund’s 13F portfolio. Fisher Asset Management is, therefore, the leading shareholder of the banking company.

On November 4, the company announced its Q3 net income of $1.6 billion, up from $892 million for the same quarter of the previous year. ING Groep N.V. (NYSE:ING)’s revenue for the quarter grew by 8.4% year over year and was $5.3 billion.

At the end of the third quarter of 2021, 8 hedge funds in the database of Insider Monkey held stakes worth over $693 million in ING Groep N.V. (NYSE:ING), compared to 9 in the previous quarter worth $602 million.

In its “Artisan International Value Fund” third quarter 2021, Artisan Partners mentioned ING Groep N.V. (NYSE:ING) and discussed its stance on the firm. Here is what the fund said:

“ING Groep is a Netherlands-based commercial bank. ING’s core operations are in Benelux and Germany, but the bank also operates in several other European markets using primarily a fintech strategy. This is not new for ING. In fact, the bank has been operating direct banking for decades. However, the share price has suffered over the last few years, along with other European banks’ share prices, from increased regulation and financial suppression. This year, ING is recovering like most banks from the COVID-related provisions charged to the P&L in 2020. But unlike other banks, ING started 2021 with an overcapitalized balance sheet and a new CEO. Under CEO Steven van Rijswijk’s leadership, ING has taken steps to exit poorly performing businesses—which will positively impact both profits and the bank’s capital position. In addition, core profits are increasing, and the company continues generating capital. During the quarter, ING announced both a resumption of dividend payments and a new share repurchase program. The market is just waking up to this company’s quality and value. Even after the 12% share price increase during the quarter and the more than 66% increase year to date, the shares still trade undeservedly below book value.”

You can also take a peek at the 10 Best Dividend Stocks to Buy According to Billionaire Howard Marks and 10 Latest Stock Picks of Billionaire Ray Dalio.

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