Stephens Inc. AR cut its stake in Discover Financial Services (NYSE:DFS) by 14.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,785 shares of the financial services provider’s stock after selling 1,343 shares during the period. Stephens Inc. AR’s holdings in Discover Financial Services were worth $604,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in Discover Financial Services by 9.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,271,726 shares of the financial services provider’s stock worth $133,983,000 after purchasing an additional 199,220 shares during the period. Geode Capital Management LLC lifted its position in Discover Financial Services by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 4,609,400 shares of the financial services provider’s stock worth $271,408,000 after purchasing an additional 76,252 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in Discover Financial Services in the first quarter worth $841,000. Investec Asset Management LTD lifted its position in Discover Financial Services by 5.2% in the first quarter. Investec Asset Management LTD now owns 3,042,582 shares of the financial services provider’s stock worth $216,510,000 after purchasing an additional 150,486 shares during the period. Finally, Investec Asset Management North America Inc. lifted its position in Discover Financial Services by 2.7% in the first quarter. Investec Asset Management North America Inc. now owns 301,508 shares of the financial services provider’s stock worth $21,455,000 after purchasing an additional 7,899 shares during the period. 85.15% of the stock is currently owned by hedge funds and other institutional investors.
Discover Financial Services stock opened at $79.77 on Thursday. The company has a debt-to-equity ratio of 2.30, a current ratio of 1.33 and a quick ratio of 1.33. The stock has a fifty day moving average price of $83.59 and a two-hundred day moving average price of $77.10. Discover Financial Services has a 52-week low of $54.36 and a 52-week high of $92.98. The firm has a market capitalization of $25.74 billion, a P/E ratio of 10.24, a P/E/G ratio of 1.18 and a beta of 1.55.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be paid a $0.44 dividend. The ex-dividend date is Wednesday, August 21st. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.40. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.21%. Discover Financial Services’s dividend payout ratio (DPR) is 20.54%.
In other news, SVP Edward W. Mcgrogan sold 1,894 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $92.35, for a total value of $174,910.90. Following the completion of the sale, the senior vice president now directly owns 11,272 shares in the company, valued at $1,040,969.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Diane E. Offereins sold 20,000 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $91.76, for a total value of $1,835,200.00. Following the completion of the sale, the executive vice president now owns 120,874 shares of the company’s stock, valued at $11,091,398.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,663 shares of company stock valued at $2,534,291. 0.81% of the stock is currently owned by corporate insiders.
Several brokerages recently commented on DFS. Zacks Investment Research cut Discover Financial Services from a “buy” rating to a “hold” rating and set a $66.00 target price for the company. in a research report on Friday, June 7th. CIBC reaffirmed a “market perform” rating on shares of Discover Financial Services in a research report on Tuesday, May 7th. Morgan Stanley set a $97.00 target price on Discover Financial Services and gave the stock a “buy” rating in a research report on Friday, August 9th. UBS Group raised their target price on Discover Financial Services from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Finally, BMO Capital Markets raised their target price on Discover Financial Services to $92.00 and gave the stock a “market perform” rating in a research report on Monday, April 29th. Twelve investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $84.35.
About Discover Financial Services
Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
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