BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its stake in shares of Discover Financial Services (NYSE:DFS) by 26.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,640 shares of the financial services provider’s stock after selling 37,235 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Discover Financial Services were worth $8,000,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in DFS. American Century Companies Inc. increased its position in Discover Financial Services by 474.9% during the second quarter. American Century Companies Inc. now owns 1,183,341 shares of the financial services provider’s stock worth $83,319,000 after acquiring an additional 977,501 shares during the period. Millennium Management LLC increased its position in Discover Financial Services by 87.1% during the second quarter. Millennium Management LLC now owns 1,263,969 shares of the financial services provider’s stock worth $88,996,000 after acquiring an additional 588,371 shares during the period. Morgan Stanley increased its position in Discover Financial Services by 11.0% during the second quarter. Morgan Stanley now owns 4,863,732 shares of the financial services provider’s stock worth $342,452,000 after acquiring an additional 482,980 shares during the period. Worldquant Millennium Quantitative Strategies LLC bought a new position in Discover Financial Services during the second quarter worth $25,690,000. Finally, First Trust Advisors LP increased its position in Discover Financial Services by 100.7% during the third quarter. First Trust Advisors LP now owns 675,232 shares of the financial services provider’s stock worth $51,621,000 after acquiring an additional 338,811 shares during the period. 86.26% of the stock is currently owned by institutional investors and hedge funds.
Shares of Discover Financial Services stock opened at $64.84 on Friday. The company has a debt-to-equity ratio of 2.58, a quick ratio of 1.48 and a current ratio of 1.48. Discover Financial Services has a 52-week low of $64.11 and a 52-week high of $81.93. The firm has a market capitalization of $22.30 billion, a price-to-earnings ratio of 10.84, a price-to-earnings-growth ratio of 0.68 and a beta of 1.51.
Discover Financial Services (NYSE:DFS) last posted its earnings results on Thursday, October 25th. The financial services provider reported $2.05 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $2.05. Discover Financial Services had a net margin of 19.51% and a return on equity of 25.49%. The business had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.69 billion. Analysts expect that Discover Financial Services will post 7.83 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, December 6th. Stockholders of record on Wednesday, November 21st were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend was Tuesday, November 20th. Discover Financial Services’s payout ratio is 26.76%.
In other news, SVP Edward W. Mcgrogan sold 850 shares of the company’s stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $70.00, for a total value of $59,500.00. Following the sale, the senior vice president now owns 12,075 shares of the company’s stock, valued at approximately $845,250. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider David W. Nelms sold 30,000 shares of the company’s stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $72.05, for a total transaction of $2,161,500.00. Following the completion of the sale, the insider now directly owns 1,120,798 shares in the company, valued at approximately $80,753,495.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 104,100 shares of company stock worth $7,590,463. 0.81% of the stock is owned by insiders.
Several equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of Discover Financial Services from a “hold” rating to a “buy” rating and set a $79.00 price target on the stock in a report on Tuesday, November 27th. Bank of America boosted their price target on shares of Discover Financial Services from $86.00 to $92.00 and gave the company a “buy” rating in a report on Friday, September 21st. JPMorgan Chase & Co. raised shares of Discover Financial Services from a “neutral” rating to an “overweight” rating in a report on Tuesday, October 2nd. Wells Fargo & Co lowered their price target on shares of Discover Financial Services from $82.00 to $78.00 and set a “market perform” rating on the stock in a report on Friday, October 26th. Finally, Citigroup lowered their price target on shares of Discover Financial Services from $78.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, November 1st. Eight research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Discover Financial Services presently has an average rating of “Buy” and a consensus price target of $86.40.
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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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