Alley Co LLC lifted its position in Discover Financial Services (NYSE:DFS) by 2.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,654 shares of the financial services provider’s stock after acquiring an additional 1,024 shares during the quarter. Alley Co LLC’s holdings in Discover Financial Services were worth $2,557,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Prudential Financial Inc. raised its holdings in Discover Financial Services by 6.5% in the second quarter. Prudential Financial Inc. now owns 921,150 shares of the financial services provider’s stock worth $57,286,000 after purchasing an additional 56,046 shares in the last quarter. Calamos Advisors LLC raised its holdings in Discover Financial Services by 120.3% in the second quarter. Calamos Advisors LLC now owns 634,391 shares of the financial services provider’s stock worth $39,453,000 after purchasing an additional 346,406 shares in the last quarter. Annex Advisory Services LLC raised its holdings in Discover Financial Services by 23.9% in the second quarter. Annex Advisory Services LLC now owns 15,686 shares of the financial services provider’s stock worth $975,000 after purchasing an additional 3,027 shares in the last quarter. Bank of Nova Scotia raised its holdings in Discover Financial Services by 171.5% in the first quarter. Bank of Nova Scotia now owns 88,397 shares of the financial services provider’s stock worth $6,045,000 after purchasing an additional 55,840 shares in the last quarter. Finally, NorthCoast Asset Management LLC bought a new position in Discover Financial Services in the second quarter worth about $1,535,000. Hedge funds and other institutional investors own 86.40% of the company’s stock.
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In related news, CEO David W. Nelms sold 30,000 shares of the company’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $59.10, for a total value of $1,773,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,529,912 shares in the company, valued at $90,417,799.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Roger C. Hochschild sold 15,258 shares of the company’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $64.87, for a total value of $989,786.46. The disclosure for this sale can be found here. Insiders sold 155,774 shares of company stock valued at $9,619,442 over the last quarter. Insiders own 0.96% of the company’s stock.
Shares of Discover Financial Services (NYSE DFS) traded down 0.1649% during mid-day trading on Monday, hitting $66.6699. The company’s stock had a trading volume of 577,792 shares. The company has a market cap of $24.82 billion, a PE ratio of 11.5027 and a beta of 1.47. The stock has a 50-day moving average of $63.43 and a 200-day moving average of $61.68. Discover Financial Services has a 12-month low of $55.41 and a 12-month high of $74.33.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Wednesday, November 22nd will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $1.40 annualized dividend and a yield of 2.10%. Discover Financial Services’s payout ratio is currently 24.05%.
Discover Financial Services announced that its Board of Directors has approved a stock buyback program on Tuesday, July 25th that permits the company to buyback $2.75 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 11.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
DFS has been the subject of a number of recent research reports. Instinet reiterated a “buy” rating and issued a $81.00 target price (down from $86.00) on shares of Discover Financial Services in a report on Wednesday, July 12th. Oppenheimer Holdings Inc. set a $69.00 target price on shares of Discover Financial Services and gave the stock a “buy” rating in a report on Wednesday, July 26th. Jefferies Group LLC restated a “buy” rating and set a $75.00 price objective (down previously from $82.00) on shares of Discover Financial Services in a report on Thursday, July 27th. ValuEngine upgraded shares of Discover Financial Services from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Finally, Buckingham Research assumed coverage on shares of Discover Financial Services in a report on Monday, October 2nd. They set a “buy” rating and a $74.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $74.45.
Discover Financial Services Company Profile
Discover Financial Services (DFS) is a direct banking and payment services company. The Company is a bank holding company, as well as a financial holding company. The Company operates through two segments: Direct Banking and Payment Services. It provides direct banking products and services, and payment services through its subsidiaries.
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