Highstreet Asset Management Inc. cut its stake in Discover Financial Services (NYSE:DFS) by 74.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,136 shares of the financial services provider’s stock after selling 26,535 shares during the quarter. Highstreet Asset Management Inc.’s holdings in Discover Financial Services were worth $589,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in DFS. BlackRock Inc. lifted its holdings in Discover Financial Services by 3,280.4% in the first quarter. BlackRock Inc. now owns 30,704,582 shares of the financial services provider’s stock valued at $2,099,886,000 after acquiring an additional 29,796,268 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in Discover Financial Services by 97.6% in the third quarter. Diamond Hill Capital Management Inc. now owns 7,035,035 shares of the financial services provider’s stock valued at $453,619,000 after acquiring an additional 3,475,126 shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new position in Discover Financial Services in the second quarter valued at approximately $199,350,000. Principal Financial Group Inc. lifted its holdings in Discover Financial Services by 492.6% in the second quarter. Principal Financial Group Inc. now owns 3,504,010 shares of the financial services provider’s stock valued at $217,914,000 after acquiring an additional 2,912,742 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Discover Financial Services by 320.9% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,672,385 shares of the financial services provider’s stock valued at $166,196,000 after acquiring an additional 2,037,515 shares during the period. 86.40% of the stock is owned by institutional investors.
A number of research analysts have issued reports on DFS shares. Barclays PLC set a $73.00 price target on Discover Financial Services and gave the company a “hold” rating in a report on Wednesday, October 25th. Zacks Investment Research downgraded Discover Financial Services from a “hold” rating to a “sell” rating in a report on Monday, July 31st. William Blair reissued an “outperform” rating on shares of Discover Financial Services in a report on Tuesday, July 18th. Instinet reissued a “buy” rating and issued a $81.00 price target (down from $86.00) on shares of Discover Financial Services in a report on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. set a $71.00 target price on Discover Financial Services and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the stock. Discover Financial Services presently has a consensus rating of “Hold” and a consensus price target of $74.45.
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Shares of Discover Financial Services (NYSE DFS) opened at 66.22 on Tuesday. The firm has a 50-day moving average price of $63.68 and a 200 day moving average price of $61.63. The stock has a market capitalization of $24.66 billion, a PE ratio of 11.43 and a beta of 1.47. Discover Financial Services has a one year low of $55.41 and a one year high of $74.33.
Discover Financial Services declared that its board has authorized a share buyback program on Tuesday, July 25th that authorizes the company to repurchase $2.75 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Stockholders of record on Wednesday, November 22nd will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.10%. Discover Financial Services’s dividend payout ratio (DPR) is 24.05%.
In other news, CEO David W. Nelms sold 30,000 shares of the business’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 of the company’s stock, valued at $90,417,799.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Carlos Minetti sold 8,000 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $64.51, for a total value of $516,080.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 102,516 shares of company stock valued at $6,363,874. Insiders own 0.96% of the company’s stock.
Discover Financial Services 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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