Wedge Capital Management L L P NC Increases Position in Discover Financial Services (DFS)

Wedge Capital Management L L P NC lifted its position in shares of Discover Financial Services (NYSE:DFS) by 1.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 517,809 shares of the financial services provider’s stock after buying an additional 5,965 shares during the period. Wedge Capital Management L L P NC owned about 0.14% of Discover Financial Services worth $33,388,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Discover Financial Services by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 25,748,479 shares of the financial services provider’s stock valued at $1,601,297,000 after buying an additional 217,535 shares in the last quarter. Capital World Investors increased its stake in Discover Financial Services by 18.3% in the 2nd quarter. Capital World Investors now owns 10,578,342 shares of the financial services provider’s stock worth $657,867,000 after purchasing an additional 1,638,334 shares during the period. FMR LLC increased its stake in Discover Financial Services by 17.4% in the 2nd quarter. FMR LLC now owns 10,374,397 shares of the financial services provider’s stock worth $645,184,000 after purchasing an additional 1,534,882 shares during the period. Diamond Hill Capital Management Inc. increased its stake in Discover Financial Services by 97.6% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 7,035,035 shares of the financial services provider’s stock worth $453,619,000 after purchasing an additional 3,475,126 shares during the period. Finally, LSV Asset Management increased its stake in Discover Financial Services by 1.6% in the 2nd quarter. LSV Asset Management now owns 6,472,520 shares of the financial services provider’s stock worth $402,525,000 after purchasing an additional 103,554 shares during the period. 86.40% of the stock is currently owned by institutional investors.

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In other news, CFO R. Mark Graf sold 16,503 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $66.67, for a total transaction of $1,100,255.01. Following the sale, the chief financial officer now owns 82,402 shares in the company, valued at $5,493,741.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Roger C. Hochschild sold 15,258 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $59.64, for a total transaction of $909,987.12. Following the sale, the chief operating officer now owns 799,741 shares in the company, valued at approximately $47,696,553.24. The disclosure for this sale can be found here. Insiders have sold 172,277 shares of company stock worth $11,020,650 in the last 90 days. 0.96% of the stock is owned by company insiders.

Discover Financial Services (NYSE:DFS) traded up $0.51 during trading on Friday, reaching $67.44. The company’s stock had a trading volume of 3,051,025 shares, compared to its average volume of 2,509,120. Discover Financial Services has a twelve month low of $55.71 and a twelve month high of $74.33. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 2.39. The company has a market capitalization of $24,506.42, a P/E ratio of 11.59, a price-to-earnings-growth ratio of 1.78 and a beta of 1.52.

The company 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 dividend of $0.35 per share. 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 2.08%. Discover Financial Services’s dividend payout ratio is currently 24.05%.

Discover Financial Services declared that its board has authorized a stock buyback plan on Tuesday, July 25th that authorizes the company to repurchase $2.75 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

A number of equities analysts have commented on the company. Oppenheimer Holdings, Inc. set a $71.00 price target on Discover Financial Services and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Compass Point cut Discover Financial Services from a “buy” rating to a “neutral” rating in a research note on Wednesday, October 25th. Nomura decreased their price target on Discover Financial Services from $81.00 to $79.00 and set a “buy” rating on the stock in a research note on Wednesday, October 25th. Bank of America Corporation lifted their price target on Discover Financial Services from $67.00 to $69.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Finally, BMO Capital Markets decreased their price target on Discover Financial Services from $69.00 to $67.00 and set a “market perform” rating on the stock in a research note on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $74.45.

About Discover Financial Services

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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Institutional Ownership by Quarter for Discover Financial Services (NYSE:DFS)

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