Great West Life Assurance Co. Can decreased its position in shares of Discover Financial Services (NYSE:DFS) by 14.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 249,988 shares of the financial services provider’s stock after selling 41,204 shares during the period. Great West Life Assurance Co. Can owned 0.07% of Discover Financial Services worth $19,126,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in DFS. Cornerstone Wealth Management LLC acquired a new position in Discover Financial Services during the 2nd quarter worth $999,000. Eqis Capital Management Inc. bought a new stake in Discover Financial Services during the second quarter worth about $404,000. Aperio Group LLC grew its stake in Discover Financial Services by 10.8% during the second quarter. Aperio Group LLC now owns 254,988 shares of the financial services provider’s stock worth $17,954,000 after buying an additional 24,919 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of Discover Financial Services by 76.4% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 65,019 shares of the financial services provider’s stock worth $4,578,000 after purchasing an additional 28,163 shares in the last quarter. Finally, Alps Advisors Inc. lifted its position in shares of Discover Financial Services by 132.3% during the second quarter. Alps Advisors Inc. now owns 9,096 shares of the financial services provider’s stock worth $700,000 after purchasing an additional 5,181 shares in the last quarter. 86.26% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE DFS opened at $71.30 on Monday. Discover Financial Services has a fifty-two week low of $66.83 and a fifty-two week high of $81.93. The company has a market capitalization of $23.95 billion, a P/E ratio of 11.92, a price-to-earnings-growth ratio of 0.73 and a beta of 1.51. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.58.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 6th. Investors of record on Wednesday, November 21st will be issued a $0.40 dividend. The ex-dividend date is Tuesday, November 20th. This represents a $1.60 annualized dividend and a yield of 2.24%. Discover Financial Services’s dividend payout ratio is currently 26.76%.
DFS has been the topic of a number of research reports. Bank of America upped their target price on shares of Discover Financial Services from $86.00 to $92.00 and gave the stock a “buy” rating in a research report on Friday, September 21st. Zacks Investment Research upgraded shares of Discover Financial Services from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research report on Wednesday, September 26th. Wells Fargo & Co upped their target price on shares of Discover Financial Services from $76.00 to $82.00 and gave the stock a “market perform” rating in a research report on Monday, October 1st. JPMorgan Chase & Co. upgraded shares of Discover Financial Services from a “neutral” rating to an “overweight” rating in a research report on Tuesday, October 2nd. Finally, Citigroup reduced their target price on shares of Discover Financial Services from $78.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, November 1st. Seven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $86.40.
In related news, CEO David W. Nelms sold 30,000 shares of the stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $78.11, for a total value of $2,343,300.00. Following the transaction, the chief executive officer now directly owns 1,210,798 shares in the company, valued at $94,575,431.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Cynthia A. Glassman sold 2,000 shares of the stock in a transaction that occurred on Tuesday, November 6th. The shares were sold at an average price of $69.50, for a total transaction of $139,000.00. Following the completion of the transaction, the director now owns 54,032 shares in the company, valued at $3,755,224. The disclosure for this sale can be found here. Insiders sold 104,100 shares of company stock worth $7,795,625 over the last 90 days. 0.81% of the stock is currently owned by company insiders.
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Discover Financial Services Company Profile
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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