WEALTHFRONT Corp Purchases Shares of 13,540 Discover Financial Services (DFS)

WEALTHFRONT Corp purchased a new stake in shares of Discover Financial Services (NYSE:DFS) during the third quarter, Holdings Channel reports. The institutional investor purchased 13,540 shares of the financial services provider’s stock, valued at approximately $1,035,000.

Other hedge funds have also modified their holdings of the company. Adirondack Trust Co. grew its holdings in shares of Discover Financial Services by 204.5% during the third quarter. Adirondack Trust Co. now owns 1,340 shares of the financial services provider’s stock valued at $102,000 after buying an additional 900 shares in the last quarter. Sandy Spring Bank grew its holdings in shares of Discover Financial Services by 181.5% during the second quarter. Sandy Spring Bank now owns 1,689 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,089 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Discover Financial Services by 8,341.7% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,026 shares of the financial services provider’s stock valued at $143,000 after buying an additional 2,002 shares in the last quarter. Honkamp Krueger Financial Services Inc. purchased a new position in shares of Discover Financial Services during the third quarter valued at $155,000. Finally, Moneta Group Investment Advisors LLC grew its holdings in shares of Discover Financial Services by 440.1% during the second quarter. Moneta Group Investment Advisors LLC now owns 6,670 shares of the financial services provider’s stock valued at $157,000 after buying an additional 5,435 shares in the last quarter. Institutional investors and hedge funds own 86.26% of the company’s stock.

In other Discover Financial Services news, insider David W. Nelms sold 30,000 shares of the business’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $69.81, for a total value of $2,094,300.00. Following the completion of the sale, the insider now owns 1,150,798 shares of the company’s stock, valued at $80,337,208.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Carlos Minetti sold 3,750 shares of the business’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $77.26, for a total value of $289,725.00. Following the completion of the sale, the executive vice president now directly owns 130,102 shares of the company’s stock, valued at approximately $10,051,680.52. The disclosure for this sale can be found here. Insiders sold 104,100 shares of company stock valued at $7,590,463 in the last ninety days. Insiders own 0.81% of the company’s stock.

A number of research analysts have recently weighed in on the company. Zacks Investment Research upgraded Discover Financial Services from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a report on Friday, October 5th. Wells Fargo & Co lowered their price target on 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. ValuEngine upgraded Discover Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday, November 27th. Bank of America lifted their price objective on Discover Financial Services from $86.00 to $92.00 and gave the company a “buy” rating in a research report on Friday, September 21st. Finally, JPMorgan Chase & Co. raised Discover Financial Services from a “neutral” rating to an “overweight” rating in a research report on Tuesday, October 2nd. Eight equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $86.40.

DFS opened at $64.84 on Friday. The firm has a market cap of $22.34 billion, a P/E ratio of 10.84, a PEG ratio of 0.68 and a beta of 1.51. Discover Financial Services has a 1 year low of $64.11 and a 1 year high of $81.93. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 2.58.

Discover Financial Services (NYSE:DFS) last released its quarterly earnings data on Thursday, October 25th. The financial services provider reported $2.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.05. Discover Financial Services had a return on equity of 25.49% and a net margin of 19.51%. The firm had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.69 billion. As a group, analysts predict that Discover Financial Services will post 7.83 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, December 6th. Shareholders of record on Wednesday, November 21st were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, November 20th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.47%. Discover Financial Services’s dividend payout ratio is currently 26.76%.

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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.

Featured Story: Intrinsic Value and Stock Selection

Want to see what other hedge funds are holding DFS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Discover Financial Services (NYSE:DFS).

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

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