SVA Wealth Management LLC decreased its stake in Discover Financial Services (NYSE:DFS) by 24.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,594 shares of the financial services provider’s stock after selling 20,009 shares during the period. SVA Wealth Management LLC’s holdings in Discover Financial Services were worth $4,701,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in DFS. Hanseatic Management Services Inc. bought a new position in Discover Financial Services during the second quarter worth about $157,000. Calamos Advisors LLC grew its holdings in Discover Financial Services by 1.7% during the second quarter. Calamos Advisors LLC now owns 257,301 shares of the financial services provider’s stock worth $19,964,000 after purchasing an additional 4,184 shares during the period. AE Wealth Management LLC bought a new position in Discover Financial Services during the second quarter worth about $343,000. Glassman Wealth Services grew its holdings in Discover Financial Services by 10.2% during the first quarter. Glassman Wealth Services now owns 3,873 shares of the financial services provider’s stock worth $276,000 after purchasing an additional 359 shares during the period. Finally, First Trust Advisors LP grew its holdings in Discover Financial Services by 8.7% during the first quarter. First Trust Advisors LP now owns 857,450 shares of the financial services provider’s stock worth $61,016,000 after purchasing an additional 68,369 shares during the period. Institutional investors own 85.04% of the company’s stock.
Shares of NYSE:DFS traded up $0.28 during trading on Friday, reaching $84.78. 1,476,593 shares of the stock were exchanged, compared to its average volume of 1,579,856. Discover Financial Services has a 12 month low of $54.36 and a 12 month high of $92.98. The firm has a market cap of $26.89 billion, a PE ratio of 10.88, a PEG ratio of 1.23 and a beta of 1.60. The stock has a 50-day moving average price of $83.06 and a 200-day moving average price of $78.26. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 2.30.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend was Wednesday, August 21st. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.40. Discover Financial Services’s payout ratio is currently 22.59%.
In other news, Director Mary K. Bush sold 993 shares of Discover Financial Services stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $83.27, for a total value of $82,687.11. Following the completion of the sale, the director now directly owns 52,075 shares in the company, valued at $4,336,285.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO R. Mark Graf sold 4,776 shares of Discover Financial Services stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $92.44, for a total transaction of $441,493.44. Following the completion of the sale, the chief financial officer now owns 51,296 shares of the company’s stock, valued at $4,741,802.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,663 shares of company stock valued at $2,534,291. Corporate insiders own 0.81% of the company’s stock.
A number of equities analysts recently commented on the company. Zacks Investment Research upgraded Discover Financial Services from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a report on Monday, September 9th. Morgan Stanley set a $97.00 price target on Discover Financial Services and gave the stock a “buy” rating in a report on Friday, August 9th. Bank of America assumed coverage on Discover Financial Services in a report on Wednesday, June 19th. They set a “neutral” rating for the company. Barclays lifted their price target on Discover Financial Services from $87.00 to $91.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, JMP Securities upgraded Discover Financial Services from an “outperform” rating to a “buy” rating in a report on Thursday, July 25th. Eleven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $85.53.
Discover Financial Services 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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