Boys Arnold & Co. Inc. reduced its stake in Discover Financial Services (NYSE:DFS) by 15.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,960 shares of the financial services provider’s stock after selling 3,063 shares during the period. Boys Arnold & Co. Inc.’s holdings in Discover Financial Services were worth $1,160,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Discover Financial Services during the fourth quarter valued at about $258,887,000. The Manufacturers Life Insurance Company acquired a new position in shares of Discover Financial Services during the third quarter valued at about $90,103,000. State Street Corp raised its position in shares of Discover Financial Services by 6.1% in the fourth quarter. State Street Corp now owns 21,146,396 shares of the financial services provider’s stock valued at $1,524,446,000 after buying an additional 1,207,103 shares during the last quarter. Asset Management One Co. Ltd. raised its position in shares of Discover Financial Services by 2,120.3% in the fourth quarter. Asset Management One Co. Ltd. now owns 919,013 shares of the financial services provider’s stock valued at $66,239,000 after buying an additional 877,622 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of Discover Financial Services during the fourth quarter valued at about $53,191,000. Institutional investors own 85.54% of the company’s stock.
Shares of Discover Financial Services (NYSE:DFS) traded down 0.79% during mid-day trading on Friday, hitting $66.16. 1,339,278 shares of the stock were exchanged. The stock has a 50-day moving average price of $68.30 and a 200 day moving average price of $66.77. Discover Financial Services has a 52-week low of $50.32 and a 52-week high of $74.33. The firm has a market cap of $25.51 billion, a price-to-earnings ratio of 11.47 and a beta of 1.42.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 25th. Stockholders of record on Thursday, May 11th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.80%. Discover Financial Services’s dividend payout ratio (DPR) is 20.76%.
Several research analysts recently issued reports on DFS shares. Zacks Investment Research lowered shares of Discover Financial Services from a “buy” rating to a “hold” rating in a research note on Monday, January 16th. Deutsche Bank AG reiterated a “buy” rating on shares of Discover Financial Services in a research note on Sunday, January 8th. Oppenheimer Holdings Inc. set a $85.00 price target on shares of Discover Financial Services and gave the stock a “buy” rating in a research note on Tuesday, January 24th. JMP Securities increased their price target on shares of Discover Financial Services from $71.00 to $78.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 25th. Finally, Rafferty Capital Markets reiterated a “hold” rating and issued a $70.00 price target on shares of Discover Financial Services in a research note on Wednesday, March 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $71.10.
In other news, COO Roger C. Hochschild sold 10,000 shares of the stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $67.73, for a total transaction of $677,300.00. Following the transaction, the chief operating officer now owns 798,331 shares in the company, valued at approximately $54,070,958.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence A. Weinbach sold 7,688 shares of the stock in a transaction that occurred on Tuesday, February 14th. The shares were sold at an average price of $70.61, for a total value of $542,849.68. Following the transaction, the director now owns 46,698 shares in the company, valued at approximately $3,297,345.78. The disclosure for this sale can be found here. Insiders have sold a total of 66,559 shares of company stock worth $4,576,966 in the last quarter. Insiders own 1.07% of the company’s stock.
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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