Palladium Partners LLC lifted its stake in shares of Discover Financial Services (NYSE:DFS) by 0.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 211,096 shares of the financial services provider’s stock after buying an additional 1,830 shares during the quarter. Palladium Partners LLC owned about 0.06% of Discover Financial Services worth $13,612,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Chicago Partners Investment Group LLC purchased a new stake in shares of Discover Financial Services during the 2nd quarter worth approximately $168,000. Capstone Investment Advisors Netherlands B.V. purchased a new stake in shares of Discover Financial Services during the 2nd quarter worth approximately $157,000. Financial Architects Inc lifted its position in shares of Discover Financial Services by 65.1% during the 2nd quarter. Financial Architects Inc now owns 2,600 shares of the financial services provider’s stock worth $162,000 after buying an additional 1,025 shares during the last quarter. San Francisco Sentry Investment Group CA purchased a new stake in shares of Discover Financial Services during the 2nd quarter worth approximately $170,000. Finally, Sun Life Financial INC lifted its position in shares of Discover Financial Services by 19,871.4% during the 2nd quarter. Sun Life Financial INC now owns 2,796 shares of the financial services provider’s stock worth $174,000 after buying an additional 2,782 shares during the last quarter. Institutional investors and hedge funds own 88.02% of the company’s stock.
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In related news, EVP Kathryn Mcnamara Corley sold 4,000 shares of the stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $59.63, for a total value of $238,520.00. Following the sale, the executive vice president now directly owns 150,744 shares of the company’s stock, valued at approximately $8,988,864.72. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO David W. Nelms sold 30,000 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $66.80, for a total transaction of $2,004,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 172,277 shares of company stock worth $11,020,650. 0.96% of the stock is owned by corporate insiders.
Shares of Discover Financial Services (NYSE DFS) traded up $1.06 during midday trading on Thursday, reaching $65.27. 3,254,100 shares of the company were exchanged, compared to its average volume of 2,667,934. The firm has a market cap of $23,560.00, a PE ratio of 11.03, a price-to-earnings-growth ratio of 1.70 and a beta of 1.51. Discover Financial Services has a 12-month low of $57.50 and a 12-month high of $74.33. The company has a debt-to-equity ratio of 2.52, a quick ratio of 1.55 and a current ratio of 1.55.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Wednesday, November 22nd will be paid a $0.35 dividend. The ex-dividend date is Tuesday, November 21st. This represents a $1.40 dividend on an annualized basis and a yield of 2.14%. Discover Financial Services’s payout ratio is 24.10%.
Discover Financial Services declared that its board has initiated a share buyback plan on Tuesday, July 25th that permits the company to repurchase $2.75 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 11.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
DFS has been the subject of several research reports. Oppenheimer Holdings, Inc. set a $69.00 price target on shares of Discover Financial Services and gave the company a “buy” rating in a research report on Wednesday, July 26th. Jefferies Group LLC reiterated a “buy” rating and issued a $75.00 price target (down previously from $82.00) on shares of Discover Financial Services in a research report on Thursday, July 27th. Buckingham Research initiated coverage on shares of Discover Financial Services in a research report on Monday, October 2nd. They issued a “buy” rating and a $74.00 price target for the company. ValuEngine upgraded shares of Discover Financial Services from a “hold” rating to a “buy” rating in a research report on Tuesday, September 26th. Finally, Nomura reduced their price target on shares of Discover Financial Services from $81.00 to $79.00 and set a “buy” rating for the company in a research report on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $74.45.
Discover Financial Services Profile
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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