Jarislowsky Fraser Ltd Has $1.84 Million Holdings in Discover Financial Services (DFS)

Jarislowsky Fraser Ltd lessened its holdings in Discover Financial Services (NYSE:DFS) by 8.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 28,534 shares of the financial services provider’s stock after selling 2,500 shares during the period. Jarislowsky Fraser Ltd’s holdings in Discover Financial Services were worth $1,839,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its stake in Discover Financial Services by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 25,748,479 shares of the financial services provider’s stock worth $1,601,297,000 after buying an additional 217,535 shares in the last quarter. Boston Partners increased its stake in Discover Financial Services by 4.6% in the 3rd quarter. Boston Partners now owns 12,187,219 shares of the financial services provider’s stock worth $785,833,000 after buying an additional 538,244 shares in the last quarter. Capital World Investors increased its stake in Discover Financial Services by 18.3% in the 2nd quarter. Capital World Investors now owns 10,578,342 shares of the financial services provider’s stock worth $657,867,000 after buying an additional 1,638,334 shares in the last quarter. FMR LLC increased its stake in Discover Financial Services by 17.4% in the 2nd quarter. FMR LLC now owns 10,374,397 shares of the financial services provider’s stock worth $645,184,000 after buying an additional 1,534,882 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its stake in Discover Financial Services by 97.6% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 7,035,035 shares of the financial services provider’s stock worth $453,619,000 after buying an additional 3,475,126 shares in the last quarter. Institutional investors and hedge funds own 88.02% of the company’s stock.

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Discover Financial Services (NYSE DFS) opened at $65.00 on Tuesday. The company has a market cap of $23,532.53, a P/E ratio of 11.13, a PEG ratio of 1.71 and a beta of 1.52. Discover Financial Services has a 1 year low of $57.50 and a 1 year 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 business also recently announced a quarterly dividend, which will be paid on Thursday, December 7th. Stockholders of record on Wednesday, November 22nd will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Tuesday, November 21st. Discover Financial Services’s dividend payout ratio (DPR) is presently 24.05%.

Discover Financial Services declared that its Board of Directors has approved a share buyback program on Tuesday, July 25th that authorizes the company to buyback $2.75 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 11.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

DFS has been the subject of several research reports. Wells Fargo & Company initiated coverage on shares of Discover Financial Services in a report on Tuesday, October 10th. They set a “market perform” rating and a $69.00 price objective for the company. Zacks Investment Research raised shares of Discover Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Buckingham Research initiated coverage on shares of Discover Financial Services in a report on Monday, October 2nd. They set a “buy” rating and a $74.00 price objective for the company. William Blair reissued an “outperform” rating on shares of Discover Financial Services in a report on Tuesday, July 18th. Finally, Bank of America Corporation downgraded shares of Discover Financial Services from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $67.00 to $63.00 in a report on Thursday, July 27th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $74.45.

In other news, COO Roger C. Hochschild sold 15,258 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $66.79, for a total transaction of $1,019,081.82. Following the transaction, the chief operating officer now directly owns 769,440 shares of the company’s stock, valued at $51,390,897.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO David W. Nelms sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $59.10, for a total transaction of $1,773,000.00. Following the transaction, the chief executive officer now directly owns 1,529,912 shares in the company, valued at $90,417,799.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 172,277 shares of company stock worth $11,020,650. Corporate insiders own 0.96% of the company’s stock.

Discover Financial Services Company 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.

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

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