Bank of New York Mellon Corp lowered its position in Discover Financial Services (NYSE:DFS) by 0.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,972,541 shares of the financial services provider’s stock after selling 27,846 shares during the period. Bank of New York Mellon Corp owned approximately 1.09% of Discover Financial Services worth $256,151,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale grew its position in shares of Discover Financial Services by 34.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 843,415 shares of the financial services provider’s stock worth $52,131,000 after buying an additional 215,886 shares during the last quarter. Rhumbline Advisers grew its position in shares of Discover Financial Services by 0.8% in the 3rd quarter. Rhumbline Advisers now owns 714,218 shares of the financial services provider’s stock worth $46,053,000 after buying an additional 5,447 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its stake in Discover Financial Services by 10.1% in the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 10,294 shares of the financial services provider’s stock worth $664,000 after purchasing an additional 944 shares in the last quarter. Toronto Dominion Bank boosted its stake in Discover Financial Services by 12.7% in the 3rd quarter. Toronto Dominion Bank now owns 152,628 shares of the financial services provider’s stock worth $9,840,000 after purchasing an additional 17,169 shares in the last quarter. Finally, CI Investments Inc. boosted its stake in Discover Financial Services by 155.6% in the 3rd quarter. CI Investments Inc. now owns 1,208,137 shares of the financial services provider’s stock worth $77,901,000 after purchasing an additional 735,400 shares in the last quarter. 88.02% of the stock is currently owned by hedge funds and other institutional investors.
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Discover Financial Services (NYSE DFS) traded up $0.24 on Friday, hitting $65.06. 1,487,895 shares of the company traded hands, compared to its average volume of 2,660,859. The company has a debt-to-equity ratio of 2.52, a quick ratio of 1.55 and a current ratio of 1.55. Discover Financial Services has a 1 year low of $57.50 and a 1 year high of $74.33. The firm has a market cap of $23,550.00, a PE ratio of 11.03, a P/E/G ratio of 1.70 and a beta of 1.51.
The company also recently announced 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. This represents a $1.40 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Tuesday, November 21st. Discover Financial Services’s dividend payout ratio is currently 24.10%.
Discover Financial Services announced that its Board of Directors has approved a stock repurchase program on Tuesday, July 25th that authorizes the company to repurchase $2.75 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
In related news, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $66.80, for a total value of $2,004,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Carlos Minetti sold 8,000 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $64.51, for a total transaction of $516,080.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 172,277 shares of company stock valued at $11,020,650. Company insiders own 0.96% of the company’s stock.
A number of analysts recently commented on the stock. BidaskClub cut shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Zacks Investment Research cut shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Jefferies Group LLC reiterated a “buy” rating and issued a $75.00 target price (down from $82.00) on shares of Discover Financial Services in a research note on Thursday, July 27th. ValuEngine cut shares of Discover Financial Services from a “buy” rating to a “hold” rating in a research note on Monday, September 11th. Finally, Morgan Stanley lowered their target price on shares of Discover Financial Services from $71.00 to $70.00 and set an “overweight” rating for the company in a research note on Friday, September 8th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the company. Discover Financial Services has an average rating of “Hold” and a consensus target price of $74.45.
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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