Allstate Corp Takes $1.28 Million Position in Discover Financial Services (NYSE:DFS)

Allstate Corp acquired a new stake in shares of Discover Financial Services (NYSE:DFS) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 7,396 shares of the financial services provider’s stock, valued at approximately $1,281,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. grew its holdings in shares of Discover Financial Services by 4.2% in the fourth quarter. Brown Brothers Harriman & Co. now owns 1,411 shares of the financial services provider’s stock worth $244,000 after acquiring an additional 57 shares during the period. Pictet Asset Management Holding SA grew its stake in shares of Discover Financial Services by 12.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 145,325 shares of the financial services provider’s stock valued at $25,175,000 after purchasing an additional 15,574 shares during the period. New Age Alpha Advisors LLC purchased a new stake in shares of Discover Financial Services during the 4th quarter valued at about $11,129,000. Norges Bank bought a new position in shares of Discover Financial Services in the 4th quarter worth approximately $724,720,000. Finally, AssuredPartners Investment Advisors LLC purchased a new position in shares of Discover Financial Services in the fourth quarter worth approximately $215,000. Hedge funds and other institutional investors own 86.94% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on DFS shares. Royal Bank of Canada increased their price target on shares of Discover Financial Services from $193.00 to $210.00 and gave the stock a “sector perform” rating in a research report on Friday, January 24th. JPMorgan Chase & Co. raised their target price on Discover Financial Services from $146.00 to $169.00 and gave the stock a “neutral” rating in a report on Friday, January 24th. Wells Fargo & Company upped their price target on Discover Financial Services from $185.00 to $214.00 and gave the stock an “equal weight” rating in a research report on Friday, January 24th. Truist Financial lowered their price objective on Discover Financial Services from $262.00 to $219.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Finally, Keefe, Bruyette & Woods raised their target price on shares of Discover Financial Services from $170.00 to $232.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $192.40.

Discover Financial Services Stock Down 2.6 %

Shares of DFS stock opened at $158.23 on Monday. The company’s fifty day simple moving average is $184.39 and its two-hundred day simple moving average is $170.32. Discover Financial Services has a 52 week low of $119.31 and a 52 week high of $205.76. The stock has a market cap of $39.81 billion, a P/E ratio of 9.91, a PEG ratio of 1.51 and a beta of 1.45. The company has a quick ratio of 1.03, a current ratio of 1.09 and a debt-to-equity ratio of 1.09.

Discover Financial Services (NYSE:DFS) last posted its earnings results on Wednesday, January 22nd. The financial services provider reported $5.11 EPS for the quarter, topping analysts’ consensus estimates of $3.13 by $1.98. Discover Financial Services had a return on equity of 26.18% and a net margin of 17.29%. Analysts predict that Discover Financial Services will post 13.88 EPS for the current fiscal year.

Discover Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 23rd will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend is Friday, May 23rd. Discover Financial Services’s dividend payout ratio (DPR) is presently 17.54%.

About Discover Financial Services

Discover Financial Services, through its subsidiaries, provides digital banking products and services, and payment services in the United States. It operates in two segments, Digital Banking and Payment Services. The Digital Banking segment offers Discover-branded credit cards to individuals; personal loans, home loans, and other consumer lending; and direct-to-consumer deposit products comprising savings accounts, certificates of deposit, money market accounts, IRA certificates of deposit, IRA savings accounts and checking accounts, and sweep accounts.