Palladium Partners LLC increased its holdings in shares of Discover Financial Services (NYSE:DFS) by 2.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 221,177 shares of the financial services provider’s stock after purchasing an additional 4,347 shares during the period. Discover Financial Services makes up 1.2% of Palladium Partners LLC’s portfolio, making the stock its 20th biggest position. Palladium Partners LLC owned approximately 0.06% of Discover Financial Services worth $16,909,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in DFS. Round Table Services LLC bought a new stake in Discover Financial Services in the 3rd quarter valued at approximately $262,000. GWM Advisors LLC lifted its stake in Discover Financial Services by 2,020.7% in the 3rd quarter. GWM Advisors LLC now owns 110,511 shares of the financial services provider’s stock valued at $8,449,000 after acquiring an additional 105,300 shares in the last quarter. Checchi Capital Advisers LLC bought a new stake in Discover Financial Services in the 3rd quarter valued at approximately $235,000. Price Capital Management Inc. bought a new stake in Discover Financial Services in the 3rd quarter valued at approximately $1,445,000. Finally, Assenagon Asset Management S.A. lifted its stake in Discover Financial Services by 2,453.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 97,035 shares of the financial services provider’s stock valued at $7,418,000 after acquiring an additional 93,235 shares in the last quarter. Institutional investors and hedge funds own 85.53% of the company’s stock.
Shares of NYSE:DFS traded up $0.95 during trading on Tuesday, hitting $68.87. 23,459 shares of the company were exchanged, compared to its average volume of 1,983,963. The firm has a market capitalization of $23.10 billion, a price-to-earnings ratio of 11.43, a price-to-earnings-growth ratio of 0.69 and a beta of 1.51. Discover Financial Services has a fifty-two week low of $63.31 and a fifty-two week high of $81.93. The company has a quick ratio of 1.49, a current ratio of 1.08 and a debt-to-equity ratio of 2.54.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Investors of record on Wednesday, November 21st will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Tuesday, November 20th. Discover Financial Services’s payout ratio is presently 26.76%.
Discover Financial Services declared that its board has authorized a share repurchase program on Thursday, July 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Several equities research analysts have commented on the company. Bank of America boosted their target price on Discover Financial Services from $86.00 to $92.00 and gave the company a “buy” rating in a research note on Friday, September 21st. Zacks Investment Research upgraded Discover Financial Services from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research note on Wednesday, September 26th. JPMorgan Chase & Co. upgraded Discover Financial Services from a “neutral” rating to an “overweight” rating in a research note on Tuesday, October 2nd. Wells Fargo & Co boosted their target price on Discover Financial Services from $76.00 to $82.00 and gave the company a “market perform” rating in a research note on Monday, October 1st. Finally, Sandler O’Neill restated a “buy” rating and issued a $87.00 target price on shares of Discover Financial Services in a research note on Friday, July 27th. Eight research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $86.95.
In related news, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $78.11, for a total transaction of $2,343,300.00. Following the transaction, the chief executive officer now directly owns 1,210,798 shares of the company’s stock, valued at approximately $94,575,431.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Carlos Minetti sold 3,750 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $78.21, for a total value of $293,287.50. Following the transaction, the executive vice president now directly owns 133,852 shares in the company, valued at $10,468,564.92. The disclosure for this sale can be found here. Insiders have sold a total of 101,250 shares of company stock worth $7,663,313 over the last three months. 0.81% of the stock is owned by insiders.
Discover Financial Services Company Profile
Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
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