Geode Capital Management LLC Buys 76,252 Shares of Discover Financial Services (DFS)

Geode Capital Management LLC grew its stake in shares of Discover Financial Services (NYSE:DFS) by 1.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,609,400 shares of the financial services provider’s stock after buying an additional 76,252 shares during the period. Geode Capital Management LLC’s holdings in Discover Financial Services were worth $271,408,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Piedmont Investment Advisors Inc. grew its position in shares of Discover Financial Services by 2.9% in the fourth quarter. Piedmont Investment Advisors Inc. now owns 66,486 shares of the financial services provider’s stock valued at $3,921,000 after purchasing an additional 1,897 shares during the period. Commonwealth Bank of Australia grew its position in shares of Discover Financial Services by 8.0% in the fourth quarter. Commonwealth Bank of Australia now owns 69,395 shares of the financial services provider’s stock valued at $4,086,000 after purchasing an additional 5,123 shares during the period. Stevens Capital Management LP purchased a new stake in shares of Discover Financial Services in the fourth quarter valued at $3,794,000. BB&T Securities LLC grew its position in shares of Discover Financial Services by 5.6% in the fourth quarter. BB&T Securities LLC now owns 268,789 shares of the financial services provider’s stock valued at $15,852,000 after purchasing an additional 14,240 shares during the period. Finally, BB&T Corp grew its position in shares of Discover Financial Services by 2.0% in the fourth quarter. BB&T Corp now owns 418,488 shares of the financial services provider’s stock valued at $24,682,000 after purchasing an additional 8,239 shares during the period. 87.79% of the stock is owned by institutional investors.

In related news, EVP Carlos Minetti sold 3,750 shares of Discover Financial Services stock in a transaction on Monday, April 1st. The stock was sold at an average price of $71.73, for a total value of $268,987.50. Following the transaction, the executive vice president now owns 128,327 shares in the company, valued at $9,204,895.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Edward W. Mcgrogan sold 2,450 shares of Discover Financial Services stock in a transaction on Monday, April 29th. The shares were sold at an average price of $81.60, for a total value of $199,920.00. Following the completion of the transaction, the senior vice president now owns 13,166 shares in the company, valued at approximately $1,074,345.60. The disclosure for this sale can be found here. Insiders sold 85,169 shares of company stock worth $6,615,921 in the last quarter. 0.81% of the stock is owned by insiders.



A number of brokerages have recently commented on DFS. Zacks Investment Research downgraded Discover Financial Services from a “buy” rating to a “hold” rating in a research report on Monday. CIBC reaffirmed a “market perform” rating on shares of Discover Financial Services in a research report on Tuesday, May 7th. Oppenheimer downgraded Discover Financial Services from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 7th. Goldman Sachs Group raised Discover Financial Services from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $51.00 to $56.00 in a research report on Friday, May 3rd. Finally, Royal Bank of Canada began coverage on Discover Financial Services in a research report on Friday, May 3rd. They issued an “outperform” rating and a $96.00 price objective for the company. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Discover Financial Services currently has an average rating of “Buy” and a consensus price target of $81.69.

Shares of Discover Financial Services stock opened at $78.66 on Wednesday. Discover Financial Services has a twelve month low of $54.36 and a twelve month high of $82.51. The firm has a market capitalization of $25.02 billion, a P/E ratio of 10.10, a PEG ratio of 1.18 and a beta of 1.64. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.38 and a current ratio of 1.38.

Discover Financial Services (NYSE:DFS) last issued its earnings results on Thursday, April 25th. The financial services provider reported $2.15 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.13. Discover Financial Services had a return on equity of 26.34% and a net margin of 20.98%. The firm had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter last year, the firm earned $1.82 earnings per share. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, equities research analysts predict that Discover Financial Services will post 8.76 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Friday, May 24th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date is Thursday, May 23rd. Discover Financial Services’s payout ratio is currently 20.54%.

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

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