Tuttle Tactical Management Trims Stock Holdings in Discover Financial Services (NYSE:DFS)

Tuttle Tactical Management trimmed its holdings in Discover Financial Services (NYSE:DFS) by 92.8% in the third quarter, Holdings Channel reports. The institutional investor owned 3,876 shares of the financial services provider’s stock after selling 50,082 shares during the quarter. Tuttle Tactical Management’s holdings in Discover Financial Services were worth $310,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Virtus ETF Advisers LLC purchased a new position in Discover Financial Services in the 2nd quarter valued at approximately $27,000. Semmax Financial Advisors Inc. grew its stake in Discover Financial Services by 75.6% in the 2nd quarter. Semmax Financial Advisors Inc. now owns 418 shares of the financial services provider’s stock valued at $32,000 after buying an additional 180 shares in the last quarter. Next Capital Management LLC purchased a new position in Discover Financial Services in the 2nd quarter valued at approximately $34,000. Doyle Wealth Management purchased a new position in Discover Financial Services in the 2nd quarter valued at approximately $35,000. Finally, NEXT Financial Group Inc grew its position in shares of Discover Financial Services by 111.1% during the 2nd quarter. NEXT Financial Group Inc now owns 610 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 321 shares in the last quarter. Institutional investors and hedge funds own 85.00% of the company’s stock.

NYSE DFS opened at $80.44 on Tuesday. Discover Financial Services has a 52-week low of $54.36 and a 52-week high of $92.98. The company has a debt-to-equity ratio of 2.30, a quick ratio of 1.33 and a current ratio of 1.33. The company has a market capitalization of $25.12 billion, a P/E ratio of 10.33, a P/E/G ratio of 1.15 and a beta of 1.61. The company has a fifty day moving average of $80.60 and a 200-day moving average of $79.92.

Discover Financial Services (NYSE:DFS) last posted its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $2.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.11 by $0.21. Discover Financial Services had a net margin of 21.00% and a return on equity of 26.76%. The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same period in the previous year, the firm posted $1.91 EPS. The firm’s revenue was up 12.9% compared to the same quarter last year. As a group, analysts forecast that Discover Financial Services will post 9 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 21st will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.19%. Discover Financial Services’s dividend payout ratio is currently 22.59%.

A number of research analysts have recently commented on the stock. Wells Fargo & Co restated a “hold” rating on shares of Discover Financial Services in a research report on Monday, October 14th. JPMorgan Chase & Co. boosted their price target on shares of Discover Financial Services from $91.00 to $93.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Nomura boosted their price target on shares of Discover Financial Services from $86.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Zacks Investment Research upgraded shares of Discover Financial Services from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research report on Monday, September 9th. Finally, Morgan Stanley set a $97.00 price target on shares of Discover Financial Services and gave the company a “buy” rating in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $85.53.

In other Discover Financial Services news, CFO R. Mark Graf sold 4,776 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $92.44, for a total value of $441,493.44. Following the completion of the sale, the chief financial officer now directly owns 51,296 shares of the company’s stock, valued at $4,741,802.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Diane E. Offereins sold 20,000 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $91.76, for a total transaction of $1,835,200.00. Following the completion of the sale, the executive vice president now directly owns 120,874 shares of the company’s stock, valued at $11,091,398.24. The disclosure for this sale can be found here. Insiders have sold a total of 27,663 shares of company stock valued at $2,534,291 over the last ninety days. 0.81% of the stock is currently owned by insiders.

About Discover Financial Services

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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