CI Investments Inc. raised its position in shares of Discover Financial Services (NYSE:DFS) by 37.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,665 shares of the financial services provider’s stock after purchasing an additional 1,824 shares during the period. CI Investments Inc.’s holdings in Discover Financial Services were worth $385,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Asset Dedication LLC bought a new position in shares of Discover Financial Services in the 3rd quarter worth $28,000. Prospera Financial Services Inc bought a new position in shares of Discover Financial Services in the 3rd quarter worth $29,000. Smithfield Trust Co. grew its stake in Discover Financial Services by 620.0% during the 2nd quarter. Smithfield Trust Co. now owns 720 shares of the financial services provider’s stock worth $36,000 after buying an additional 620 shares during the last quarter. Freestone Capital Holdings LLC purchased a new position in Discover Financial Services during the 3rd quarter worth $44,000. Finally, NEXT Financial Group Inc purchased a new position in Discover Financial Services during the 3rd quarter worth $45,000. 78.81% of the stock is owned by institutional investors and hedge funds.
Discover Financial Services stock opened at $74.80 on Friday. Discover Financial Services has a 1-year low of $23.25 and a 1-year high of $87.43. The company has a debt-to-equity ratio of 2.38, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market cap of $22.93 billion, a PE ratio of 23.02, a P/E/G ratio of 12.68 and a beta of 1.79. The stock’s fifty day moving average is $67.37 and its two-hundred day moving average is $54.89.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Thursday, November 19th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Wednesday, November 18th. Discover Financial Services’s dividend payout ratio (DPR) is currently 19.38%.
In other news, EVP Robert Andrew Eichfeld sold 1,519 shares of Discover Financial Services stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $67.77, for a total transaction of $102,942.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.55% of the stock is currently owned by insiders.
Several brokerages recently weighed in on DFS. Deutsche Bank Aktiengesellschaft boosted their target price on Discover Financial Services from $55.00 to $74.00 and gave the stock a “hold” rating in a research note on Friday, October 23rd. JPMorgan Chase & Co. boosted their target price on Discover Financial Services from $54.50 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, October 9th. Wells Fargo & Company restated a “hold” rating on shares of Discover Financial Services in a research note on Friday, October 9th. TheStreet upgraded Discover Financial Services from a “c” rating to a “b-” rating in a research note on Friday, October 23rd. Finally, Piper Sandler boosted their price target on Discover Financial Services from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Tuesday, November 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $68.18.
Discover Financial Services Profile
Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. It operates in two segments, Direct Banking and Payment Services. 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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