DAVENPORT & Co LLC Raises Stake in Discover Financial Services (NYSE:DFS)

DAVENPORT & Co LLC lifted its holdings in Discover Financial Services (NYSE:DFS) by 335.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 63,796 shares of the financial services provider’s stock after buying an additional 49,145 shares during the quarter. DAVENPORT & Co LLC’s holdings in Discover Financial Services were worth $7,171,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Discover Financial Services in the fourth quarter worth $340,672,000. Boston Partners lifted its stake in Discover Financial Services by 56.5% in the 3rd quarter. Boston Partners now owns 8,597,250 shares of the financial services provider’s stock worth $743,663,000 after purchasing an additional 3,102,119 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Discover Financial Services by 489.5% during the 1st quarter. First Trust Advisors LP now owns 1,999,341 shares of the financial services provider’s stock valued at $220,307,000 after purchasing an additional 1,660,180 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Discover Financial Services by 35.6% during the 4th quarter. Morgan Stanley now owns 4,927,342 shares of the financial services provider’s stock valued at $482,042,000 after purchasing an additional 1,293,260 shares during the last quarter. Finally, Palestra Capital Management LLC purchased a new position in shares of Discover Financial Services during the third quarter valued at about $81,865,000. 86.94% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Discover Financial Services

In other Discover Financial Services news, CFO John Greene sold 35,191 shares of the stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $106.51, for a total transaction of $3,748,193.41. Following the transaction, the chief financial officer now directly owns 18,592 shares in the company, valued at approximately $1,980,233.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Seaport Res Ptn lowered Discover Financial Services from a “buy” rating to a “neutral” rating in a research note on Friday, March 15th. Citigroup raised their target price on shares of Discover Financial Services from $127.00 to $168.00 and gave the company a “buy” rating in a report on Friday, February 23rd. HSBC upped their price target on shares of Discover Financial Services from $107.00 to $144.00 and gave the company a “hold” rating in a research note on Thursday, March 21st. Stephens reissued an “equal weight” rating and issued a $98.00 price objective on shares of Discover Financial Services in a research note on Thursday, December 14th. Finally, Morgan Stanley upgraded shares of Discover Financial Services from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $105.00 to $133.00 in a research report on Thursday, February 8th. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $124.18.

View Our Latest Research Report on DFS

Discover Financial Services Trading Down 0.7 %

Shares of NYSE DFS opened at $126.89 on Thursday. Discover Financial Services has a fifty-two week low of $79.04 and a fifty-two week high of $131.65. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market cap of $31.79 billion, a price-to-earnings ratio of 11.28, a PEG ratio of 1.39 and a beta of 1.45. The business’s 50 day moving average price is $117.53 and its 200-day moving average price is $102.87.

Discover Financial Services (NYSE:DFSGet Free Report) last released its quarterly earnings data on Thursday, January 18th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($0.96). Discover Financial Services had a net margin of 14.30% and a return on equity of 22.24%. The company had revenue of $4.20 billion during the quarter, compared to analysts’ expectations of $4.10 billion. During the same period last year, the firm earned $3.77 earnings per share. Discover Financial Services’s quarterly revenue was up 12.8% on a year-over-year basis. On average, sell-side analysts expect that Discover Financial Services will post 11.44 earnings per share for the current year.

Discover Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Thursday, February 22nd were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Wednesday, February 21st. This represents a $2.80 annualized dividend and a dividend yield of 2.21%. Discover Financial Services’s dividend payout ratio is currently 24.89%.

Discover Financial Services Profile

(Free Report)

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; private student loans, 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.

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Want to see what other hedge funds are holding DFS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Discover Financial Services (NYSE:DFSFree Report).

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

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