Pinnacle Associates Ltd. Has $6.88 Million Position in Discover Financial Services (DFS)

Pinnacle Associates Ltd. trimmed its position in shares of Discover Financial Services (NYSE:DFS) by 7.7% during the 3rd quarter, Holdings Channel reports. The firm owned 90,004 shares of the financial services provider’s stock after selling 7,494 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Discover Financial Services were worth $6,881,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Bank of America Corp DE grew its holdings in Discover Financial Services by 7.5% during the 2nd quarter. Bank of America Corp DE now owns 1,844,422 shares of the financial services provider’s stock valued at $129,865,000 after purchasing an additional 129,286 shares during the last quarter. Calamos Advisors LLC grew its holdings in Discover Financial Services by 1.8% during the 3rd quarter. Calamos Advisors LLC now owns 240,413 shares of the financial services provider’s stock valued at $18,380,000 after purchasing an additional 4,285 shares during the last quarter. Atria Investments LLC grew its holdings in Discover Financial Services by 19.7% during the 3rd quarter. Atria Investments LLC now owns 12,551 shares of the financial services provider’s stock valued at $960,000 after purchasing an additional 2,069 shares during the last quarter. Glen Harbor Capital Management LLC grew its holdings in Discover Financial Services by 61.3% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 247,282 shares of the financial services provider’s stock valued at $17,411,000 after purchasing an additional 93,942 shares during the last quarter. Finally, Adirondack Trust Co. grew its holdings in Discover Financial Services by 204.5% during the 3rd quarter. Adirondack Trust Co. now owns 1,340 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 900 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Shares of DFS stock opened at $68.51 on Friday. The company has a debt-to-equity ratio of 2.58, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a market capitalization of $23.02 billion, a price-to-earnings ratio of 11.46, a P/E/G ratio of 0.70 and a beta of 1.50. Discover Financial Services has a one year low of $65.10 and a one year high of $81.93.

Discover Financial Services (NYSE:DFS) last issued its earnings results on Thursday, October 25th. The financial services provider reported $2.05 EPS for the quarter, hitting the Zacks’ consensus estimate of $2.05. The business had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.69 billion. Discover Financial Services had a net margin of 19.51% and a return on equity of 25.49%. On average, equities analysts forecast that Discover Financial Services will post 7.83 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Shareholders of record on Wednesday, November 21st will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, November 20th. This represents a $1.60 dividend on an annualized basis and a yield of 2.34%. Discover Financial Services’s dividend payout ratio is currently 26.76%.

In other news, EVP Carlos Minetti sold 3,750 shares of the stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $78.21, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Cynthia A. Glassman sold 2,000 shares of the stock in a transaction that occurred on Tuesday, November 6th. The shares were sold at an average price of $69.50, for a total transaction of $139,000.00. Following the transaction, the director now owns 54,032 shares in the company, valued at $3,755,224. The disclosure for this sale can be found here. Insiders sold a total of 104,100 shares of company stock worth $7,795,625 over the last 90 days. Insiders own 0.81% of the company’s stock.

Several equities analysts recently commented on the stock. ValuEngine downgraded shares of Discover Financial Services from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Zacks Investment Research downgraded shares of Discover Financial Services from a “buy” rating to a “hold” rating in a report on Tuesday, October 16th. Citigroup cut their price target on shares of Discover Financial Services from $78.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, November 1st. Bank of America upped their price target on shares of Discover Financial Services from $86.00 to $92.00 and gave the company a “buy” rating in a report on Friday, September 21st. Finally, JPMorgan Chase & Co. upgraded shares of Discover Financial Services from a “neutral” rating to an “overweight” rating in a report on Tuesday, October 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $86.40.

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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.

Further Reading: How Do You Calculate Return on Investment (ROI)?

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

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