Smith Graham & Co. Investment Advisors LP trimmed its stake in shares of Discover Financial Services (NYSE:DFS) by 4.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,980 shares of the financial services provider’s stock after selling 4,520 shares during the quarter. Smith Graham & Co. Investment Advisors LP’s holdings in Discover Financial Services were worth $7,990,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Weaver Consulting Group acquired a new position in Discover Financial Services during the 1st quarter worth approximately $28,000. Icon Wealth Partners LLC acquired a new position in Discover Financial Services during the 1st quarter worth approximately $26,000. IMA Wealth Inc. increased its position in Discover Financial Services by 1,448.3% during the 1st quarter. IMA Wealth Inc. now owns 449 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 420 shares in the last quarter. Essex Savings Bank increased its position in Discover Financial Services by 66.7% during the 1st quarter. Essex Savings Bank now owns 500 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 200 shares in the last quarter. Finally, NEXT Financial Group Inc increased its position in 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 worth $47,000 after purchasing an additional 321 shares in the last quarter. Institutional investors and hedge funds own 84.93% of the company’s stock.
DFS traded down $0.64 during trading on Friday, reaching $83.99. 1,199,445 shares of the company’s stock were exchanged, compared to its average volume of 2,604,063. Discover Financial Services has a one year low of $54.36 and a one year high of $92.98. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 2.30. The stock has a market capitalization of $26.73 billion, a PE ratio of 10.78, a PEG ratio of 1.22 and a beta of 1.55. The stock has a fifty day moving average price of $82.82.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be paid a $0.44 dividend. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.40. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Wednesday, August 21st. Discover Financial Services’s dividend payout ratio is currently 20.54%.
In other news, Director Mary K. Bush sold 993 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $83.27, for a total value of $82,687.11. Following the sale, the director now directly owns 52,075 shares of the company’s stock, valued at approximately $4,336,285.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Diane E. Offereins sold 20,000 shares of the company’s stock in a transaction on Friday, July 26th. The shares were 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 in the company, valued at $11,091,398.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,159 shares of company stock worth $2,572,746. Insiders own 0.81% of the company’s stock.
A number of equities analysts recently issued reports on the stock. Wells Fargo & Co upped their price objective on shares of Discover Financial Services from $82.00 to $88.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 24th. Nomura upped their price objective on shares of Discover Financial Services from $86.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. JMP Securities upgraded shares of Discover Financial Services from an “outperform” rating to a “buy” rating in a research report on Thursday, July 25th. Royal Bank of Canada began coverage on shares of Discover Financial Services in a report on Friday, May 3rd. They set an “outperform” rating and a $96.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Discover Financial Services from $91.00 to $93.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Twelve investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Discover Financial Services presently has a consensus rating of “Hold” and an average price target of $84.12.
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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