Commonwealth Equity Services Inc Trims Holdings in Discover Financial Services (DFS)
Commonwealth Equity Services Inc decreased its holdings in Discover Financial Services (NYSE:DFS) by 3.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 32,088 shares of the financial services provider’s stock after selling 1,227 shares during the quarter. Commonwealth Equity Services Inc’s holdings in Discover Financial Services were worth $2,069,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in DFS. Diamond Hill Capital Management Inc. raised its holdings in Discover Financial Services by 97.6% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 7,035,035 shares of the financial services provider’s stock worth $453,619,000 after buying an additional 3,475,126 shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new position in Discover Financial Services during the second quarter worth $199,350,000. Principal Financial Group Inc. boosted its position in Discover Financial Services by 492.6% during the second quarter. Principal Financial Group Inc. now owns 3,504,010 shares of the financial services provider’s stock worth $217,914,000 after purchasing an additional 2,912,742 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Discover Financial Services by 320.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,672,385 shares of the financial services provider’s stock worth $166,196,000 after purchasing an additional 2,037,515 shares during the period. Finally, Capital World Investors boosted its position in Discover Financial Services by 18.3% during the second quarter. Capital World Investors now owns 10,578,342 shares of the financial services provider’s stock worth $657,867,000 after purchasing an additional 1,638,334 shares during the period. Institutional investors own 86.89% of the company’s stock.
In related news, COO Roger C. Hochschild sold 15,258 shares of Discover Financial Services stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $66.79, for a total transaction of $1,019,081.82. Following the sale, the chief operating officer now directly owns 769,440 shares in the company, valued at $51,390,897.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $59.10, for a total value of $1,773,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,529,912 shares in the company, valued at $90,417,799.20. The disclosure for this sale can be found here. Insiders sold a total of 172,277 shares of company stock worth $11,020,650 over the last ninety days. Insiders own 0.96% of the company’s stock.
Shares of Discover Financial Services (NYSE DFS) traded down $0.14 during trading on Friday, reaching $65.50. The company’s stock had a trading volume of 2,026,200 shares, compared to its average volume of 2,645,418. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 2.52. The stock has a market cap of $23,801.43, a PE ratio of 11.25, a P/E/G ratio of 1.73 and a beta of 1.52. Discover Financial Services has a 1-year low of $57.50 and a 1-year high of $74.33.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Shareholders of record on Wednesday, November 22nd will be paid a $0.35 dividend. The ex-dividend date is Tuesday, November 21st. This represents a $1.40 dividend on an annualized basis and a yield of 2.14%. Discover Financial Services’s dividend payout ratio (DPR) is currently 24.05%.
DFS has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research report on Monday, October 23rd. Buckingham Research initiated coverage on shares of Discover Financial Services in a research report on Monday, October 2nd. They issued a “buy” rating and a $74.00 target price for the company. ValuEngine cut shares of Discover Financial Services from a “buy” rating to a “hold” rating in a research report on Monday, September 11th. BMO Capital Markets reduced their target price on shares of Discover Financial Services from $69.00 to $67.00 and set a “market perform” rating for the company in a research report on Wednesday, October 25th. Finally, Bank of America Corporation downgraded Discover Financial Services from a “buy” rating to a “neutral” rating and dropped their price target for the company from $67.00 to $63.00 in a research note on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $74.45.
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Discover Financial Services Profile
Discover Financial Services (DFS) is a direct banking and payment services company. The Company is a bank holding company, as well as a financial holding company. The Company operates through two segments: Direct Banking and Payment Services. It provides direct banking products and services, and payment services through its subsidiaries.
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