Discover Financial Services (DFS) Shares Bought by State of Wisconsin Investment Board
State of Wisconsin Investment Board raised its stake in Discover Financial Services (NYSE:DFS) by 24.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 336,060 shares of the financial services provider’s stock after acquiring an additional 65,688 shares during the quarter. State of Wisconsin Investment Board owned approximately 0.09% of Discover Financial Services worth $21,669,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. V Wealth Management LLC purchased a new position in Discover Financial Services in the second quarter valued at about $101,000. Orrstown Financial Services Inc. boosted its stake in Discover Financial Services by 16.7% in the second quarter. Orrstown Financial Services Inc. now owns 2,002 shares of the financial services provider’s stock valued at $125,000 after acquiring an additional 286 shares during the last quarter. Capstone Investment Advisors Netherlands B.V. purchased a new stake in shares of Discover Financial Services during the 2nd quarter valued at approximately $157,000. Financial Architects Inc lifted its stake in shares of Discover Financial Services by 65.1% during the 2nd quarter. Financial Architects Inc now owns 2,600 shares of the financial services provider’s stock valued at $162,000 after buying an additional 1,025 shares in the last quarter. Finally, Chicago Partners Investment Group LLC purchased a new stake in shares of Discover Financial Services during the 2nd quarter valued at approximately $168,000. Hedge funds and other institutional investors own 87.86% of the company’s stock.
In related news, EVP Kathryn Mcnamara Corley sold 4,000 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $59.63, for a total transaction of $238,520.00. Following the transaction, the executive vice president now owns 150,744 shares of the company’s stock, valued at approximately $8,988,864.72. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO David W. Nelms sold 30,000 shares of the stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $66.80, for a total transaction of $2,004,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 172,277 shares of company stock worth $11,020,650. 0.96% of the stock is owned by insiders.
A number of analysts recently commented on the stock. Zacks Investment Research cut shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, October 23rd. Oppenheimer Holdings, Inc. set a $69.00 price target on shares of Discover Financial Services and gave the company a “buy” rating in a research note on Wednesday, July 26th. Buckingham Research assumed coverage on shares of Discover Financial Services in a research note on Monday, October 2nd. They set a “buy” rating and a $74.00 price target on the stock. ValuEngine cut shares of Discover Financial Services from a “buy” rating to a “hold” rating in a research note on Monday, September 11th. Finally, BMO Capital Markets dropped their price target on shares of Discover Financial Services from $69.00 to $67.00 and set a “market perform” rating on the stock in a research note on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $74.45.
Discover Financial Services (NYSE:DFS) opened at $64.76 on Friday. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 2.52. Discover Financial Services has a twelve month low of $57.50 and a twelve month high of $74.33. The company has a market cap of $23,790.53, a price-to-earnings ratio of 11.25, a P/E/G ratio of 1.73 and a beta of 1.52.
Discover Financial Services declared that its board has approved a stock buyback plan on Tuesday, July 25th that allows the company to buyback $2.75 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 11.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Wednesday, November 22nd will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend is Tuesday, November 21st. Discover Financial Services’s dividend payout ratio is currently 24.05%.
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About Discover Financial Services
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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