State Board of Administration of Florida Retirement System lessened its stake in Discover Financial Services (NYSE:DFS) by 0.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 588,871 shares of the financial services provider’s stock after selling 2,590 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.16% of Discover Financial Services worth $37,970,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in DFS. GM Advisory Group Inc. raised its position in shares of Discover Financial Services by 0.3% during the 2nd quarter. GM Advisory Group Inc. now owns 5,304 shares of the financial services provider’s stock valued at $330,000 after acquiring an additional 17 shares in the last quarter. South State Corp raised its position in shares of Discover Financial Services by 0.7% during the 2nd quarter. South State Corp now owns 3,457 shares of the financial services provider’s stock valued at $215,000 after acquiring an additional 25 shares in the last quarter. Advisor Partners LLC raised its position in shares of Discover Financial Services by 0.4% during the 2nd quarter. Advisor Partners LLC now owns 7,159 shares of the financial services provider’s stock valued at $445,000 after acquiring an additional 27 shares in the last quarter. First Bank & Trust raised its position in shares of Discover Financial Services by 1.4% during the 2nd quarter. First Bank & Trust now owns 3,135 shares of the financial services provider’s stock valued at $195,000 after acquiring an additional 42 shares in the last quarter. Finally, Perigon Wealth Management LLC raised its position in shares of Discover Financial Services by 2.3% during the 1st quarter. Perigon Wealth Management LLC now owns 2,146 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 48 shares in the last quarter. Institutional investors own 86.40% of the company’s stock.

DFS has been the topic of several research reports. Instinet reissued a “buy” rating and set a $81.00 price target (down from $86.00) on shares of Discover Financial Services in a research report on Wednesday, July 12th. Barclays PLC reissued an “equal weight” rating and set a $70.00 price target (down from $79.00) on shares of Discover Financial Services in a research report on Thursday, July 13th. William Blair reissued an “outperform” rating on shares of Discover Financial Services in a research report on Tuesday, July 18th. Oppenheimer Holdings, Inc. set a $69.00 target price on Discover Financial Services and gave the stock a “buy” rating in a research report on Wednesday, July 26th. Finally, Bank of America Corporation lowered Discover Financial Services from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $67.00 to $63.00 in a research report on Thursday, July 27th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $74.45.

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Discover Financial Services (NYSE:DFS) traded up $0.51 during trading hours on Friday, reaching $67.44. The company’s stock had a trading volume of 3,051,025 shares, compared to its average volume of 2,509,120. Discover Financial Services has a 12-month low of $55.71 and a 12-month high of $74.33. The company has a market capitalization of $24,506.42, a price-to-earnings ratio of 11.59, a price-to-earnings-growth ratio of 1.78 and a beta of 1.52. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 2.39.

Discover Financial Services announced that its board has initiated a stock buyback program on Tuesday, July 25th that permits the company to buyback $2.75 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 7th. Shareholders of record on Wednesday, November 22nd will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend is Tuesday, November 21st. Discover Financial Services’s dividend payout ratio is presently 24.05%.

In other news, EVP Carlos Minetti sold 8,000 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $64.51, for a total value of $516,080.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kathryn Mcnamara Corley sold 4,000 shares of the stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $59.63, for a total transaction of $238,520.00. Following the completion of the sale, the executive vice president now owns 150,744 shares of the company’s stock, valued at $8,988,864.72. The disclosure for this sale can be found here. Insiders have sold 172,277 shares of company stock valued at $11,020,650 over the last 90 days. 0.96% of the stock is currently owned by company insiders.

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

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