Discover Financial Services (NYSE:DFS) Shares Sold by Parametric Portfolio Associates LLC
Parametric Portfolio Associates LLC decreased its holdings in Discover Financial Services (NYSE:DFS) by 1.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,903,963 shares of the financial services provider’s stock after selling 18,812 shares during the period. Parametric Portfolio Associates LLC owned approximately 0.60% of Discover Financial Services worth $147,728,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Weaver Consulting Group purchased a new position in Discover Financial Services in the first quarter valued at approximately $28,000. Icon Wealth Partners LLC bought a new position in shares of Discover Financial Services during the first quarter worth $26,000. Semmax Financial Advisors Inc. boosted its position in shares of Discover Financial Services by 75.6% during the second quarter. Semmax Financial Advisors Inc. now owns 418 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 180 shares in the last quarter. Next Capital Management LLC bought a new position in shares of Discover Financial Services during the second quarter worth $34,000. Finally, IMA Wealth Inc. grew its holdings in shares of Discover Financial Services by 1,448.3% in the 1st quarter. IMA Wealth Inc. now owns 449 shares of the financial services provider’s stock valued at $32,000 after buying an additional 420 shares during the period. 85.04% of the stock is currently owned by institutional investors and hedge funds.
NYSE:DFS traded down $0.21 on Wednesday, hitting $84.11. The stock had a trading volume of 83,766 shares, compared to its average volume of 1,580,983. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 2.30. Discover Financial Services has a 52 week low of $54.36 and a 52 week high of $92.98. The business’s fifty day moving average is $83.20 and its 200 day moving average is $78.13. The company has a market cap of $26.88 billion, a PE ratio of 10.80, a P/E/G ratio of 1.23 and a beta of 1.60.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were given a $0.44 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $1.76 annualized dividend and a yield of 2.09%. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.40. Discover Financial Services’s dividend payout ratio (DPR) is presently 22.59%.
Several brokerages have recently commented on DFS. JPMorgan Chase & Co. lifted their target price on Discover Financial Services from $91.00 to $93.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Bank of America started coverage on shares of Discover Financial Services in a report on Wednesday, June 19th. They issued a “neutral” rating on the stock. JMP Securities raised shares of Discover Financial Services from an “outperform” rating to a “buy” rating in a report on Thursday, July 25th. UBS Group raised their target price on shares of Discover Financial Services from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Finally, Barclays upped their price target on shares of Discover Financial Services from $87.00 to $91.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $85.53.
In other Discover Financial Services news, CFO R. Mark Graf sold 4,776 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $92.44, for a total transaction of $441,493.44. Following the transaction, the chief financial officer now owns 51,296 shares in the company, valued at $4,741,802.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Edward W. Mcgrogan sold 1,894 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $92.35, for a total transaction of $174,910.90. Following the completion of the transaction, the senior vice president now directly owns 11,272 shares in the company, valued at $1,040,969.20. The disclosure for this sale can be found here. In the last three months, insiders sold 27,663 shares of company stock valued at $2,534,291. 0.81% of the stock is currently owned by insiders.
About Discover Financial Services
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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