Wedge Capital Management L L P NC lessened its holdings in Discover Financial Services (NYSE:DFS) by 2.3% during the second quarter, HoldingsChannel.com reports. The fund owned 377,980 shares of the financial services provider’s stock after selling 8,983 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Discover Financial Services were worth $29,327,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in shares of Discover Financial Services by 9.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,271,726 shares of the financial services provider’s stock valued at $133,983,000 after buying an additional 199,220 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Discover Financial Services by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 4,609,400 shares of the financial services provider’s stock valued at $271,408,000 after buying an additional 76,252 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Discover Financial Services in the first quarter valued at about $857,000. First Bank & Trust raised its holdings in shares of Discover Financial Services by 15.8% in the first quarter. First Bank & Trust now owns 2,828 shares of the financial services provider’s stock valued at $201,000 after buying an additional 386 shares during the last quarter. Finally, Weatherstone Capital Management purchased a new stake in shares of Discover Financial Services in the first quarter valued at about $246,000. 85.87% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Mary K. Bush sold 993 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $83.27, for a total transaction of $82,687.11. Following the sale, the director now owns 52,075 shares in the company, valued at $4,336,285.25. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Edward W. Mcgrogan sold 1,894 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $92.35, for a total transaction of $174,910.90. Following the sale, the senior vice president now owns 11,272 shares in the company, valued at approximately $1,040,969.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,663 shares of company stock worth $2,534,291. 0.81% of the stock is owned by company insiders.

DFS has been the subject of a number of research reports. Oppenheimer cut shares of Discover Financial Services from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 7th. CIBC reaffirmed a “market perform” rating on shares of Discover Financial Services in a report on Tuesday, May 7th. Zacks Investment Research cut shares of Discover Financial Services from a “buy” rating to a “hold” rating and set a $66.00 target price for the company. in a report on Friday, June 7th. Bank of America initiated coverage on shares of Discover Financial Services in a report on Wednesday, June 19th. They issued a “neutral” rating for the company. Finally, Barclays upped their target price on shares of Discover Financial Services from $87.00 to $91.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Twelve equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $84.35.

Shares of DFS stock traded down $1.77 during trading hours on Wednesday, hitting $79.79. The company’s stock had a trading volume of 369,706 shares, compared to its average volume of 2,039,743. The stock has a fifty day moving average of $83.22. The firm has a market capitalization of $26.40 billion, a PE ratio of 10.24, a price-to-earnings-growth ratio of 1.23 and a beta of 1.55. Discover Financial Services has a twelve month low of $54.36 and a twelve month high of $92.98. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 2.30.

Discover Financial Services (NYSE:DFS) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $2.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.11 by $0.21. Discover Financial Services had a net margin of 21.00% and a return on equity of 26.76%. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter last year, the business earned $1.91 earnings per share. Discover Financial Services’s revenue was up 12.9% compared to the same quarter last year. On average, analysts anticipate that Discover Financial Services will post 9 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $1.76 dividend on an annualized basis and a yield of 2.21%. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.40. Discover Financial Services’s dividend payout ratio (DPR) is 20.54%.

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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Want to see what other hedge funds are holding DFS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Discover Financial Services (NYSE:DFS).

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

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