Victory Capital Management Inc. grew its stake in Discover Financial Services (NYSE:DFS) by 33.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,016 shares of the financial services provider’s stock after purchasing an additional 10,433 shares during the period. Victory Capital Management Inc.’s holdings in Discover Financial Services were worth $2,709,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. OLD National Bancorp IN boosted its position in Discover Financial Services by 23.9% in the 3rd quarter. OLD National Bancorp IN now owns 13,433 shares of the financial services provider’s stock worth $866,000 after purchasing an additional 2,591 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new position in shares of Discover Financial Services during the 3rd quarter valued at approximately $9,708,000. Alley Co LLC lifted its position in shares of Discover Financial Services by 2.7% during the 3rd quarter. Alley Co LLC now owns 39,654 shares of the financial services provider’s stock valued at $2,557,000 after buying an additional 1,024 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of Discover Financial Services by 8.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 37,154 shares of the financial services provider’s stock valued at $2,396,000 after buying an additional 2,898 shares in the last quarter. Finally, First Business Financial Services Inc. lifted its position in shares of Discover Financial Services by 17.2% during the 3rd quarter. First Business Financial Services Inc. now owns 8,494 shares of the financial services provider’s stock valued at $548,000 after buying an additional 1,249 shares in the last quarter. Institutional investors and hedge funds own 88.02% of the company’s stock.
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In other news, CEO David W. Nelms sold 30,000 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $59.10, for a total transaction of $1,773,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,529,912 shares in the company, valued at approximately $90,417,799.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Carlos Minetti sold 8,000 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $66.68, for a total value of $533,440.00. Following the transaction, the executive vice president now owns 173,149 shares of the company’s stock, valued at $11,545,575.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 172,277 shares of company stock valued at $11,020,650. Company insiders own 0.96% of the company’s stock.
A number of research analysts have recently issued reports on the company. Oppenheimer Holdings, Inc. set a $71.00 target price on Discover Financial Services and gave the company a “buy” rating in a research report on Tuesday, October 24th. Compass Point lowered Discover Financial Services from a “buy” rating to a “neutral” rating in a research report on Wednesday, October 25th. Nomura decreased their target price on Discover Financial Services from $81.00 to $79.00 and set a “buy” rating on the stock in a research report on Wednesday, October 25th. Bank of America Corporation increased their target price on Discover Financial Services from $67.00 to $69.00 and gave the company a “neutral” rating in a research report on Wednesday, October 25th. Finally, BMO Capital Markets decreased their target price on Discover Financial Services from $69.00 to $67.00 and set a “market perform” rating on the stock in a research report on Wednesday, October 25th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $74.45.
Discover Financial Services (NYSE:DFS) opened at $65.06 on Friday. The firm has a market capitalization of $23,550.00, a price-to-earnings ratio of 11.03, a PEG ratio of 1.70 and a beta of 1.51. 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 firm also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Stockholders of record on Wednesday, November 22nd will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Tuesday, November 21st. Discover Financial Services’s dividend payout ratio is presently 24.10%.
Discover Financial Services declared that its board has authorized a share repurchase program on Tuesday, July 25th that allows the company to buyback $2.75 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
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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