First Trust Advisors LP cut its position in Discover Financial Services (NYSE:DFS) by 16.9% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 255,783 shares of the financial services provider’s stock after selling 51,896 shares during the period. First Trust Advisors LP owned about 0.06% of Discover Financial Services worth $14,465,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Financial Architects Inc increased its position in shares of Discover Financial Services by 724.6% in the second quarter. Financial Architects Inc now owns 1,880 shares of the financial services provider’s stock worth $100,000 after buying an additional 1,652 shares in the last quarter. Evercore Wealth Management LLC increased its position in shares of Discover Financial Services by 24.9% in the second quarter. Evercore Wealth Management LLC now owns 1,989 shares of the financial services provider’s stock worth $107,000 after buying an additional 396 shares in the last quarter. Mycio Wealth Partners LLC increased its position in shares of Discover Financial Services by 43.7% in the second quarter. Mycio Wealth Partners LLC now owns 2,054 shares of the financial services provider’s stock worth $110,000 after buying an additional 625 shares in the last quarter. Advisory Services Network LLC increased its position in shares of Discover Financial Services by 21.0% in the second quarter. Advisory Services Network LLC now owns 2,257 shares of the financial services provider’s stock worth $121,000 after buying an additional 391 shares in the last quarter. Finally, Seven Eight Capital LLC acquired a new position in shares of Discover Financial Services during the second quarter worth $124,000. Institutional investors and hedge funds own 83.54% of the company’s stock.

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

Discover Financial Services (NYSE:DFS) traded up 0.13% during midday trading on Tuesday, reaching $67.84. The company had a trading volume of 1,198,484 shares. The company has a market capitalization of $26.76 billion, a PE ratio of 12.35 and a beta of 1.39. Discover Financial Services has a one year low of $42.86 and a one year high of $68.88. The stock’s 50 day moving average is $59.64 and its 200 day moving average is $57.23.

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 17th. Stockholders of record on Thursday, November 3rd were given a $0.30 dividend. The ex-dividend date was Tuesday, November 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.77%. Discover Financial Services’s payout ratio is 21.74%.

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A number of research firms recently issued reports on DFS. Credit Suisse Group AG reissued a “buy” rating on shares of Discover Financial Services in a research report on Tuesday, August 23rd. Stephens began coverage on Discover Financial Services in a research report on Friday, November 18th. They set an “underweight” rating and a $62.00 price objective for the company. Jefferies Group reissued a “buy” rating and set a $70.00 price objective on shares of Discover Financial Services in a research report on Friday, October 28th. Zacks Investment Research raised Discover Financial Services from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a research report on Monday, November 14th. Finally, JMP Securities lifted their price objective on Discover Financial Services from $63.00 to $71.00 and gave the company a “market outperform” rating in a research report on Tuesday, November 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. Discover Financial Services presently has a consensus rating of “Buy” and an average price target of $64.54.

In other news, CFO R. Mark Graf sold 25,032 shares of Discover Financial Services stock in a transaction that occurred on Thursday, October 27th. The shares were sold at an average price of $56.78, for a total value of $1,421,316.96. Following the completion of the sale, the chief financial officer now directly owns 116,052 shares in the company, valued at $6,589,432.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO David W. Nelms sold 15,000 shares of Discover Financial Services stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $56.46, for a total transaction of $846,900.00. Following the completion of the sale, the chief executive officer now owns 1,727,268 shares of the company’s stock, valued at $97,521,551.28. The disclosure for this sale can be found here. 1.07% of the stock is currently owned by insiders.

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, which includes consumer banking and lending products, specifically Discover-branded credit cards issued to individuals and small businesses on the Discover Network and other consumer banking products and services, including personal loans, home equity loans, and other consumer lending and deposit products, and Payment Services segment, which includes PULSE and its Network Partners business.

5 Day Chart for NYSE:DFS

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