Public Sector Pension investment Board raised its position in Discover Financial Services (NYSE:DFS) by 14.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 201,508 shares of the financial services provider’s stock after purchasing an additional 25,800 shares during the quarter. Public Sector Pension investment Board owned 0.05% of Discover Financial Services worth $12,532,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DFS. UBS Asset Management Americas Inc. raised its stake in shares of Discover Financial Services by 14.4% in the 1st quarter. UBS Asset Management Americas Inc. now owns 1,429,221 shares of the financial services provider’s stock valued at $97,744,000 after purchasing an additional 180,261 shares during the period. Parkwood LLC acquired a new stake in shares of Discover Financial Services in the 1st quarter valued at about $295,000. Engineers Gate Manager LP raised its stake in shares of Discover Financial Services by 27.2% in the 1st quarter. Engineers Gate Manager LP now owns 61,900 shares of the financial services provider’s stock valued at $4,233,000 after purchasing an additional 13,230 shares during the period. Commerce Bank raised its stake in shares of Discover Financial Services by 43.0% in the 1st quarter. Commerce Bank now owns 18,007 shares of the financial services provider’s stock valued at $1,231,000 after purchasing an additional 5,415 shares during the period. Finally, CI Investments Inc. raised its stake in shares of Discover Financial Services by 31.5% in the 1st quarter. CI Investments Inc. now owns 382,737 shares of the financial services provider’s stock valued at $26,175,000 after purchasing an additional 91,600 shares during the period. 85.45% of the stock is currently owned by hedge funds and other institutional investors.

DFS has been the topic of several recent research reports. Zacks Investment Research raised Discover Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, August 29th. ValuEngine downgraded Discover Financial Services from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Morgan Stanley dropped their price target on Discover Financial Services from $71.00 to $70.00 and set an “overweight” rating on the stock in a research note on Friday, September 8th. William Blair reissued an “outperform” rating on shares of Discover Financial Services in a research note on Tuesday, July 18th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $82.00 price target on shares of Discover Financial Services in a research note on Friday, June 16th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $73.95.

Shares of Discover Financial Services (DFS) traded down 0.23% during midday trading on Thursday, hitting $60.20. The stock had a trading volume of 234,932 shares. The company has a market cap of $22.42 billion, a price-to-earnings ratio of 10.39 and a beta of 1.45. The stock’s 50-day moving average price is $59.72 and its 200 day moving average price is $62.41. Discover Financial Services has a 52 week low of $53.91 and a 52 week high of $74.33.

Discover Financial Services (NYSE:DFS) last released its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.45 by ($0.05). Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the prior year, the company earned $1.47 earnings per share. The firm’s revenue was up 9.2% on a year-over-year basis. On average, equities analysts forecast that Discover Financial Services will post $5.92 earnings per share for the current year.

Discover Financial Services declared that its board has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $2.23 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 9.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Thursday, August 24th were given a dividend of $0.35 per share. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend was Tuesday, August 22nd. Discover Financial Services’s dividend payout ratio is currently 24.18%.

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In other news, COO Roger C. Hochschild sold 15,258 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $62.48, for a total transaction of $953,319.84. Following the completion of the transaction, the chief operating officer now directly owns 830,257 shares of the company’s stock, valued at approximately $51,874,457.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David W. Nelms sold 30,000 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $62.52, for a total transaction of $1,875,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 157,002 shares of company stock valued at $9,580,337 over the last three months. Insiders own 0.96% of the company’s stock.

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.

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

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