Pax World Management LLC Invests $214,000 in Discover Financial Services (DFS)
Pax World Management LLC bought a new stake in Discover Financial Services (NYSE:DFS) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,317 shares of the financial services provider’s stock, valued at approximately $214,000.
A number of other hedge funds also recently modified their holdings of the stock. GM Advisory Group Inc. increased its position in Discover Financial Services by 0.3% in the 2nd quarter. GM Advisory Group Inc. now owns 5,304 shares of the financial services provider’s stock valued at $330,000 after acquiring an additional 17 shares during the period. South State Corp increased its position in Discover Financial Services by 0.7% in the 2nd quarter. South State Corp now owns 3,457 shares of the financial services provider’s stock valued at $215,000 after acquiring an additional 25 shares during the period. Advisor Partners LLC increased its position in Discover Financial Services by 0.4% in the 2nd quarter. Advisor Partners LLC now owns 7,159 shares of the financial services provider’s stock valued at $445,000 after acquiring an additional 27 shares during the period. First Bank & Trust increased its position in Discover Financial Services by 1.4% in the 2nd quarter. First Bank & Trust now owns 3,135 shares of the financial services provider’s stock valued at $195,000 after acquiring an additional 42 shares during the period. Finally, Perigon Wealth Management LLC increased its position in Discover Financial Services by 2.3% in the 1st quarter. Perigon Wealth Management LLC now owns 2,146 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 48 shares during the period. Hedge funds and other institutional investors own 87.86% of the company’s stock.
Several brokerages recently issued reports on DFS. Barclays PLC restated an “equal weight” rating and issued a $70.00 price target (down previously from $79.00) on shares of Discover Financial Services in a research report on Thursday, July 13th. Oppenheimer Holdings, Inc. set a $69.00 price target on Discover Financial Services and gave the company a “buy” rating in a research report on Wednesday, July 26th. Compass Point cut Discover Financial Services from a “buy” rating to a “neutral” rating in a research report on Wednesday, October 25th. Zacks Investment Research cut Discover Financial Services from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, ValuEngine upgraded Discover Financial Services from a “hold” rating to a “buy” rating in a research report on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $74.45.
In related news, CEO David W. Nelms sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $66.80, for a total value of $2,004,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Carlos Minetti sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $66.68, for a total value of $533,440.00. Following the completion of the sale, the executive vice president now directly owns 173,149 shares in the company, valued at approximately $11,545,575.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 172,277 shares of company stock worth $11,020,650. 0.96% of the stock is owned by corporate insiders.
Discover Financial Services (DFS) traded up $0.09 during mid-day trading on Friday, reaching $65.56. The company had a trading volume of 75,618 shares, compared to its average volume of 2,662,959. Discover Financial Services has a 12-month low of $57.50 and a 12-month high of $74.33. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 2.52. The stock has a market cap of $23,720.00, a price-to-earnings ratio of 11.36, a P/E/G ratio of 1.75 and a beta of 1.51.
Discover Financial Services announced that its board has initiated a share repurchase plan on Tuesday, July 25th that authorizes the company to repurchase $2.75 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Wednesday, November 22nd will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date is Tuesday, November 21st. Discover Financial Services’s payout ratio is currently 24.10%.
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Discover Financial Services 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.
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