Retirement Systems of Alabama Sells 3,688 Shares of Discover Financial Services (DFS)
Retirement Systems of Alabama cut its stake in shares of Discover Financial Services (NYSE:DFS) by 2.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 180,649 shares of the financial services provider’s stock after selling 3,688 shares during the quarter. Retirement Systems of Alabama’s holdings in Discover Financial Services were worth $11,648,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of DFS. Capstone Investment Advisors Netherlands B.V. acquired a new stake in shares of Discover Financial Services during the second quarter worth $157,000. Financial Architects Inc lifted its holdings in Discover Financial Services by 65.1% in the second quarter. Financial Architects Inc now owns 2,600 shares of the financial services provider’s stock valued at $162,000 after acquiring an additional 1,025 shares during the period. Chicago Partners Investment Group LLC acquired a new stake in Discover Financial Services in the second quarter valued at $168,000. San Francisco Sentry Investment Group CA acquired a new stake in Discover Financial Services in the second quarter valued at $170,000. Finally, Sun Life Financial INC lifted its holdings in Discover Financial Services by 19,871.4% in the second quarter. Sun Life Financial INC now owns 2,796 shares of the financial services provider’s stock valued at $174,000 after acquiring an additional 2,782 shares during the period. 88.02% of the stock is owned by hedge funds and other institutional investors.
In other Discover Financial Services news, COO Roger C. Hochschild sold 15,258 shares of Discover Financial Services stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $59.64, for a total value of $909,987.12. Following the completion of the sale, the chief operating officer now owns 799,741 shares in the company, valued at approximately $47,696,553.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David W. Nelms sold 30,000 shares of Discover Financial Services stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $59.10, for a total value of $1,773,000.00. Following the completion of the sale, the chief executive officer now owns 1,529,912 shares of the company’s stock, valued at approximately $90,417,799.20. The disclosure for this sale can be found here. Insiders sold a total of 172,277 shares of company stock valued at $11,020,650 in the last 90 days. 0.96% of the stock is owned by company insiders.
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Shares of Discover Financial Services (NYSE DFS) opened at $65.06 on Friday. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 2.52. The company has a market capitalization of $23,550.00, a PE ratio of 11.03, a price-to-earnings-growth ratio of 1.70 and a beta of 1.51. Discover Financial Services has a fifty-two week low of $57.50 and a fifty-two week high of $74.33.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Shareholders of record on Wednesday, November 22nd will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.15%. The ex-dividend date is Tuesday, November 21st. Discover Financial Services’s dividend payout ratio (DPR) is 24.10%.
Discover Financial Services announced that its board has approved a stock repurchase plan on Tuesday, July 25th that allows the company to repurchase $2.75 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 11.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of research firms have commented on DFS. BidaskClub downgraded Discover Financial Services from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Zacks Investment Research downgraded Discover Financial Services from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Jefferies Group LLC reissued a “buy” rating and issued a $75.00 target price (down previously from $82.00) on shares of Discover Financial Services in a report on Thursday, July 27th. ValuEngine downgraded Discover Financial Services from a “buy” rating to a “hold” rating in a report on Monday, September 11th. Finally, Morgan Stanley reduced their target price on Discover Financial Services from $71.00 to $70.00 and set an “overweight” rating for the company in a report on Friday, September 8th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the stock. Discover Financial Services has a consensus rating of “Hold” and an average price target of $74.45.
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.
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