GAM Holding AG trimmed its holdings in Discover Financial Services (NYSE:DFS) by 30.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,084 shares of the financial services provider’s stock after selling 6,623 shares during the period. GAM Holding AG’s holdings in Discover Financial Services were worth $1,062,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in DFS. Sandy Spring Bank lifted its stake in shares of Discover Financial Services by 181.5% in the second quarter. Sandy Spring Bank now owns 1,689 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,089 shares in the last quarter. Signaturefd LLC purchased a new stake in shares of Discover Financial Services in the first quarter valued at about $143,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Discover Financial Services by 8,341.7% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,026 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 2,002 shares during the last quarter. Private Capital Group LLC raised its holdings in shares of Discover Financial Services by 8,258.3% in the first quarter. Private Capital Group LLC now owns 2,006 shares of the financial services provider’s stock valued at $144,000 after purchasing an additional 1,982 shares during the last quarter. Finally, Edge Wealth Management LLC purchased a new stake in shares of Discover Financial Services in the second quarter valued at about $155,000. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

In related news, EVP Carlos Minetti sold 3,750 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $71.60, for a total transaction of $268,500.00. Following the completion of the sale, the executive vice president now owns 137,602 shares in the company, valued at $9,852,303.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David W. Nelms sold 30,000 shares of the firm’s stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $69.93, for a total transaction of $2,097,900.00. The disclosure for this sale can be found here. Insiders have sold 67,500 shares of company stock valued at $4,782,225 in the last 90 days. 0.81% of the stock is currently owned by corporate insiders.

NYSE DFS opened at $77.85 on Friday. Discover Financial Services has a 52-week low of $57.50 and a 52-week high of $81.93. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.49 and a quick ratio of 1.49. The stock has a market cap of $26.90 billion, a P/E ratio of 11.43, a P/E/G ratio of 0.92 and a beta of 1.49.

Discover Financial Services (NYSE:DFS) last posted its quarterly earnings data on Thursday, July 26th. The financial services provider reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.03. Discover Financial Services had a net margin of 19.07% and a return on equity of 24.25%. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter last year, the company posted $1.40 earnings per share. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. equities research analysts anticipate that Discover Financial Services will post 7.81 EPS for the current year.

Discover Financial Services announced that its board has initiated a share repurchase program on Thursday, July 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 6th. Investors of record on Thursday, August 23rd will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Wednesday, August 22nd. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.35. Discover Financial Services’s dividend payout ratio (DPR) is 26.76%.

Several analysts have recently commented on DFS shares. JPMorgan Chase & Co. increased their target price on shares of Discover Financial Services from $78.00 to $81.00 and gave the company a “neutral” rating in a report on Friday, July 27th. Zacks Investment Research upgraded shares of Discover Financial Services from a “hold” rating to a “buy” rating and set a $80.00 target price for the company in a report on Tuesday, July 3rd. Sandler O’Neill reiterated a “buy” rating and issued a $87.00 target price on shares of Discover Financial Services in a report on Friday, July 27th. Finally, UBS Group upgraded shares of Discover Financial Services from a “sell” rating to a “neutral” rating and set a $81.93 target price for the company in a report on Monday, May 7th. Nine equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $85.27.

About Discover Financial Services

Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.

Read More: Hedge Funds

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

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