BNP Paribas Arbitrage SA Lowers Position in Discover Financial Services (DFS)
BNP Paribas Arbitrage SA reduced its stake in shares of Discover Financial Services (NYSE:DFS) by 48.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,054 shares of the financial services provider’s stock after selling 49,685 shares during the period. BNP Paribas Arbitrage SA’s holdings in Discover Financial Services were worth $2,944,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of DFS. Washington Trust Bank raised its stake in shares of Discover Financial Services by 1.2% in the third quarter. Washington Trust Bank now owns 3,809 shares of the financial services provider’s stock valued at $215,000 after buying an additional 44 shares during the last quarter. LVM Capital Management Ltd. MI raised its stake in Discover Financial Services by 71.2% in the third quarter. LVM Capital Management Ltd. MI now owns 117,195 shares of the financial services provider’s stock worth $7,264,000 after buying an additional 48,730 shares during the last quarter. Evercore Wealth Management LLC raised its stake in 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 during the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Discover Financial Services during the second quarter worth about $892,000. Finally, Kentucky Retirement Systems bought a new stake in Discover Financial Services during the second quarter worth about $1,879,000. Hedge funds and other institutional investors own 83.54% of the company’s stock.
Discover Financial Services (NYSE:DFS) traded up 0.22% during mid-day trading on Wednesday, hitting $67.77. The company had a trading volume of 3,867,743 shares. The firm has a market capitalization of $26.73 billion, a PE ratio of 12.33 and a beta of 1.39. The company has a 50 day moving average of $59.96 and a 200 day moving average of $57.32. Discover Financial Services has a 1-year low of $42.86 and a 1-year high of $68.88.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 17th. Investors of record on Thursday, November 3rd were given a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, November 1st. This represents a $1.20 annualized dividend and a yield of 1.77%. Discover Financial Services’s dividend payout ratio is currently 21.74%.
A number of research firms recently issued reports on DFS. Zacks Investment Research lowered Discover Financial Services from a “buy” rating to a “hold” rating in a research note on Monday. JMP Securities boosted their price objective on Discover Financial Services from $63.00 to $71.00 and gave the company a “market outperform” rating in a research note on Tuesday, November 22nd. Stephens started coverage on Discover Financial Services in a research note on Friday, November 18th. They set an “underweight” rating and a $62.00 price objective on the stock. Jefferies Group boosted their target price on Discover Financial Services from $66.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, September 1st. Finally, Barclays PLC cut Discover Financial Services from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, September 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, sixteen have assigned a buy rating and three have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $64.54.
In related news, EVP Diane E. Offereins sold 10,000 shares of Discover Financial Services stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $56.45, for a total value of $564,500.00. Following the completion of the transaction, the executive vice president now owns 308,962 shares in the company, valued at $17,440,904.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kathryn Mcnamara Corley sold 15,000 shares of Discover Financial Services stock in a transaction dated Thursday, November 3rd. The stock was sold at an average price of $56.30, for a total value of $844,500.00. Following the completion of the transaction, the executive vice president now owns 156,476 shares of the company’s stock, valued at approximately $8,809,598.80. The disclosure for this sale can be found here. 1.07% of the stock is owned by corporate insiders.
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, 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.
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