Pinebridge Investments L.P. Has $28.95 Million Position in Discover Financial Services (DFS)
Pinebridge Investments L.P. increased its holdings in Discover Financial Services (NYSE:DFS) by 167.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 465,483 shares of the financial services provider’s stock after buying an additional 291,504 shares during the period. Discover Financial Services accounts for 0.8% of Pinebridge Investments L.P.’s investment portfolio, making the stock its 27th biggest position. Pinebridge Investments L.P. owned approximately 0.13% of Discover Financial Services worth $28,949,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. V Wealth Management LLC bought a new position in Discover Financial Services in the 2nd quarter valued at $101,000. FNY Managed Accounts LLC bought a new position in Discover Financial Services in the 1st quarter valued at $124,000. Orrstown Financial Services Inc. boosted its holdings in Discover Financial Services by 16.7% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,002 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 286 shares during the period. Perigon Wealth Management LLC boosted its holdings 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 purchasing an additional 48 shares during the period. Finally, Financial Architects Inc boosted its holdings in Discover Financial Services by 65.1% in the 2nd quarter. Financial Architects Inc now owns 2,600 shares of the financial services provider’s stock valued at $162,000 after purchasing an additional 1,025 shares during the period. 85.45% of the stock is owned by institutional investors.
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Several research analysts have commented on DFS shares. Zacks Investment Research raised shares of Discover Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. BidaskClub raised shares of Discover Financial Services from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Jefferies Group LLC reissued a “buy” rating and issued a $82.00 price target on shares of Discover Financial Services in a report on Friday, June 16th. Instinet reissued a “buy” rating and issued a $81.00 price target (down from $86.00) on shares of Discover Financial Services in a report on Wednesday, July 12th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $75.00 price target (down from $81.00) on shares of Discover Financial Services in a report on Thursday, July 6th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have given a buy rating to the company. Discover Financial Services presently has an average rating of “Buy” and a consensus target price of $73.95.
Discover Financial Services (NYSE:DFS) traded up 0.41% during trading on Tuesday, hitting $60.50. 767,753 shares of the company’s stock were exchanged. The company has a market cap of $22.53 billion, a price-to-earnings ratio of 10.44 and a beta of 1.45. Discover Financial Services has a 52-week low of $53.91 and a 52-week high of $74.33. The firm has a 50 day moving average price of $59.74 and a 200 day moving average price of $62.49.
Discover Financial Services (NYSE:DFS) last announced its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same period in the prior year, the company posted $1.47 EPS. The company’s revenue was up 9.2% compared to the same quarter last year. On average, equities research analysts predict that Discover Financial Services will post $5.92 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Thursday, August 24th were paid a $0.35 dividend. The ex-dividend date was Tuesday, August 22nd. This represents a $1.40 annualized dividend and a dividend yield of 2.32%. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s dividend payout ratio is currently 24.18%.
Discover Financial Services declared that its board has approved a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $2.23 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 9.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
In other news, EVP Carlos Minetti sold 8,000 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $62.42, for a total value of $499,360.00. Following the sale, the executive vice president now owns 205,149 shares of the company’s stock, valued at $12,805,400.58. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Edward W. Mcgrogan sold 1,228 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $61.06, for a total transaction of $74,981.68. Following the completion of the sale, the senior vice president now directly owns 13,085 shares in the company, valued at approximately $798,970.10. The disclosure for this sale can be found here. In the last three months, insiders sold 157,002 shares of company stock worth $9,580,337. Insiders own 0.96% of the company’s stock.
About Discover Financial Services
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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