Discover Financial Services (DFS) Shares Bought by Chicago Partners Investment Group LLC
Chicago Partners Investment Group LLC grew its holdings in shares of Discover Financial Services (NYSE:DFS) by 78.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,837 shares of the financial services provider’s stock after buying an additional 1,251 shares during the period. Chicago Partners Investment Group LLC’s holdings in Discover Financial Services were worth $193,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Adirondack Trust Co. increased its stake in shares of Discover Financial Services by 204.5% during the third quarter. Adirondack Trust Co. now owns 1,340 shares of the financial services provider’s stock valued at $102,000 after buying an additional 900 shares during the period. Sandy Spring Bank increased its stake in shares of Discover Financial Services by 181.5% during 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 during the period. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Discover Financial Services by 8,341.7% during 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 buying an additional 2,002 shares during the period. Truvestments Capital LLC purchased a new position in shares of Discover Financial Services during the third quarter valued at approximately $163,000. Finally, Edge Wealth Management LLC purchased a new position in shares of Discover Financial Services during the second quarter valued at approximately $155,000. 85.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of DFS stock opened at $70.56 on Friday. The firm has a market capitalization of $23.77 billion, a P/E ratio of 9.65, a PEG ratio of 0.73 and a beta of 1.50. Discover Financial Services has a twelve month low of $63.31 and a twelve month high of $81.93. The company has a debt-to-equity ratio of 2.58, a quick ratio of 1.48 and a current ratio of 1.48.
Discover Financial Services announced that its board has approved a stock buyback program on Thursday, July 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 6th. Investors of record on Wednesday, November 21st will be paid a $0.40 dividend. The ex-dividend date is Tuesday, November 20th. This represents a $1.60 annualized dividend and a yield of 2.27%. Discover Financial Services’s payout ratio is 26.76%.
In related news, EVP Carlos Minetti sold 3,750 shares of the company’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $78.21, for a total value of $293,287.50. Following the sale, the executive vice president now directly owns 133,852 shares of the company’s stock, valued at $10,468,564.92. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $78.11, for a total value of $2,343,300.00. Following the completion of the sale, the chief executive officer now directly owns 1,210,798 shares in the company, valued at $94,575,431.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 104,100 shares of company stock worth $7,795,625. 0.81% of the stock is owned by insiders.
Several research firms have recently issued reports on DFS. Bank of America boosted their target price on Discover Financial Services from $86.00 to $92.00 and gave the company a “buy” rating in a research note on Friday, September 21st. Zacks Investment Research raised Discover Financial Services from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research note on Wednesday, September 26th. JPMorgan Chase & Co. raised Discover Financial Services from a “neutral” rating to an “overweight” rating in a research note on Tuesday, October 2nd. Wells Fargo & Co boosted their target price on Discover Financial Services from $76.00 to $82.00 and gave the company a “market perform” rating in a research note on Monday, October 1st. Finally, Sandler O’Neill reissued a “buy” rating and set a $87.00 target price on shares of Discover Financial Services in a research note on Friday, July 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $86.80.
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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.
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