Parametric Portfolio Associates LLC Boosts Stake in Discover Financial Services (DFS)
Parametric Portfolio Associates LLC lifted its stake in shares of Discover Financial Services (NYSE:DFS) by 2.3% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,922,775 shares of the financial services provider’s stock after buying an additional 43,000 shares during the quarter. Parametric Portfolio Associates LLC’s holdings in Discover Financial Services were worth $136,825,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of DFS. Financial Gravity Companies Inc. acquired a new stake in Discover Financial Services in the 4th quarter worth about $29,000. Massey Quick Simon & CO. LLC acquired a new stake in Discover Financial Services in the 4th quarter worth about $30,000. Pinnacle Bank acquired a new stake in Discover Financial Services in the 4th quarter worth about $32,000. Essex Savings Bank raised its stake in Discover Financial Services by 66.7% in the 1st quarter. Essex Savings Bank now owns 500 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 200 shares in the last quarter. Finally, Berman Capital Advisors LLC acquired a new stake in Discover Financial Services in the 4th quarter worth about $37,000. Institutional investors own 86.01% of the company’s stock.
Several analysts have weighed in on the stock. Morgan Stanley lifted their price objective on shares of Discover Financial Services from $89.00 to $91.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. BMO Capital Markets lifted their price objective on shares of Discover Financial Services to $92.00 and gave the stock a “market perform” rating in a research note on Monday, April 29th. Compass Point set a $74.00 price objective on shares of Discover Financial Services and gave the stock a “hold” rating in a research note on Friday, January 25th. Zacks Investment Research upgraded shares of Discover Financial Services from a “hold” rating to a “buy” rating and set a $87.00 price objective for the company in a research note on Friday, May 17th. Finally, Goldman Sachs Group upgraded shares of Discover Financial Services from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $51.00 to $56.00 in a research note on Friday, May 3rd. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $81.69.
Discover Financial Services (NYSE:DFS) last released its earnings results on Thursday, April 25th. The financial services provider reported $2.15 EPS for the quarter, beating the consensus estimate of $2.02 by $0.13. Discover Financial Services had a net margin of 20.98% and a return on equity of 26.34%. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the firm earned $1.82 EPS. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. Equities analysts predict that Discover Financial Services will post 8.76 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Friday, May 24th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Thursday, May 23rd. Discover Financial Services’s dividend payout ratio is currently 20.54%.
In other Discover Financial Services news, EVP Carlos Minetti sold 3,750 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $71.73, for a total value of $268,987.50. Following the transaction, the executive vice president now directly owns 128,327 shares of the company’s stock, valued at approximately $9,204,895.71. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO R. Mark Graf sold 30,741 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $81.92, for a total transaction of $2,518,302.72. Following the completion of the transaction, the chief financial officer now directly owns 56,072 shares in the company, valued at $4,593,418.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 85,169 shares of company stock worth $6,615,921. Insiders own 0.81% of the company’s stock.
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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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