LSV Asset Management Sells 16,815 Shares of Discover Financial Services (DFS)

LSV Asset Management lowered its holdings in shares of Discover Financial Services (NYSE:DFS) by 0.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,805,428 shares of the financial services provider’s stock after selling 16,815 shares during the period. Discover Financial Services accounts for 0.8% of LSV Asset Management’s investment portfolio, making the stock its 26th largest holding. LSV Asset Management owned 2.03% of Discover Financial Services worth $520,274,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Boston Partners boosted its stake in Discover Financial Services by 0.8% during the 2nd quarter. Boston Partners now owns 12,463,962 shares of the financial services provider’s stock worth $877,588,000 after purchasing an additional 95,312 shares during the period. Morgan Stanley boosted its stake in Discover Financial Services by 11.0% during the 2nd quarter. Morgan Stanley now owns 4,863,732 shares of the financial services provider’s stock worth $342,452,000 after purchasing an additional 482,980 shares during the period. Bessemer Group Inc. boosted its stake in Discover Financial Services by 0.5% during the 3rd quarter. Bessemer Group Inc. now owns 3,971,419 shares of the financial services provider’s stock worth $303,614,000 after purchasing an additional 20,522 shares during the period. Bank of Montreal Can boosted its stake in Discover Financial Services by 3.8% during the 3rd quarter. Bank of Montreal Can now owns 2,315,912 shares of the financial services provider’s stock worth $177,053,000 after purchasing an additional 85,508 shares during the period. Finally, Schroder Investment Management Group boosted its stake in Discover Financial Services by 2.1% during the 2nd quarter. Schroder Investment Management Group now owns 2,216,009 shares of the financial services provider’s stock worth $155,475,000 after purchasing an additional 45,603 shares during the period. Hedge funds and other institutional investors own 85.66% of the company’s stock.

Several analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Discover Financial Services from a “hold” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Tuesday, July 24th. Sandler O’Neill restated a “buy” rating and issued a $87.00 target price on shares of Discover Financial Services in a research note on Friday, July 27th. Wells Fargo & Co reduced their target price on shares of Discover Financial Services from $82.00 to $78.00 and set a “market perform” rating for the company in a research note on Friday, October 26th. Bank of America raised their target price on shares of Discover Financial Services from $86.00 to $92.00 and gave the stock a “buy” rating in a research note on Friday, September 21st. Finally, ValuEngine cut shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $86.80.

In other news, CEO David W. Nelms sold 30,000 shares of Discover Financial Services stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $78.11, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Carlos Minetti sold 3,750 shares of Discover Financial Services stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $78.21, for a total transaction of $293,287.50. Following the sale, the executive vice president now owns 133,852 shares of the company’s stock, valued at $10,468,564.92. The disclosure for this sale can be found here. Insiders have sold a total of 104,100 shares of company stock valued at $7,795,625 over the last 90 days. 0.81% of the stock is currently owned by insiders.

Shares of NYSE DFS opened at $70.56 on Monday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 2.58. Discover Financial Services has a 52 week low of $63.31 and a 52 week high of $81.93. The stock has a market capitalization of $23.71 billion, a P/E ratio of 11.80, a P/E/G ratio of 0.72 and a beta of 1.50.

Discover Financial Services (NYSE:DFS) last announced its quarterly earnings data on Thursday, October 25th. The financial services provider reported $2.05 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $2.05. Discover Financial Services had a net margin of 19.51% and a return on equity of 25.49%. The firm had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.69 billion. As a group, research analysts anticipate that Discover Financial Services will post 7.83 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Shareholders of record on Wednesday, November 21st will be issued a dividend of $0.40 per share. 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 dividend payout ratio (DPR) is currently 26.76%.

Discover Financial Services announced that its Board of Directors has approved a share repurchase program on Thursday, July 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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

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