State Board of Administration of Florida Retirement System Sells 17,095 Shares of Discover Financial Services (DFS)

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State Board of Administration of Florida Retirement System lowered its stake in shares of Discover Financial Services (NYSE:DFS) by 3.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 489,431 shares of the financial services provider’s stock after selling 17,095 shares during the period. State Board of Administration of Florida Retirement System owned 0.14% of Discover Financial Services worth $37,417,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Boston Partners increased its holdings in shares of Discover Financial Services by 0.8% in the second 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 increased its holdings in shares of Discover Financial Services by 11.0% in the second 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. Bank of Montreal Can increased its holdings in shares of Discover Financial Services by 3.8% in the third 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. Schroder Investment Management Group increased its holdings in shares of Discover Financial Services by 2.1% in the second 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. Finally, Bank of America Corp DE increased its holdings in shares of Discover Financial Services by 7.5% in the second quarter. Bank of America Corp DE now owns 1,844,422 shares of the financial services provider’s stock worth $129,865,000 after purchasing an additional 129,286 shares during the period. Hedge funds and other institutional investors own 85.66% of the company’s stock.

DFS opened at $69.18 on Tuesday. The firm has a market capitalization of $23.09 billion, a P/E ratio of 11.57, a PEG ratio of 0.70 and a beta of 1.50. The company has a current ratio of 1.48, a quick 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.

Discover Financial Services (NYSE:DFS) last released its earnings results on Thursday, October 25th. The financial services provider reported $2.05 EPS for the quarter, meeting the Zacks’ consensus estimate of $2.05. The business had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $2.69 billion. Discover Financial Services had a return on equity of 25.49% and a net margin of 19.51%. As a group, sell-side analysts anticipate that Discover Financial Services will post 7.83 earnings per share for the current fiscal year.

Discover Financial Services announced that its board has initiated a stock repurchase plan on Thursday, July 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 11.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

The company also recently announced 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 dividend on an annualized basis and a yield of 2.31%. Discover Financial Services’s dividend payout ratio is presently 26.76%.

In other Discover Financial Services news, CEO David W. Nelms sold 30,000 shares of the company’s 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Carlos Minetti sold 3,750 shares of the company’s stock in a transaction dated Tuesday, September 4th. The shares were 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. In the last three months, insiders sold 102,100 shares of company stock worth $7,656,625. 0.81% of the stock is owned by insiders.

Several research analysts have recently weighed in on DFS shares. Zacks Investment Research cut shares of Discover Financial Services from a “buy” rating to a “hold” rating in a report on Monday, July 16th. Sandler O’Neill reaffirmed a “buy” rating and issued a $87.00 price target on shares of Discover Financial Services in a report on Friday, July 27th. JPMorgan Chase & Co. upped their price target on shares of Discover Financial Services from $78.00 to $81.00 and gave the stock a “neutral” rating in a report on Friday, July 27th. Bank of America upped their price target on shares of Discover Financial Services from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Friday, September 21st. Finally, Wells Fargo & Co upped their price target on shares of Discover Financial Services from $76.00 to $82.00 and gave the stock a “market perform” rating in a report on Monday, October 1st. One equities 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’s stock. The company has an average rating of “Buy” and an average target price of $86.80.

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Discover Financial Services Profile

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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