Pitcairn Co. Acquires New Position in Discover Financial Services (NYSE:DFS)

Pitcairn Co. acquired a new stake in Discover Financial Services (NYSE:DFS) during the second quarter, Holdings Channel reports. The firm acquired 4,349 shares of the financial services provider’s stock, valued at approximately $218,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Discover Financial Services by 0.7% during the first quarter. BlackRock Inc. now owns 21,489,597 shares of the financial services provider’s stock valued at $766,534,000 after buying an additional 142,220 shares during the period. JPMorgan Chase & Co. increased its position in shares of Discover Financial Services by 42.6% during the first quarter. JPMorgan Chase & Co. now owns 7,155,617 shares of the financial services provider’s stock valued at $255,242,000 after buying an additional 2,138,282 shares during the period. Nuveen Asset Management LLC increased its position in shares of Discover Financial Services by 17.4% during the first quarter. Nuveen Asset Management LLC now owns 4,096,389 shares of the financial services provider’s stock valued at $146,118,000 after buying an additional 606,886 shares during the period. AQR Capital Management LLC increased its position in shares of Discover Financial Services by 47.6% during the first quarter. AQR Capital Management LLC now owns 3,507,813 shares of the financial services provider’s stock valued at $125,124,000 after buying an additional 1,131,212 shares during the period. Finally, Capital Research Global Investors bought a new stake in shares of Discover Financial Services during the first quarter valued at about $90,915,000. Hedge funds and other institutional investors own 82.64% of the company’s stock.

Several brokerages have recently weighed in on DFS. Zacks Investment Research cut Discover Financial Services from a “hold” rating to a “sell” rating and set a $54.00 price target on the stock. in a research report on Tuesday, July 28th. JMP Securities upped their price target on Discover Financial Services from $48.00 to $58.00 and gave the company a “market outperform” rating in a research report on Friday, July 24th. Royal Bank of Canada upped their price target on Discover Financial Services from $42.00 to $61.00 in a research report on Wednesday, June 3rd. Morgan Stanley upped their price objective on shares of Discover Financial Services from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, June 8th. Finally, Wells Fargo & Co upped their price objective on shares of Discover Financial Services from $45.00 to $52.00 and gave the stock a “hold” rating in a research report on Monday, July 13th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $62.93.

Shares of DFS opened at $49.43 on Friday. The firm has a market cap of $15.15 billion, a P/E ratio of 15.64, a P/E/G ratio of 9.20 and a beta of 1.88. The stock has a 50 day simple moving average of $50.50 and a two-hundred day simple moving average of $53.23. The company has a debt-to-equity ratio of 2.70, a current ratio of 1.18 and a quick ratio of 1.26. Discover Financial Services has a 1 year low of $23.25 and a 1 year high of $90.72.

Discover Financial Services (NYSE:DFS) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported ($1.20) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($1.25). The firm had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.63 billion. Discover Financial Services had a return on equity of 10.45% and a net margin of 7.65%. On average, equities analysts anticipate that Discover Financial Services will post 0.77 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.56%. The ex-dividend date is Wednesday, August 19th. Discover Financial Services’s dividend payout ratio is currently 19.38%.

In other news, EVP Robert Andrew Eichfeld bought 12,650 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was acquired at an average price of $39.50 per share, with a total value of $499,675.00. Following the completion of the purchase, the executive vice president now directly owns 33,454 shares in the company, valued at $1,321,433. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.55% of the stock is owned by corporate insiders.

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.

Read More: Hedge Funds – Risk or Reward?

Want to see what other hedge funds are holding DFS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Discover Financial Services (NYSE:DFS).

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

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