Bank of America Corp DE Sells 458,478 Shares of Discover Financial Services (NYSE:DFS)

Bank of America Corp DE cut its holdings in Discover Financial Services (NYSE:DFSGet Rating) by 20.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,798,706 shares of the financial services provider’s stock after selling 458,478 shares during the period. Bank of America Corp DE owned 0.64% of Discover Financial Services worth $198,200,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. BlackRock Inc. boosted its holdings in Discover Financial Services by 1.7% in the 1st quarter. BlackRock Inc. now owns 20,961,715 shares of the financial services provider’s stock worth $2,309,769,000 after buying an additional 351,679 shares during the period. State Street Corp lifted its stake in Discover Financial Services by 2.1% in the 4th quarter. State Street Corp now owns 13,584,398 shares of the financial services provider’s stock worth $1,569,813,000 after purchasing an additional 275,094 shares in the last quarter. Boston Partners lifted its stake in Discover Financial Services by 1.9% in the 1st quarter. Boston Partners now owns 4,429,052 shares of the financial services provider’s stock worth $488,027,000 after purchasing an additional 81,406 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Discover Financial Services by 4.4% in the 1st quarter. Bank of New York Mellon Corp now owns 3,337,759 shares of the financial services provider’s stock worth $367,786,000 after purchasing an additional 139,779 shares in the last quarter. Finally, Norges Bank purchased a new stake in Discover Financial Services in the 4th quarter worth approximately $354,824,000. 83.92% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on DFS shares. Piper Sandler increased their target price on shares of Discover Financial Services to $132.00 in a research note on Friday, July 22nd. Bank of America lowered their target price on shares of Discover Financial Services from $128.00 to $120.00 in a research note on Sunday, July 24th. Barclays lowered their target price on shares of Discover Financial Services from $140.00 to $133.00 and set an “overweight” rating on the stock in a research note on Friday, July 22nd. JPMorgan Chase & Co. cut shares of Discover Financial Services from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $140.00 to $113.00 in a research report on Tuesday, September 6th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Discover Financial Services from $150.00 to $135.00 in a research report on Monday, July 11th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $123.88.

Discover Financial Services Price Performance

DFS stock opened at $97.87 on Thursday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.26 and a current ratio of 1.26. Discover Financial Services has a 52 week low of $88.02 and a 52 week high of $133.40. The firm’s fifty day moving average is $102.78 and its 200 day moving average is $105.55. The firm has a market cap of $26.74 billion, a P/E ratio of 6.37, a P/E/G ratio of 0.22 and a beta of 1.43.

Discover Financial Services (NYSE:DFSGet Rating) last announced its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $3.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.75 by $0.21. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.18 billion. Discover Financial Services had a net margin of 34.89% and a return on equity of 36.35%. The company’s revenue was down 9.9% on a year-over-year basis. During the same quarter last year, the firm earned $5.55 EPS. Research analysts predict that Discover Financial Services will post 15.37 earnings per share for the current year.

Discover Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Shareholders of record on Thursday, August 25th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend was Wednesday, August 24th. Discover Financial Services’s dividend payout ratio (DPR) is presently 15.63%.

Discover Financial Services Company Profile

(Get Rating)

Discover Financial Services, through its subsidiaries, provides digital banking products and services, and payment services in the United States. It operates in two segments, Digital Banking and Payment Services. The Digital Banking segment offers Discover-branded credit cards to individuals; private student loans, personal loans, home loans, and other consumer lending; and direct-to-consumer deposit products comprising savings accounts, certificates of deposit, money market accounts, IRA certificates of deposit, IRA savings accounts and checking accounts, and sweep accounts.

Further Reading

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

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