Comerica Bank Has $7.22 Million Position in Discover Financial Services (DFS)

Comerica Bank lowered its stake in Discover Financial Services (NYSE:DFS) by 11.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 91,641 shares of the financial services provider’s stock after selling 12,117 shares during the period. Comerica Bank’s holdings in Discover Financial Services were worth $7,216,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in DFS. Moors & Cabot Inc. grew its stake in Discover Financial Services by 4.7% in the 2nd quarter. Moors & Cabot Inc. now owns 4,364 shares of the financial services provider’s stock valued at $270,000 after buying an additional 196 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Discover Financial Services by 19.1% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 34,256 shares of the financial services provider’s stock valued at $2,130,000 after buying an additional 5,497 shares during the last quarter. Scotia Capital Inc. acquired a new position in Discover Financial Services in the 2nd quarter valued at about $956,000. National Asset Management Inc. grew its stake in Discover Financial Services by 5.3% in the 2nd quarter. National Asset Management Inc. now owns 4,614 shares of the financial services provider’s stock valued at $288,000 after buying an additional 231 shares during the last quarter. Finally, Verition Fund Management LLC grew its stake in Discover Financial Services by 15.4% in the 2nd quarter. Verition Fund Management LLC now owns 22,655 shares of the financial services provider’s stock valued at $1,409,000 after buying an additional 3,023 shares during the last quarter. Institutional investors and hedge funds own 84.46% of the company’s stock.

DFS has been the topic of a number of analyst reports. BMO Capital Markets decreased their target price on shares of Discover Financial Services from $69.00 to $67.00 and set a “market perform” rating on the stock in a research report on Wednesday, October 25th. Bank of America upgraded shares of Discover Financial Services from a “neutral” rating to a “buy” rating and set a $83.00 target price on the stock in a research report on Monday, December 18th. Wells Fargo & Co restated a “market perform” rating and set a $83.00 target price (up previously from $69.00) on shares of Discover Financial Services in a research report on Tuesday, January 9th. Royal Bank of Canada restated a “buy” rating and set a $107.00 target price on shares of Discover Financial Services in a research report on Tuesday, January 9th. Finally, Zacks Investment Research lowered shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research report on Monday, October 23rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $85.61.

Discover Financial Services (NYSE DFS) traded up $0.96 during midday trading on Friday, hitting $79.53. 2,138,157 shares of the company traded hands, compared to its average volume of 2,452,767. The firm has a market cap of $28,550.81, a price-to-earnings ratio of 14.70, a price-to-earnings-growth ratio of 1.28 and a beta of 1.54. The company has a debt-to-equity ratio of 2.52, a current ratio of 1.08 and a quick ratio of 1.55. Discover Financial Services has a twelve month low of $57.50 and a twelve month high of $81.93.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 8th. Investors of record on Thursday, February 22nd will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.76%. The ex-dividend date is Wednesday, February 21st. Discover Financial Services’s payout ratio is 25.88%.

In related news, CEO David W. Nelms sold 30,000 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $70.15, for a total value of $2,104,500.00. Following the completion of the transaction, the chief executive officer now owns 1,441,912 shares of the company’s stock, valued at approximately $101,150,126.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Diane E. Offereins sold 15,000 shares of the stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the transaction, the executive vice president now directly owns 160,747 shares of the company’s stock, valued at approximately $11,310,158.92. The disclosure for this sale can be found here. In the last three months, insiders purchased 55,000 shares of company stock valued at $16,300 and sold 242,673 shares valued at $18,685,542. 0.96% of the stock is owned by corporate insiders.

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About Discover Financial Services

Discover Financial Services (DFS) is a direct banking and payment services company. The Company is a bank holding company, as well as a financial holding company. The Company operates through two segments: Direct Banking and Payment Services. It provides direct banking products and services, and payment services through its subsidiaries.

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

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