Smith Asset Management Group LP Lowers Holdings in Discover Financial Services (DFS)

Smith Asset Management Group LP lowered its holdings in shares of Discover Financial Services (NYSE:DFS) by 3.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 298,711 shares of the financial services provider’s stock after selling 9,408 shares during the quarter. Smith Asset Management Group LP’s holdings in Discover Financial Services were worth $21,365,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in DFS. Meeder Asset Management Inc. lifted its holdings in shares of Discover Financial Services by 35.9% in the 3rd quarter. Meeder Asset Management Inc. now owns 19,184 shares of the financial services provider’s stock worth $1,466,000 after acquiring an additional 5,068 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Discover Financial Services by 476.7% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 18,228 shares of the financial services provider’s stock worth $1,394,000 after acquiring an additional 15,067 shares during the last quarter. Stratos Wealth Partners LTD. lifted its holdings in shares of Discover Financial Services by 45.8% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 9,124 shares of the financial services provider’s stock worth $698,000 after acquiring an additional 2,864 shares during the last quarter. Copeland Capital Management LLC lifted its holdings in shares of Discover Financial Services by 0.5% in the 3rd quarter. Copeland Capital Management LLC now owns 229,657 shares of the financial services provider’s stock worth $17,558,000 after acquiring an additional 1,127 shares during the last quarter. Finally, Synovus Financial Corp lifted its holdings in shares of Discover Financial Services by 38.5% in the 3rd quarter. Synovus Financial Corp now owns 4,684 shares of the financial services provider’s stock worth $359,000 after acquiring an additional 1,302 shares during the last quarter. Institutional investors and hedge funds own 85.66% of the company’s stock.

NYSE DFS opened at $69.09 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 2.58. The stock has a market cap of $23.09 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 0.70 and a beta of 1.50. Discover Financial Services has a one year low of $63.31 and a one year high of $81.93.

Discover Financial Services (NYSE:DFS) last posted its earnings results on Thursday, October 25th. The financial services provider reported $2.05 EPS for the quarter, meeting analysts’ consensus estimates of $2.05. The business had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.69 billion. Discover Financial Services had a net margin of 19.51% and a return on equity of 25.49%. On average, equities research analysts expect that Discover Financial Services will post 7.83 EPS for the current year.

Discover Financial Services declared that its Board of Directors has initiated a share repurchase program on Thursday, July 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 11.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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 given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Tuesday, November 20th. Discover Financial Services’s dividend payout ratio (DPR) is 26.76%.

In other Discover Financial Services news, CEO David W. Nelms sold 30,000 shares of the firm’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 transaction, the chief executive officer now owns 1,210,798 shares of the company’s stock, valued at approximately $94,575,431.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Carlos Minetti sold 3,750 shares of the firm’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 transaction, the executive vice president now directly owns 133,852 shares in the company, valued at approximately $10,468,564.92. The disclosure for this sale can be found here. Insiders have sold a total of 102,100 shares of company stock worth $7,656,625 in the last three months. Insiders own 0.81% of the company’s stock.

DFS has been the subject of several analyst reports. Zacks Investment Research lowered shares of Discover Financial Services from a “buy” rating to a “hold” rating in a report on Tuesday, October 16th. JPMorgan Chase & Co. lifted their price objective on shares of Discover Financial Services from $78.00 to $81.00 and gave the company a “neutral” rating in a report on Friday, July 27th. Citigroup decreased their price objective on shares of Discover Financial Services from $78.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, November 1st. ValuEngine lowered shares of Discover Financial Services from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Finally, Bank of America lifted their price objective on shares of Discover Financial Services from $86.00 to $92.00 and gave the company a “buy” rating in a report on Friday, September 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $86.80.

COPYRIGHT VIOLATION NOTICE: “Smith Asset Management Group LP Lowers Holdings in Discover Financial Services (DFS)” was originally posted by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this piece of content on another site, it was illegally copied and republished in violation of US and international trademark and copyright laws. The original version of this piece of content can be viewed at https://www.dispatchtribunal.com/2018/11/06/smith-asset-management-group-lp-lowers-holdings-in-discover-financial-services-dfs.html.

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.

Further Reading: Fundamental Analysis and Individual Investors

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)

Receive News & Ratings for Discover Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Discover Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply