Cambridge Financial Group Inc. Cuts Stock Position in Discover Financial Services (NYSE:DFS)

Cambridge Financial Group Inc. lowered its position in Discover Financial Services (NYSE:DFS) by 3.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 56,770 shares of the financial services provider’s stock after selling 2,275 shares during the period. Discover Financial Services makes up about 2.8% of Cambridge Financial Group Inc.’s portfolio, making the stock its 24th largest position. Cambridge Financial Group Inc.’s holdings in Discover Financial Services were worth $6,255,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of DFS. BlackRock Inc. boosted its stake in Discover Financial Services by 2.3% in the 4th quarter. BlackRock Inc. now owns 20,610,036 shares of the financial services provider’s stock worth $2,381,696,000 after purchasing an additional 457,067 shares in the last quarter. State Street Corp boosted 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. Geode Capital Management LLC boosted its stake in Discover Financial Services by 6.0% in the 4th quarter. Geode Capital Management LLC now owns 6,364,472 shares of the financial services provider’s stock worth $734,302,000 after purchasing an additional 360,707 shares in the last quarter. Boston Partners boosted its stake in Discover Financial Services by 13.0% in the 4th quarter. Boston Partners now owns 4,347,646 shares of the financial services provider’s stock worth $502,490,000 after purchasing an additional 501,073 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Discover Financial Services by 0.4% in the 4th quarter. Northern Trust Corp now owns 3,483,170 shares of the financial services provider’s stock worth $402,515,000 after purchasing an additional 12,843 shares in the last quarter. Hedge funds and other institutional investors own 85.53% of the company’s stock.

Discover Financial Services Price Performance

Shares of Discover Financial Services stock traded down $0.01 during trading hours on Friday, reaching $102.35. 1,313,984 shares of the company’s stock were exchanged, compared to its average volume of 2,076,221. The business has a fifty day moving average of $100.99 and a two-hundred day moving average of $109.23. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.43. The company has a market capitalization of $27.96 billion, a P/E ratio of 6.66, a price-to-earnings-growth ratio of 0.23 and a beta of 1.45. Discover Financial Services has a 1 year low of $88.02 and a 1 year high of $135.69.

Discover Financial Services (NYSE:DFS – Get Rating) last posted its earnings results on Wednesday, July 20th. The financial services provider reported $3.96 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.19. Discover Financial Services had a net margin of 34.89% and a return on equity of 36.35%. The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.18 billion. During the same quarter in the prior year, the company posted $5.55 earnings per share. Discover Financial Services’s revenue for the quarter was down 9.9% compared to the same quarter last year. As a group, research analysts predict that Discover Financial Services will post 15.21 earnings per share for the current fiscal year.

Discover Financial Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 8th. Shareholders of record on Thursday, August 25th will be given a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, August 24th. This represents a $2.40 dividend on an annualized basis and a yield of 2.34%. Discover Financial Services’s payout ratio is currently 15.63%.

Analyst Ratings Changes

A number of research firms recently commented on DFS. Credit Suisse Group lowered their target price on shares of Discover Financial Services to $134.00 in a research note on Friday, July 22nd. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Discover Financial Services from $150.00 to $140.00 in a research note on Friday, July 22nd. Citigroup cut shares of Discover Financial Services from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $140.00 to $115.00 in a research note on Friday, July 22nd. Keefe, Bruyette & Woods decreased their price objective on shares of Discover Financial Services from $150.00 to $135.00 in a research note on Monday, July 11th. Finally, Piper Sandler lifted their price objective on shares of Discover Financial Services to $132.00 in a research note on Friday, July 22nd. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $127.56.

About Discover Financial Services

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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.