Associated Banc Corp Lowers Holdings in Discover Financial Services (NYSE:DFS)

Associated Banc Corp reduced its stake in shares of Discover Financial Services (NYSE:DFS) by 1.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 242,039 shares of the financial services provider’s stock after selling 2,855 shares during the quarter. Discover Financial Services accounts for 1.0% of Associated Banc Corp’s holdings, making the stock its 28th largest position. Associated Banc Corp’s holdings in Discover Financial Services were worth $33,956,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Gabelli Funds LLC purchased a new position in shares of Discover Financial Services during the 1st quarter valued at approximately $983,000. Janus Henderson Group PLC boosted its stake in shares of Discover Financial Services by 61.0% during the 1st quarter. Janus Henderson Group PLC now owns 62,529 shares of the financial services provider’s stock worth $8,197,000 after acquiring an additional 23,702 shares in the last quarter. Dynasty Wealth Management LLC acquired a new position in Discover Financial Services in the 1st quarter worth about $1,035,000. B. Riley Wealth Advisors Inc. raised its stake in shares of Discover Financial Services by 74.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,976 shares of the financial services provider’s stock worth $1,046,000 after buying an additional 3,391 shares during the period. Finally, California State Teachers Retirement System lifted its position in shares of Discover Financial Services by 10.0% during the 1st quarter. California State Teachers Retirement System now owns 404,849 shares of the financial services provider’s stock valued at $53,072,000 after buying an additional 36,941 shares in the last quarter. 86.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DFS has been the subject of a number of research analyst reports. StockNews.com cut shares of Discover Financial Services from a “buy” rating to a “hold” rating in a research report on Monday, November 4th. Evercore ISI raised their price target on shares of Discover Financial Services from $156.00 to $163.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Wells Fargo & Company boosted their price objective on Discover Financial Services from $152.00 to $160.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Finally, Royal Bank of Canada raised their target price on Discover Financial Services from $148.00 to $161.00 and gave the company a “sector perform” rating in a research report on Friday, October 18th. Thirteen research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $138.81.

Discover Financial Services Trading Up 1.1 %

DFS stock traded up $1.93 during mid-day trading on Monday, hitting $181.22. 64,371 shares of the company were exchanged, compared to its average volume of 1,675,148. Discover Financial Services has a 12-month low of $85.19 and a 12-month high of $188.26. The firm has a market capitalization of $45.50 billion, a P/E ratio of 14.47, a PEG ratio of 1.14 and a beta of 1.41. The business has a fifty day simple moving average of $152.29 and a 200-day simple moving average of $137.83. The company has a quick ratio of 1.04, a current ratio of 1.08 and a debt-to-equity ratio of 1.28.

Discover Financial Services (NYSE:DFS) last announced its earnings results on Wednesday, October 16th. The financial services provider reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.28 by $0.41. Discover Financial Services had a return on equity of 21.38% and a net margin of 13.78%. The company had revenue of $5.91 billion for the quarter, compared to analyst estimates of $4.36 billion. During the same quarter in the previous year, the company earned $2.59 earnings per share. On average, equities research analysts predict that Discover Financial Services will post 13.34 earnings per share for the current fiscal year.

Discover Financial Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 21st will be paid a dividend of $0.70 per share. The ex-dividend date is Thursday, November 21st. This represents a $2.80 dividend on an annualized basis and a yield of 1.55%. Discover Financial Services’s dividend payout ratio (DPR) is presently 22.60%.

About Discover Financial Services

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; 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.