Associated Banc Corp Sells 8,487 Shares of Discover Financial Services (NYSE:DFS)

Associated Banc Corp reduced its holdings in shares of Discover Financial Services (NYSE:DFS) by 3.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 233,552 shares of the financial services provider’s stock after selling 8,487 shares during the quarter. Discover Financial Services accounts for 1.2% of Associated Banc Corp’s portfolio, making the stock its 17th biggest holding. Associated Banc Corp owned about 0.09% of Discover Financial Services worth $40,458,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Sienna Gestion lifted its holdings in shares of Discover Financial Services by 1,146.4% during the fourth quarter. Sienna Gestion now owns 47,264 shares of the financial services provider’s stock valued at $8,186,000 after purchasing an additional 43,472 shares in the last quarter. Midwest Professional Planners LTD. lifted its holdings in shares of Discover Financial Services by 0.8% during the fourth quarter. Midwest Professional Planners LTD. now owns 8,464 shares of the financial services provider’s stock valued at $1,466,000 after purchasing an additional 64 shares in the last quarter. Madison Investment Advisors LLC bought a new position in shares of Discover Financial Services during the fourth quarter valued at $493,000. Thompson Siegel & Walmsley LLC bought a new position in shares of Discover Financial Services during the fourth quarter valued at $2,498,000. Finally, Impact Capital Partners LLC bought a new position in shares of Discover Financial Services during the fourth quarter valued at $218,000. 86.94% of the stock is owned by institutional investors.

Discover Financial Services Stock Performance

NYSE:DFS opened at $164.67 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.03 and a debt-to-equity ratio of 1.09. Discover Financial Services has a 12-month low of $119.31 and a 12-month high of $205.76. The stock has a 50-day moving average price of $187.69 and a 200 day moving average price of $167.82. The stock has a market capitalization of $41.43 billion, a P/E ratio of 10.32, a P/E/G ratio of 1.51 and a beta of 1.45.

Discover Financial Services (NYSE:DFS) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $5.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.13 by $1.98. Discover Financial Services had a return on equity of 26.18% and a net margin of 17.29%. Equities research analysts forecast that Discover Financial Services will post 13.88 EPS for the current fiscal year.

Discover Financial Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 23rd will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 1.70%. The ex-dividend date is Friday, May 23rd. Discover Financial Services’s dividend payout ratio is currently 17.54%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Truist Financial increased their target price on Discover Financial Services from $233.00 to $262.00 and gave the company a “buy” rating in a report on Monday, January 27th. Wells Fargo & Company increased their target price on Discover Financial Services from $185.00 to $214.00 and gave the company an “equal weight” rating in a report on Friday, January 24th. UBS Group raised Discover Financial Services from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $150.00 to $239.00 in a research note on Monday, January 13th. Royal Bank of Canada raised their price objective on Discover Financial Services from $193.00 to $210.00 and gave the stock a “sector perform” rating in a research note on Friday, January 24th. Finally, StockNews.com downgraded Discover Financial Services from a “buy” rating to a “hold” rating in a research note on Friday, January 24th. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $191.91.

Discover Financial Services Profile

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.