Bowling Portfolio Management LLC Has $2.96 Million Holdings in Discover Financial Services (NYSE:DFS)

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Bowling Portfolio Management LLC increased its holdings in shares of Discover Financial Services (NYSE:DFS) by 1.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,708 shares of the financial services provider’s stock after purchasing an additional 664 shares during the quarter. Bowling Portfolio Management LLC’s holdings in Discover Financial Services were worth $2,959,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in DFS. Boston Partners lifted its stake in Discover Financial Services by 0.8% in the second quarter. Boston Partners now owns 12,463,962 shares of the financial services provider’s stock valued at $877,588,000 after acquiring an additional 95,312 shares during the last quarter. Morgan Stanley lifted its stake in Discover Financial Services by 11.0% in the second quarter. Morgan Stanley now owns 4,863,732 shares of the financial services provider’s stock valued at $342,452,000 after acquiring an additional 482,980 shares during the last quarter. Bank of Montreal Can lifted its stake in Discover Financial Services by 3.8% in the third quarter. Bank of Montreal Can now owns 2,315,912 shares of the financial services provider’s stock valued at $177,053,000 after acquiring an additional 85,508 shares during the last quarter. Schroder Investment Management Group lifted its stake in Discover Financial Services by 2.1% in the second quarter. Schroder Investment Management Group now owns 2,216,009 shares of the financial services provider’s stock valued at $155,475,000 after acquiring an additional 45,603 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in Discover Financial Services by 7.5% in the second quarter. Bank of America Corp DE now owns 1,844,422 shares of the financial services provider’s stock valued at $129,865,000 after acquiring an additional 129,286 shares during the last quarter. Institutional investors and hedge funds own 85.66% of the company’s stock.

In related news, Director Cynthia A. Glassman sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $69.50, for a total transaction of $139,000.00. Following the transaction, the director now directly owns 54,032 shares of the company’s stock, valued at $3,755,224. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Carlos Minetti sold 3,750 shares of the firm’s stock in a transaction dated Tuesday, September 4th. The stock was 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 $10,468,564.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 104,100 shares of company stock worth $7,795,625. 0.81% of the stock is owned by insiders.

DFS has been the subject of a number of recent analyst reports. ValuEngine cut shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Zacks Investment Research cut shares of Discover Financial Services from a “buy” rating to a “hold” rating in a research note on Monday, July 16th. JPMorgan Chase & Co. increased their price target on shares of Discover Financial Services from $78.00 to $81.00 and gave the company a “neutral” rating in a research note on Friday, July 27th. Citigroup cut their price target on shares of Discover Financial Services from $78.00 to $75.00 and set a “neutral” rating for the company in a research note on Thursday, November 1st. Finally, Wells Fargo & Co increased their price target on shares of Discover Financial Services from $76.00 to $82.00 and gave the company a “market perform” rating in a research note on Monday, October 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $86.80.

Shares of DFS traded down $0.65 during trading hours on Friday, hitting $70.56. The company had a trading volume of 1,477,637 shares, compared to its average volume of 2,233,043. The firm has a market capitalization of $23.77 billion, a PE ratio of 11.80, a PEG ratio of 0.73 and a beta of 1.50. Discover Financial Services has a 12 month low of $63.31 and a 12 month high of $81.93. The company has a debt-to-equity ratio of 2.58, a current ratio of 1.48 and a quick ratio of 1.48.

Discover Financial Services (NYSE:DFS) last issued its quarterly earnings data on Thursday, October 25th. The financial services provider reported $2.05 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $2.05. The company had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.69 billion. Discover Financial Services had a net margin of 19.51% and a return on equity of 25.49%. Analysts predict that Discover Financial Services will post 7.83 earnings per share for the current fiscal year.

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

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 6th. Investors 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 2.27%. The ex-dividend date is Tuesday, November 20th. Discover Financial Services’s dividend payout ratio is 26.76%.

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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.

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

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