DnB Asset Management AS Sells 1,175 Shares of Discover Financial Services (NYSE:DFS)

DnB Asset Management AS cut its stake in shares of Discover Financial Services (NYSE:DFS) by 2.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 48,430 shares of the financial services provider’s stock after selling 1,175 shares during the quarter. DnB Asset Management AS’s holdings in Discover Financial Services were worth $8,390,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James Financial Inc. purchased a new stake in Discover Financial Services during the fourth quarter valued at $38,489,000. Nomura Asset Management Co. Ltd. increased its position in shares of Discover Financial Services by 10.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 115,487 shares of the financial services provider’s stock valued at $16,202,000 after purchasing an additional 10,946 shares during the last quarter. Brookstone Capital Management bought a new position in shares of Discover Financial Services in the 4th quarter worth approximately $282,000. Meyer Handelman Co. purchased a new position in shares of Discover Financial Services in the fourth quarter worth approximately $239,000. Finally, Mechanics Bank Trust Department bought a new stake in Discover Financial Services during the fourth quarter valued at approximately $234,000. 86.94% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on DFS. Royal Bank of Canada increased their price target on shares of Discover Financial Services from $193.00 to $210.00 and gave the stock a “sector perform” rating in a research report on Friday, January 24th. Truist Financial decreased their target price on Discover Financial Services from $262.00 to $219.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Keefe, Bruyette & Woods boosted their price target on Discover Financial Services from $170.00 to $232.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Wells Fargo & Company raised their price objective on Discover Financial Services from $185.00 to $214.00 and gave the stock an “equal weight” rating in a research note on Friday, January 24th. Finally, UBS Group upgraded Discover Financial Services from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $150.00 to $239.00 in a research note on Monday, January 13th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $192.40.

Discover Financial Services Stock Down 2.6 %

Shares of DFS opened at $158.23 on Friday. The business’s 50 day moving average is $184.39 and its 200 day moving average is $170.03. 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 company has a market capitalization of $39.81 billion, a PE ratio of 9.91, a price-to-earnings-growth ratio of 1.51 and a beta of 1.45.

Discover Financial Services (NYSE:DFS) last announced its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $5.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.13 by $1.98. Discover Financial Services had a net margin of 17.29% and a return on equity of 26.18%. Research analysts expect that Discover Financial Services will post 13.88 earnings per share for the current fiscal year.

Discover Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 23rd will be issued a $0.70 dividend. The ex-dividend date is Friday, May 23rd. This represents a $2.80 dividend on an annualized basis and a yield of 1.77%. Discover Financial Services’s dividend payout ratio is currently 17.54%.

Discover Financial Services Company 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.