Heritage Wealth Management LLC Sells 350 Shares of Discover Financial Services (NYSE:DFS)

Heritage Wealth Management LLC lessened its stake in Discover Financial Services (NYSE:DFS) by 21.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,276 shares of the financial services provider’s stock after selling 350 shares during the quarter. Heritage Wealth Management LLC’s holdings in Discover Financial Services were worth $157,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Private Advisor Group LLC increased its position in shares of Discover Financial Services by 80.2% in the third quarter. Private Advisor Group LLC now owns 80,906 shares of the financial services provider’s stock worth $9,938,000 after purchasing an additional 36,003 shares during the period. SeaTown Holdings Pte. Ltd. increased its holdings in Discover Financial Services by 118.8% in the second quarter. SeaTown Holdings Pte. Ltd. now owns 361,000 shares of the financial services provider’s stock worth $42,703,000 after purchasing an additional 196,000 shares in the last quarter. Palladium Partners LLC increased its holdings in shares of Discover Financial Services by 0.5% during the third quarter. Palladium Partners LLC now owns 243,328 shares of the financial services provider’s stock valued at $29,893,000 after acquiring an additional 1,206 shares in the last quarter. Schonfeld Strategic Advisors LLC increased its holdings in shares of Discover Financial Services by 31.9% during the second quarter. Schonfeld Strategic Advisors LLC now owns 120,418 shares of the financial services provider’s stock valued at $14,244,000 after acquiring an additional 29,108 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in Discover Financial Services by 7.3% in the third quarter. Fifth Third Bancorp now owns 223,441 shares of the financial services provider’s stock worth $27,450,000 after purchasing an additional 15,296 shares during the last quarter. 84.22% of the stock is owned by institutional investors and hedge funds.

DFS opened at $129.40 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.52. The stock has a market cap of $37.92 billion, a PE ratio of 7.74, a price-to-earnings-growth ratio of 0.17 and a beta of 1.70. The stock’s fifty day simple moving average is $116.79 and its 200 day simple moving average is $121.87. Discover Financial Services has a 1-year low of $81.27 and a 1-year high of $135.69.

Discover Financial Services (NYSE:DFS) last released its quarterly earnings data on Tuesday, October 19th. The financial services provider reported $3.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.53 by $0.01. Discover Financial Services had a return on equity of 45.80% and a net margin of 39.15%. The firm had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the previous year, the company posted $2.45 earnings per share. The company’s quarterly revenue was up 2.3% on a year-over-year basis. Equities analysts forecast that Discover Financial Services will post 17.65 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 9th. Shareholders of record on Wednesday, November 24th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend was Tuesday, November 23rd. Discover Financial Services’s payout ratio is currently 11.96%.

Several research analysts recently commented on the stock. Seaport Research Partners raised shares of Discover Financial Services from a “neutral” rating to a “buy” rating and set a $138.00 target price on the stock in a research note on Tuesday, November 2nd. Seaport Global Securities raised Discover Financial Services from a “neutral” rating to a “buy” rating and set a $138.00 target price on the stock in a report on Tuesday, November 2nd. Piper Sandler boosted their price objective on Discover Financial Services from $117.00 to $122.00 and gave the stock a “neutral” rating in a research note on Monday, October 25th. Royal Bank of Canada upped their target price on Discover Financial Services from $140.00 to $143.00 and gave the company an “outperform” rating in a research note on Friday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Discover Financial Services from $134.00 to $140.00 in a report on Tuesday. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Discover Financial Services currently has an average rating of “Buy” and an average target price of $134.61.

In related news, EVP Carlos Minetti sold 22,000 shares of Discover Financial Services stock in a transaction dated Monday, October 25th. The stock was sold at an average price of $123.68, for a total value of $2,720,960.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Cynthia A. Glassman sold 3,200 shares of the company’s stock in a transaction that occurred on Tuesday, October 26th. The stock was sold at an average price of $123.93, for a total transaction of $396,576.00. The disclosure for this sale can be found here. 0.54% of the stock is owned by company insiders.

Discover Financial Services Profile

Discover Financial Services is a holding company, which engages in the provision of direct banking and payment services. It operates through the Direct Banking and Payment Services segments. The Direct Banking segment offers Discover-branded credit cards issued to individuals on the Discover Network and other consumer products and services, including private student loans, personal loans, home loans, and other consumer lending and deposit products.

Further Reading: Leveraged Buyout (LBO) Explained

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

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