Raymond James & Associates Lowers Stake in Discover Financial Services (NYSE:DFS)

Raymond James & Associates lowered its position in Discover Financial Services (NYSE:DFS) by 23.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 132,498 shares of the financial services provider’s stock after selling 40,396 shares during the quarter. Raymond James & Associates owned 0.05% of Discover Financial Services worth $17,332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of DFS. Partnership Wealth Management LLC bought a new stake in Discover Financial Services in the 4th quarter valued at $25,000. Opal Wealth Advisors LLC bought a new position in Discover Financial Services in the second quarter valued at about $26,000. MeadowBrook Investment Advisors LLC acquired a new stake in Discover Financial Services in the 4th quarter valued at about $31,000. Riverview Trust Co bought a new stake in shares of Discover Financial Services in the 1st quarter worth about $34,000. Finally, New Covenant Trust Company NA acquired a new position in shares of Discover Financial Services in the first quarter valued at about $34,000. Hedge funds and other institutional investors own 86.94% of the company’s shares.

The Wall Street analyst weighs in

Several brokerages have recently issued reports on DFS. Royal Bank of Canada upped their target price on shares of Discover Financial Services from $140.00 to $148.00 and gave the company a “sector perform” rating in a research report on Friday, July 19th. StockNews.com initiated coverage on Discover Financial Services in a report on Friday, August 16th. They set a “hold” rating on the stock. JPMorgan Chase & Co. upped their target price on Discover Financial Services from $132.00 to $135.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Barclays upped their target price on Discover Financial Services from $135.00 to $137.00 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. Finally, Jefferies Financial Group boosted their target price on shares of Discover Financial Services from $145.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Thirteen equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $131.33, according to MarketBeat.

Check out our latest research report on DFS

Discover the price performance of financial services

NYSE:DFS opened at $131.24 on Friday. Discover Financial Services has a one year low of $79.04 and a one year high of $147.61. The stock has a market cap of $32.91 billion, a PE ratio of 14.96, a P/E/G ratio of 0.90 and a beta of 1.43. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.12, and a current ratio of 1.12. The stock has a 50-day moving average price of $132.18 and a 200-day moving average price of $125.67.

Discover Financial Services (NYSE:DFS – Get Free Report ) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $6.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.06 by $3.00. Discover Financial Services had a net margin of 12.88% and a return on equity of 20.92%. The business had revenue of $4.54 billion during the quarter, compared to the consensus estimate of $4.18 billion. In the same quarter last year, the firm earned $3.54 EPS. The company’s revenue was up 17.0% compared to the same quarter last year. equities research analysts expect that Discover Financial Services will post 12.23 EPS for the current fiscal year.

Discover the Financial Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be given a dividend of $0.70 per share. This represents a dividend of $2.80 on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend is Thursday, August 22. Discover Financial Services’s dividend payout ratio (DPR) is 31.93%.

About Discover Financial Services

(Free report)

Discover Financial Services, through its subsidiaries, provides digital banking and payment products and services in the United States. It operates in two segments, Digital Banking and Payment Services. The Digital Banking segment offers Discover brand credit cards to individuals; private student loans, personal loans, home loans and other consumer loans; and direct-to-consumer deposit products, including savings accounts, certificates of deposit, money market accounts, IRA certificates of deposit, IRA savings and checking accounts, and checking accounts.

Further reading

Want to see what other hedge funds DFS owns? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Discover Financial Services (NYSE:DFS – Free Report).

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