Bank of Montreal Can Has $177.05 Million Stake in Discover Financial Services (DFS)

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Bank of Montreal Can increased its position in Discover Financial Services (NYSE:DFS) by 3.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,315,912 shares of the financial services provider’s stock after purchasing an additional 85,508 shares during the quarter. Bank of Montreal Can owned 0.68% of Discover Financial Services worth $177,053,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Rathbone Brothers plc boosted its stake in shares of Discover Financial Services by 3.1% in the third quarter. Rathbone Brothers plc now owns 258,712 shares of the financial services provider’s stock valued at $19,779,000 after purchasing an additional 7,724 shares during the period. CHICAGO TRUST Co NA boosted its stake in shares of Discover Financial Services by 2.6% in the third quarter. CHICAGO TRUST Co NA now owns 35,495 shares of the financial services provider’s stock valued at $2,713,000 after purchasing an additional 896 shares during the period. DNB Asset Management AS boosted its stake in shares of Discover Financial Services by 2.9% in the third quarter. DNB Asset Management AS now owns 47,031 shares of the financial services provider’s stock valued at $3,596,000 after purchasing an additional 1,316 shares during the period. Lourd Capital LLC bought a new position in Discover Financial Services during the 3rd quarter valued at $294,000. Finally, E&G Advisors LP boosted its stake in Discover Financial Services by 24.0% during the 3rd quarter. E&G Advisors LP now owns 6,200 shares of the financial services provider’s stock valued at $474,000 after acquiring an additional 1,200 shares during the last quarter. Institutional investors and hedge funds own 85.80% of the company’s stock.

A number of research firms have commented on DFS. Sandler O’Neill reiterated a “buy” rating and set a $87.00 price objective on shares of Discover Financial Services in a research note on Friday, July 27th. JPMorgan Chase & Co. upgraded shares of Discover Financial Services from a “neutral” rating to an “overweight” rating in a research note on Tuesday, October 2nd. Bank of America increased their price objective on shares of Discover Financial Services from $86.00 to $92.00 and gave the company a “buy” rating in a research note on Friday, September 21st. Zacks Investment Research downgraded shares of Discover Financial Services from a “buy” rating to a “hold” rating in a research note on Monday, July 23rd. Finally, Wells Fargo & Co increased their price objective 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. Eight research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $86.76.

In other Discover Financial Services news, CEO David W. Nelms sold 30,000 shares of the stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $78.11, for a total transaction of $2,343,300.00. Following the sale, the chief executive officer now directly owns 1,210,798 shares of the company’s stock, valued at $94,575,431.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Carlos Minetti sold 3,750 shares of the stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $71.60, for a total transaction of $268,500.00. Following the sale, the executive vice president now directly owns 137,602 shares in the company, valued at $9,852,303.20. The disclosure for this sale can be found here. Insiders have sold 101,250 shares of company stock worth $7,663,313 over the last three months. 0.81% of the stock is owned by corporate insiders.

Shares of NYSE:DFS opened at $74.54 on Friday. The firm has a market cap of $26.20 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 0.79 and a beta of 1.51. Discover Financial Services has a 1-year low of $63.31 and a 1-year high of $81.93. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.49 and a current ratio of 1.49.

Discover Financial Services (NYSE:DFS) last issued its earnings results on Thursday, July 26th. The financial services provider reported $1.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.88 by $0.03. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.63 billion. Discover Financial Services had a net margin of 19.07% and a return on equity of 24.25%. The firm’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.40 earnings per share. As a group, equities research analysts anticipate that Discover Financial Services will post 7.81 EPS for the current year.

Discover Financial Services announced that its Board of Directors has authorized a share buyback 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 a sign that the company’s board believes its shares are undervalued.

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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