Wealthfront Advisers LLC Grows Holdings in Discover Financial Services (NYSE:DFS)

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Wealthfront Advisers LLC raised its position in shares of Discover Financial Services (NYSE:DFS) by 5.5% during the first quarter, HoldingsChannel reports. The firm owned 10,172 shares of the financial services provider’s stock after purchasing an additional 533 shares during the period. Wealthfront Advisers LLC’s holdings in Discover Financial Services were worth $724,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BTIM Corp. raised its position in Discover Financial Services by 7.1% during the first quarter. BTIM Corp. now owns 463,240 shares of the financial services provider’s stock valued at $32,964,000 after purchasing an additional 30,550 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in Discover Financial Services by 3.1% during the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 12,386 shares of the financial services provider’s stock valued at $881,000 after purchasing an additional 375 shares in the last quarter. Huntington National Bank raised its position in Discover Financial Services by 41.7% during the first quarter. Huntington National Bank now owns 7,639 shares of the financial services provider’s stock valued at $543,000 after purchasing an additional 2,247 shares in the last quarter. Nalls Sherbakoff Group LLC purchased a new stake in Discover Financial Services during the fourth quarter valued at about $52,000. Finally, Bruni J V & Co. Co. raised its position in Discover Financial Services by 1.0% during the first quarter. Bruni J V & Co. Co. now owns 482,685 shares of the financial services provider’s stock valued at $34,348,000 after purchasing an additional 4,911 shares in the last quarter. Institutional investors and hedge funds own 84.94% of the company’s stock.

DFS opened at $77.45 on Friday. The stock has a market capitalization of $25.07 billion, a PE ratio of 9.94, a P/E/G ratio of 1.17 and a beta of 1.60. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.46. Discover Financial Services has a 12 month low of $54.36 and a 12 month high of $82.51.

Discover Financial Services (NYSE:DFS) last released its quarterly earnings data on Thursday, April 25th. The financial services provider reported $2.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.13. The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.76 billion. Discover Financial Services had a return on equity of 26.34% and a net margin of 20.98%. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.82 earnings per share. On average, analysts predict that Discover Financial Services will post 8.79 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were issued a $0.40 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $1.60 annualized dividend and a dividend yield of 2.07%. Discover Financial Services’s dividend payout ratio is currently 20.54%.

A number of research firms have weighed in on DFS. Zacks Investment Research upgraded Discover Financial Services from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a research report on Friday, May 31st. Morgan Stanley raised their price target on Discover Financial Services from $89.00 to $91.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. BMO Capital Markets raised their price target on Discover Financial Services to $92.00 and gave the company a “market perform” rating in a research report on Monday, April 29th. Goldman Sachs Group upgraded Discover Financial Services from a “neutral” rating to a “buy” rating and raised their price target for the company from $51.00 to $56.00 in a research report on Friday, May 3rd. Finally, Nomura raised their price target on Discover Financial Services from $81.00 to $86.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Discover Financial Services has an average rating of “Buy” and an average target price of $80.38.

In related news, EVP Carlos Minetti sold 3,750 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $71.73, for a total value of $268,987.50. Following the sale, the executive vice president now directly owns 128,327 shares of the company’s stock, valued at $9,204,895.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Edward W. Mcgrogan sold 2,450 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $81.60, for a total value of $199,920.00. Following the completion of the sale, the senior vice president now directly owns 13,166 shares in the company, valued at $1,074,345.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,119 shares of company stock worth $4,222,655. Company insiders own 0.81% of the company’s stock.

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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.

Further Reading: How is Preferred Stock Different from Common Stock?

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

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