Envestnet Asset Management Inc. Reduces Stake in Discover Financial Services (NYSE:DFS)

Envestnet Asset Management Inc. lessened its position in shares of Discover Financial Services (NYSE:DFS) by 10.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,041,281 shares of the financial services provider’s stock after selling 118,583 shares during the quarter. Envestnet Asset Management Inc. owned 0.42% of Discover Financial Services worth $136,210,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of DFS. Foundations Investment Advisors LLC purchased a new stake in shares of Discover Financial Services during the 4th quarter valued at about $231,000. Financial Advocates Investment Management increased its holdings in Discover Financial Services by 6.6% during the fourth quarter. Financial Advocates Investment Management now owns 6,317 shares of the financial services provider’s stock valued at $710,000 after buying an additional 391 shares during the last quarter. TrinityPoint Wealth LLC bought a new position in Discover Financial Services in the fourth quarter worth approximately $300,000. ING Groep NV boosted its stake in shares of Discover Financial Services by 0.4% during the 4th quarter. ING Groep NV now owns 31,508 shares of the financial services provider’s stock worth $3,541,000 after acquiring an additional 129 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Discover Financial Services during the 4th quarter valued at $322,199,000. Institutional investors own 86.94% of the company’s stock.

Discover Financial Services Price Performance

NYSE:DFS opened at $133.90 on Tuesday. The business’s 50-day moving average is $134.02 and its 200 day moving average is $128.14. Discover Financial Services has a 12 month low of $79.04 and a 12 month high of $147.61. The company has a market capitalization of $33.58 billion, a P/E ratio of 15.27, a P/E/G ratio of 0.86 and a beta of 1.42. The company has a current ratio of 1.12, a quick ratio of 1.04 and a debt-to-equity ratio of 1.28.

Discover Financial Services (NYSE:DFS) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.06 by $3.00. The business had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $4.18 billion. Discover Financial Services had a return on equity of 20.92% and a net margin of 12.88%. The company’s revenue was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.54 EPS. On average, equities research analysts forecast that Discover Financial Services will post 12.87 earnings per share for the current fiscal year.

Discover Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were given a dividend of $0.70 per share. The ex-dividend date was Thursday, August 22nd. This represents a $2.80 annualized dividend and a yield of 2.09%. Discover Financial Services’s dividend payout ratio (DPR) is currently 31.93%.

Analysts Set New Price Targets

A number of brokerages recently commented on DFS. Keefe, Bruyette & Woods raised their target price on Discover Financial Services from $145.00 to $160.00 and gave the stock an “outperform” rating in a report on Monday, July 8th. BMO Capital Markets raised their price objective on Discover Financial Services from $115.00 to $119.00 and gave the stock a “market perform” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. boosted their price objective 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 raised their target price on shares of 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, Royal Bank of Canada upped their price target on shares of Discover Financial Services from $140.00 to $148.00 and gave the stock a “sector perform” rating in a research report on Friday, July 19th. Thirteen equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $132.94.

Discover Financial Services 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; private student loans, 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.