Lincoln National Corp boosted its position in Discover Financial Services (NYSE:DFS – Free Report) by 8.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,545 shares of the financial services provider’s stock after buying an additional 644 shares during the quarter. Lincoln National Corp’s holdings in Discover Financial Services were worth $845,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Discover Financial Services during the fourth quarter worth about $340,672,000. First Trust Advisors LP raised its position in shares of Discover Financial Services by 489.5% in the 1st quarter. First Trust Advisors LP now owns 1,999,341 shares of the financial services provider’s stock valued at $220,307,000 after purchasing an additional 1,660,180 shares in the last quarter. Morgan Stanley boosted its stake in shares of Discover Financial Services by 35.6% during the 4th quarter. Morgan Stanley now owns 4,927,342 shares of the financial services provider’s stock valued at $482,042,000 after buying an additional 1,293,260 shares during the last quarter. Eminence Capital LP acquired a new stake in shares of Discover Financial Services during the fourth quarter worth approximately $101,642,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of Discover Financial Services by 51.2% in the second quarter. Goldman Sachs Group Inc. now owns 1,636,711 shares of the financial services provider’s stock worth $154,801,000 after buying an additional 554,438 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.
Discover Financial Services Stock Up 2.6 %
DFS stock opened at $105.11 on Monday. The firm has a market cap of $26.69 billion, a PE ratio of 7.28, a P/E/G ratio of 1.47 and a beta of 1.44. Discover Financial Services has a 12 month low of $87.64 and a 12 month high of $122.50. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.06 and a quick ratio of 1.14. The firm has a 50 day simple moving average of $111.60 and a 200 day simple moving average of $107.19.
Discover Financial Services declared that its board has authorized a stock repurchase program on Wednesday, April 19th that permits the company to repurchase $2.70 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 9.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Discover Financial Services Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date is Wednesday, August 23rd. Discover Financial Services’s dividend payout ratio is presently 19.40%.
Analysts Set New Price Targets
A number of research analysts have commented on DFS shares. Citigroup reduced their price objective on shares of Discover Financial Services from $119.00 to $108.00 and set a “neutral” rating on the stock in a research note on Friday. Bank of America lifted their price target on Discover Financial Services from $114.00 to $119.00 in a research note on Thursday, June 15th. StockNews.com began coverage on Discover Financial Services in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Stephens reissued an “equal weight” rating and issued a $124.00 price target on shares of Discover Financial Services in a report on Tuesday, July 18th. Finally, Piper Sandler downgraded Discover Financial Services from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $130.00 to $112.00 in a research note on Friday. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $116.50.
About Discover Financial Services
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.
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