SVB Wealth LLC Sells 879 Shares of Discover Financial Services (NYSE:DFS)

SVB Wealth LLC cut its holdings in Discover Financial Services (NYSE:DFS) by 8.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,801 shares of the financial services provider’s stock after selling 879 shares during the quarter. SVB Wealth LLC’s holdings in Discover Financial Services were worth $1,285,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Partnership Wealth Management LLC purchased a new position in shares of Discover Financial Services during the fourth quarter valued at approximately $25,000. MeadowBrook Investment Advisors LLC bought a new stake in Discover Financial Services in the fourth quarter worth $31,000. Riverview Trust Co purchased a new stake in shares of Discover Financial Services in the first quarter worth $34,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Discover Financial Services in the fourth quarter worth $35,000. Finally, West Paces Advisors Inc. increased its holdings in shares of Discover Financial Services by 110.7% during the first quarter. West Paces Advisors Inc. now owns 316 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 166 shares in the last quarter. 86.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on DFS shares. StockNews.com started coverage on shares of Discover Financial Services in a research note on Tuesday, July 23rd. They issued a “hold” rating on the stock. Wells Fargo & Company raised their price target on shares of Discover Financial Services from $105.00 to $135.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. BTIG Research assumed coverage on Discover Financial Services in a research report on Friday, June 7th. They issued a “neutral” rating on the stock. JPMorgan Chase & Co. increased 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. Finally, BMO Capital Markets boosted their price target 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. Thirteen investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Discover Financial Services currently has an average rating of “Hold” and an average target price of $131.33.

Discover Financial Services Stock Performance

DFS traded up $1.65 during midday trading on Tuesday, reaching $144.21. The company had a trading volume of 97,729 shares, compared to its average volume of 1,806,956. The company has a quick ratio of 1.12, a current ratio of 1.07 and a debt-to-equity ratio of 1.50. Discover Financial Services has a 1 year low of $79.04 and a 1 year high of $147.61. The company has a market cap of $36.16 billion, a P/E ratio of 16.26, a P/E/G ratio of 0.94 and a beta of 1.44. The business has a 50-day moving average of $129.31 and a two-hundred day moving average of $122.65.

Discover Financial Services (NYSE:DFS) last released its earnings results on Wednesday, July 17th. The financial services provider reported $6.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.06 by $3.00. Discover Financial Services had a return on equity of 20.53% and a net margin of 12.88%. The firm had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.18 billion. During the same quarter last year, the business posted $3.54 earnings per share. The firm’s revenue was up 17.0% on a year-over-year basis. As a group, equities research analysts predict that Discover Financial Services will post 12.23 earnings per share for the current fiscal year.

Discover Financial Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be issued a $0.70 dividend. The ex-dividend date is Thursday, August 22nd. This represents a $2.80 annualized dividend and a dividend yield of 1.94%. Discover Financial Services’s dividend payout ratio (DPR) is 31.93%.

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.