Mackenzie Financial Corp Acquires 2,507 Shares of Discover Financial Services (NYSE:DFS)

Mackenzie Financial Corp lifted its holdings in Discover Financial Services (NYSE:DFS) by 6.6% in the second quarter, HoldingsChannel reports. The fund owned 40,403 shares of the financial services provider’s stock after buying an additional 2,507 shares during the period. Mackenzie Financial Corp’s holdings in Discover Financial Services were worth $3,821,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. First Trust Advisors LP raised its holdings in Discover Financial Services by 489.5% during 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 buying an additional 1,660,180 shares during the last quarter. BlackRock Inc. raised its holdings in Discover Financial Services by 1.7% during the 1st quarter. BlackRock Inc. now owns 20,961,715 shares of the financial services provider’s stock valued at $2,309,769,000 after buying an additional 351,679 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Discover Financial Services by 40.4% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,198,287 shares of the financial services provider’s stock valued at $113,334,000 after purchasing an additional 344,578 shares during the period. Royal Bank of Canada increased its position in Discover Financial Services by 37.0% during the 1st quarter. Royal Bank of Canada now owns 1,121,620 shares of the financial services provider’s stock valued at $123,591,000 after purchasing an additional 302,853 shares during the period. Finally, Cerity Partners LLC increased its position in Discover Financial Services by 762.3% during the 2nd quarter. Cerity Partners LLC now owns 295,759 shares of the financial services provider’s stock valued at $27,972,000 after purchasing an additional 261,460 shares during the period. 83.92% of the stock is currently owned by institutional investors.

Discover Financial Services Stock Performance

Shares of DFS stock opened at $107.26 on Monday. Discover Financial Services has a one year low of $87.64 and a one year high of $130.81. The company’s 50-day moving average is $98.40 and its 200 day moving average is $101.30. The company has a market capitalization of $29.31 billion, a price-to-earnings ratio of 6.98, a price-to-earnings-growth ratio of 1.75 and a beta of 1.41. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.26 and a current ratio of 1.25.

Discover Financial Services (NYSE:DFSGet Rating) last released its earnings results on Monday, October 24th. The financial services provider reported $3.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.72 by ($0.18). Discover Financial Services had a return on equity of 34.94% and a net margin of 31.90%. The firm had revenue of $3.48 billion during the quarter, compared to analysts’ expectations of $3.40 billion. During the same period in the prior year, the company posted $3.54 earnings per share. The company’s revenue was up 25.3% compared to the same quarter last year. Sell-side analysts expect that Discover Financial Services will post 15.32 EPS for the current fiscal year.

Discover Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 8th. Shareholders of record on Wednesday, November 23rd will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.24%. The ex-dividend date is Tuesday, November 22nd. Discover Financial Services’s payout ratio is currently 15.63%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on DFS shares. StockNews.com started coverage on shares of Discover Financial Services in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Bank of America reduced their price objective on shares of Discover Financial Services from $128.00 to $120.00 in a research report on Sunday, July 24th. JPMorgan Chase & Co. reduced their price objective on shares of Discover Financial Services from $113.00 to $109.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 18th. Barclays reduced their target price on shares of Discover Financial Services from $133.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, October 13th. Finally, Stephens upped their target price on shares of Discover Financial Services to $107.00 in a research report on Tuesday, September 20th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $118.08.

About Discover Financial Services

(Get Rating)

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

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