Parsec Financial Management Inc. cut its stake in Discover Financial Services (NYSE:DFS) by 0.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 91,680 shares of the financial services provider’s stock after selling 787 shares during the period. Parsec Financial Management Inc.’s holdings in Discover Financial Services were worth $7,113,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Norges Bank purchased a new position in shares of Discover Financial Services during the 4th quarter worth approximately $162,561,000. BlackRock Inc. increased its stake in shares of Discover Financial Services by 6.2% during the 1st quarter. BlackRock Inc. now owns 23,825,935 shares of the financial services provider’s stock worth $1,695,456,000 after purchasing an additional 1,399,427 shares in the last quarter. Amundi Pioneer Asset Management Inc. increased its stake in shares of Discover Financial Services by 14.7% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 3,174,639 shares of the financial services provider’s stock worth $225,908,000 after purchasing an additional 407,146 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Discover Financial Services by 96.3% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 645,317 shares of the financial services provider’s stock worth $50,350,000 after purchasing an additional 316,647 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Discover Financial Services by 8.6% during the 1st quarter. JPMorgan Chase & Co. now owns 3,986,538 shares of the financial services provider’s stock worth $283,680,000 after purchasing an additional 316,589 shares in the last quarter. 84.95% of the stock is owned by institutional investors.

DFS has been the subject of a number of recent research reports. Deutsche Bank reissued a “buy” rating and set a $80.00 price objective on shares of Bayerische Motoren Werke in a research note on Monday, July 8th. Bank of America dropped their price objective on shares of Canopy Growth from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, June 19th. Wells Fargo & Co raised their price objective on shares of CoStar Group from $550.00 to $650.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. CIBC raised their price objective on shares of Stella-Jones from C$51.00 to C$53.00 in a research note on Tuesday, May 7th. Finally, Nomura raised their price objective on shares of Robert Half International from $69.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Twelve research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $84.12.

In related news, Director Michael H. Moskow sold 1,985 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $81.53, for a total transaction of $161,837.05. Following the sale, the director now owns 48,042 shares in the company, valued at $3,916,864.26. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Diane E. Offereins sold 20,000 shares of Discover Financial Services stock in a transaction on Friday, July 26th. The shares were sold at an average price of $91.76, for a total transaction of $1,835,200.00. Following the completion of the transaction, the executive vice president now owns 120,874 shares in the company, valued at approximately $11,091,398.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,151 shares of company stock worth $2,651,896. 0.81% of the stock is owned by company insiders.

NYSE DFS traded down $0.44 during mid-day trading on Tuesday, reaching $91.33. 74,333 shares of the stock were exchanged, compared to its average volume of 2,026,020. Discover Financial Services has a 1-year low of $54.36 and a 1-year high of $92.98. The firm’s fifty day simple moving average is $80.94. The firm has a market capitalization of $30.08 billion, a PE ratio of 11.71, a PEG ratio of 1.36 and a beta of 1.54. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.08 and a quick ratio of 1.38.

Discover Financial Services (NYSE:DFS) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $2.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.11 by $0.21. Discover Financial Services had a net margin of 21.00% and a return on equity of 26.41%. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter last year, the business earned $1.91 earnings per share. Discover Financial Services’s revenue was up 12.9% compared to the same quarter last year. On average, analysts forecast that Discover Financial Services will post 9 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $1.76 dividend on an annualized basis and a yield of 1.93%. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.40. Discover Financial Services’s dividend payout ratio (DPR) is 20.54%.

Discover Financial Services Company Profile

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.

Featured Story: Options Trading – Understanding Strike Price

Want to see what other hedge funds are holding DFS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Discover Financial Services (NYSE:DFS).

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

Receive News & Ratings for Discover Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Discover Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.