Legacy Private Trust Lowers stake in Discover Financial Services (DFS)

Discover Financial Services (DFS) : Legacy Private Trust reduced its stake in Discover Financial Services by 3.19% during the most recent quarter end. The investment management company now holds a total of 102,862 shares of Discover Financial Services which is valued at $5,812,732 after selling 3,393 shares in Discover Financial Services , the firm said in a disclosure report filed with the SEC on Apr 21, 2016.Discover Financial Services makes up approximately 0.87% of Legacy Private Trust’s portfolio.

Discover Financial Services opened for trading at $56.98 and hit $57.53 on the upside on Wednesday, eventually ending the session at $57.17, with a gain of 0.18% or 0.1 points. The heightened volatility saw the trading volume jump to 29,64,793 shares. Company has a market cap of $23,680 M.

Other Hedge Funds, Including , Strs Ohio sold out all of its stake in DFS during the most recent quarter. The investment firm sold 1,340,986 shares of DFS which is valued $75,779,119.Dorchester Wealth Management Co reduced its stake in DFS by selling 3,000 shares or 41.67% in the most recent quarter. The Hedge Fund company now holds 4,200 shares of DFS which is valued at $237,342. Discover Financial Services makes up approx 0.09% of Dorchester Wealth Management Co’s portfolio.Gemmer Asset Management boosted its stake in DFS in the latest quarter, The investment management firm added 21 additional shares and now holds a total of 638 shares of Discover Financial Services which is valued at $33,093. Discover Financial Services makes up approx 0.02% of Gemmer Asset Management’s portfolio.Deroy Devereaux Private Investment Counsel Inc boosted its stake in DFS in the latest quarter, The investment management firm added 43,815 additional shares and now holds a total of 245,886 shares of Discover Financial Services which is valued at $12,754,107. Discover Financial Services makes up approx 1.73% of Deroy Devereaux Private Investment Counsel Inc’s portfolio.Benjamin F. Edwards Company boosted its stake in DFS in the latest quarter, The investment management firm added 37 additional shares and now holds a total of 240 shares of Discover Financial Services which is valued at $12,449.

On the company’s financial health, Discover Financial Services reported $1.35 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Apr 19, 2016. Analyst had a consensus of $1.29. The company had revenue of $2224.00 million for the quarter, compared to analysts expectations of $2173.41 million. The company’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.28 EPS.

Many Wall Street Analysts have commented on Discover Financial Services. Company shares were Reiterated by Stifel on Apr 20, 2016 to “Buy”, Firm has raised the Price Target to $ 62 from a previous price target of $60 .Shares were Reiterated by Deutsche Bank on Feb 18, 2016 to “Hold” and Lowered the Price Target to $ 61 from a previous price target of $64 .Discover Financial Services was Downgraded by BofA/Merrill to ” Neutral” on Feb 11, 2016.

Discover Financial Services (DFS) is a direct banking and payment services company. The Company is a bank holding company as well as a financial holding company. The Company provides direct banking products and services and payment services through its subsidiaries. The Company manages its business activities in two segments: Direct Banking and Payment Services. Direct Banking segment includes consumer banking and lending products specifically Discover-branded credit cards issued to individuals and small businesses on the Discover Network and other consumer banking products and services including private student loans personal loans home loans home equity loans prepaid cards and other consumer lending and deposit products. The Payment Services segment includes PULSE Diners Club and the Company’s network partners business which provides payment transaction processing and settlement services on the Discover Network.

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