Todd Asset Management Lowers stake in Discover Financial Services (DFS)

Discover Financial Services (DFS) : Todd Asset Management reduced its stake in Discover Financial Services by 7.39% during the most recent quarter end. The investment management company now holds a total of 589,623 shares of Discover Financial Services which is valued at $33,213,464 after selling 47,035 shares in Discover Financial Services , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.Discover Financial Services makes up approximately 1.02% of Todd Asset Management’s portfolio.

Other Hedge Funds, Including , Badgley Phelps Bell Inc boosted its stake in DFS in the latest quarter, The investment management firm added 2,459 additional shares and now holds a total of 168,527 shares of Discover Financial Services which is valued at $9,493,126. Discover Financial Services makes up approx 0.84% of Badgley Phelps Bell Inc’s portfolio. Cribstone Capital Management added DFS to its portfolio by purchasing 185 company shares during the most recent quarter which is valued at $10,416. Discover Financial Services makes up approx 0.01% of Cribstone Capital Management’s portfolio.Gateway Investment Advisers reduced its stake in DFS by selling 22,053 shares or 3.64% in the most recent quarter. The Hedge Fund company now holds 583,406 shares of DFS which is valued at $33,084,954. Discover Financial Services makes up approx 0.28% of Gateway Investment Advisers’s portfolio.

Discover Financial Services opened for trading at $56.34 and hit $56.7 on the upside on Thursday, eventually ending the session at $56.51, with a gain of 0.32% or 0.18 points. The heightened volatility saw the trading volume jump to 17,90,964 shares. Company has a market cap of $23,295 M.

On the company’s financial health, Discover Financial Services reported $1.47 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Jul 19, 2016. Analyst had a consensus of $1.40. The company had revenue of $2216.00 million for the quarter, compared to analysts expectations of $2228.30 million. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.33 EPS.

Many Wall Street Analysts have commented on Discover Financial Services. Company shares were Reiterated by RBC Capital Mkts on Jul 20, 2016 to “Top Pick”, Firm has raised the Price Target to $ 73 from a previous price target of $68 .Discover Financial Services was Downgraded by Macquarie to ” Neutral” on May 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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