Ulysses Management Lowers stake in Discover Financial Services (DFS)

Discover Financial Services (DFS) : Ulysses Management reduced its stake in Discover Financial Services by 21.43% during the most recent quarter end. The investment management company now holds a total of 275,000 shares of Discover Financial Services which is valued at $15,996,750 after selling 75,000 shares in Discover Financial Services , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Discover Financial Services makes up approximately 4.75% of Ulysses Management’s portfolio.

Other Hedge Funds, Including , Voloridge Investment Management added DFS to its portfolio by purchasing 28,078 company shares during the most recent quarter which is valued at $1,633,297. Discover Financial Services makes up approx 0.05% of Voloridge Investment Management’s portfolio. Senator Investment Group Lp sold out all of its stake in DFS during the most recent quarter. The investment firm sold 4,000,000 shares of DFS which is valued $232,680,000.Jefferies Group boosted its stake in DFS in the latest quarter, The investment management firm added 3,697 additional shares and now holds a total of 5,047 shares of Discover Financial Services which is valued at $293,584. Discover Financial Services makes up approx 0.01% of Jefferies Group’s portfolio. Bluemountain Capital Management sold out all of its stake in DFS during the most recent quarter. The investment firm sold 6,371 shares of DFS which is valued $370,601.Old Mutual Global Investors (uk) Ltd. boosted its stake in DFS in the latest quarter, The investment management firm added 663,175 additional shares and now holds a total of 1,297,585 shares of Discover Financial Services which is valued at $73,430,335. Discover Financial Services makes up approx 1.31% of Old Mutual Global Investors (uk) Ltd.’s portfolio.

Discover Financial Services closed down -0.4 points or -0.67% at $59.6 with 25,52,694 shares getting traded on Thursday. Post opening the session at $60.03, the shares hit an intraday low of $59.19 and an intraday high of $60.29 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

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 (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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