Cubist Systematic Strategies LLC Sells 18,111 Shares of Discover Financial Services (DFS)

Cubist Systematic Strategies LLC reduced its stake in shares of Discover Financial Services (NYSE:DFS) by 57.3% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 13,474 shares of the financial services provider’s stock after selling 18,111 shares during the period. Cubist Systematic Strategies LLC’s holdings in Discover Financial Services were worth $838,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. GM Advisory Group Inc. increased its holdings in Discover Financial Services by 0.3% during the 2nd quarter. GM Advisory Group Inc. now owns 5,304 shares of the financial services provider’s stock worth $330,000 after purchasing an additional 17 shares in the last quarter. South State Corp increased its holdings in Discover Financial Services by 0.7% during the 2nd quarter. South State Corp now owns 3,457 shares of the financial services provider’s stock worth $215,000 after purchasing an additional 25 shares in the last quarter. Advisor Partners LLC increased its holdings in Discover Financial Services by 0.4% during the 2nd quarter. Advisor Partners LLC now owns 7,159 shares of the financial services provider’s stock worth $445,000 after purchasing an additional 27 shares in the last quarter. First Bank & Trust increased its holdings in Discover Financial Services by 1.4% during the 2nd quarter. First Bank & Trust now owns 3,135 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 42 shares in the last quarter. Finally, Perigon Wealth Management LLC increased its holdings in Discover Financial Services by 2.3% during the 1st quarter. Perigon Wealth Management LLC now owns 2,146 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 48 shares in the last quarter. 85.45% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have commented on DFS. BidaskClub raised Discover Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday, June 20th. Oppenheimer Holdings, Inc. set a $69.00 price objective on Discover Financial Services and gave the stock a “buy” rating in a report on Wednesday, July 26th. Barclays PLC reissued an “equal weight” rating and set a $70.00 price objective (down from $79.00) on shares of Discover Financial Services in a report on Thursday, July 13th. Buckingham Research began coverage on Discover Financial Services in a report on Monday, October 2nd. They set a “buy” rating and a $74.00 price objective for the company. Finally, Zacks Investment Research raised Discover Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $73.58.

Discover Financial Services (NYSE:DFS) opened at 65.35 on Tuesday. The stock has a market cap of $24.33 billion, a P/E ratio of 11.28 and a beta of 1.47. Discover Financial Services has a 1-year low of $54.45 and a 1-year high of $74.33. The company has a 50-day moving average price of $61.57 and a 200 day moving average price of $61.67.

Discover Financial Services (NYSE:DFS) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.05). Discover Financial Services had a return on equity of 19.94% and a net margin of 22.57%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same period last year, the firm posted $1.47 EPS. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. Equities analysts expect that Discover Financial Services will post $5.91 earnings per share for the current fiscal year.

Discover Financial Services announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that allows the company to buyback $2.23 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 9.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

In other news, COO Roger C. Hochschild sold 15,258 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $64.87, for a total transaction of $989,786.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $64.55, for a total transaction of $1,936,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 157,002 shares of company stock valued at $9,694,424. 0.96% of the stock is currently owned by insiders.

ILLEGAL ACTIVITY NOTICE: This piece was originally reported by The Ledger Gazette and

A number of other institutional investors and hedge funds also recently modified their holdings of the business. GM Advisory Group Inc. increased its holdings in Discover Financial Services by 0.3% during the 2nd quarter. GM Advisory Group Inc. now owns 5,304 shares of the financial services provider’s stock worth $330,000 after purchasing an additional 17 shares in the last quarter. South State Corp increased its holdings in Discover Financial Services by 0.7% during the 2nd quarter. South State Corp now owns 3,457 shares of the financial services provider’s stock worth $215,000 after purchasing an additional 25 shares in the last quarter. Advisor Partners LLC increased its holdings in Discover Financial Services by 0.4% during the 2nd quarter. Advisor Partners LLC now owns 7,159 shares of the financial services provider’s stock worth $445,000 after purchasing an additional 27 shares in the last quarter. First Bank & Trust increased its holdings in Discover Financial Services by 1.4% during the 2nd quarter. First Bank & Trust now owns 3,135 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 42 shares in the last quarter. Finally, Perigon Wealth Management LLC increased its holdings in Discover Financial Services by 2.3% during the 1st quarter. Perigon Wealth Management LLC now owns 2,146 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 48 shares in the last quarter. 85.45% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have commented on DFS. BidaskClub raised Discover Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday, June 20th. Oppenheimer Holdings, Inc. set a $69.00 price objective on Discover Financial Services and gave the stock a “buy” rating in a report on Wednesday, July 26th. Barclays PLC reissued an “equal weight” rating and set a $70.00 price objective (down from $79.00) on shares of Discover Financial Services in a report on Thursday, July 13th. Buckingham Research began coverage on Discover Financial Services in a report on Monday, October 2nd. They set a “buy” rating and a $74.00 price objective for the company. Finally, Zacks Investment Research raised Discover Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $73.58.

Discover Financial Services (NYSE:DFS) opened at 65.35 on Tuesday. The stock has a market cap of $24.33 billion, a P/E ratio of 11.28 and a beta of 1.47. Discover Financial Services has a 1-year low of $54.45 and a 1-year high of $74.33. The company has a 50-day moving average price of $61.57 and a 200 day moving average price of $61.67.

Discover Financial Services (NYSE:DFS) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.05). Discover Financial Services had a return on equity of 19.94% and a net margin of 22.57%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same period last year, the firm posted $1.47 EPS. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. Equities analysts expect that Discover Financial Services will post $5.91 earnings per share for the current fiscal year.

Discover Financial Services announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that allows the company to buyback $2.23 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 9.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

In other news, COO Roger C. Hochschild sold 15,258 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $64.87, for a total transaction of $989,786.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $64.55, for a total transaction of $1,936,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 157,002 shares of company stock valued at $9,694,424. 0.96% of the stock is currently owned by insiders.

ILLEGAL ACTIVITY NOTICE: This piece was originally reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this piece on another publication, it was stolen and republished in violation of U.S. & international trademark & copyright laws. The correct version of this piece can be viewed at https://ledgergazette.com/2017/10/17/cubist-systematic-strategies-llc-sells-18111-shares-of-discover-financial-services-dfs.html.

About Discover Financial Services

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 operates through two segments: Direct Banking and Payment Services. It provides direct banking products and services, and payment services through its subsidiaries.

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

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