Profit Investment Management Lowers stake in Discover Financial Services (DFS)

Discover Financial Services (DFS) : Profit Investment Management reduced its stake in Discover Financial Services by 42.29% during the most recent quarter end. The investment management company now holds a total of 13,712 shares of Discover Financial Services which is valued at $747,441 after selling 10,048 shares in Discover Financial Services , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.Discover Financial Services makes up approximately 0.75% of Profit Investment Management’s portfolio.

Other Hedge Funds, Including , Gradient Investments sold out all of its stake in DFS during the most recent quarter. The investment firm sold 120 shares of DFS which is valued $6,775.Exxonmobil Investment Management Inc Tx reduced its stake in DFS by selling 3,645 shares or 3.42% in the most recent quarter. The Hedge Fund company now holds 103,060 shares of DFS which is valued at $5,812,584. Discover Financial Services makes up approx 0.12% of Exxonmobil Investment Management Inc Tx’s portfolio.Advisory Services Network boosted its stake in DFS in the latest quarter, The investment management firm added 1 additional shares and now holds a total of 2,258 shares of Discover Financial Services which is valued at $127,351. Discover Financial Services makes up approx 0.02% of Advisory Services Network’s portfolio.North Star Asset Management Inc reduced its stake in DFS by selling 15,795 shares or 23.98% in the most recent quarter. The Hedge Fund company now holds 50,070 shares of DFS which is valued at $2,858,997. Discover Financial Services makes up approx 0.32% of North Star Asset Management Inc’s portfolio.

Discover Financial Services closed down -0.97 points or -1.72% at $55.49 with 19,16,753 shares getting traded on Tuesday. Post opening the session at $56.25, the shares hit an intraday low of $55.35 and an intraday high of $56.34 and the price fluctuated in this range throughout the day.Shares ended Tuesday 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. Wedbush Initiated Discover Financial Services on Oct 11, 2016 to “Neutral”, Price Target of the shares are set at $63.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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