Resona Asset Management Co. Ltd. Invests $13.06 Million in Discover Financial Services (NYSE:DFS)

Resona Asset Management Co. Ltd. purchased a new position in Discover Financial Services (NYSE:DFS - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 75,285 shares of the financial services provider's stock, valued at approximately $13,057,000.

A number of other hedge funds have also made changes to their positions in DFS. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Discover Financial Services in the 3rd quarter valued at about $30,000. SBI Securities Co. Ltd. purchased a new position in Discover Financial Services during the fourth quarter valued at approximately $33,000. Flagship Wealth Advisors LLC purchased a new stake in Discover Financial Services in the 4th quarter worth approximately $34,000. Grove Bank & Trust increased its stake in shares of Discover Financial Services by 78.1% in the fourth quarter. Grove Bank & Trust now owns 203 shares of the financial services provider's stock worth $35,000 after acquiring an additional 89 shares during the last quarter. Finally, Bfsg LLC acquired a new stake in Discover Financial Services during the fourth quarter valued at $35,000. Institutional investors and hedge funds own 86.94% of the company's stock.

Discover Financial Services Price Performance

NYSE:DFS traded down $5.01 during mid-day trading on Friday, hitting $153.61. The company's stock had a trading volume of 410,500 shares, compared to its average volume of 1,572,425. The company has a current ratio of 1.09, a quick ratio of 1.03 and a debt-to-equity ratio of 1.09. The stock has a fifty day moving average of $176.23 and a 200-day moving average of $171.71. The company has a market capitalization of $38.65 billion, a price-to-earnings ratio of 9.62, a P/E/G ratio of 1.51 and a beta of 1.20. Discover Financial Services has a fifty-two week low of $119.31 and a fifty-two week high of $205.76.

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Discover Financial Services (NYSE:DFS - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $5.11 EPS for the quarter, beating analysts' consensus estimates of $3.13 by $1.98. Discover Financial Services had a net margin of 17.29% and a return on equity of 26.18%. As a group, equities analysts forecast that Discover Financial Services will post 13.88 EPS for the current fiscal year.

Discover Financial Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 23rd will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Friday, May 23rd. Discover Financial Services's dividend payout ratio is currently 17.54%.

Wall Street Analyst Weigh In

DFS has been the topic of several research reports. Barclays upped their target price on Discover Financial Services from $186.00 to $209.00 and gave the stock an "overweight" rating in a research report on Friday, January 24th. JPMorgan Chase & Co. decreased their price objective on shares of Discover Financial Services from $169.00 to $129.00 and set a "neutral" rating for the company in a report on Tuesday. Truist Financial lowered their price target on Discover Financial Services from $262.00 to $219.00 and set a "buy" rating on the stock in a research report on Friday, March 21st. Royal Bank of Canada increased their target price on Discover Financial Services from $193.00 to $210.00 and gave the company a "sector perform" rating in a research note on Friday, January 24th. Finally, UBS Group upgraded Discover Financial Services from a "neutral" rating to a "buy" rating and upped their price target for the stock from $150.00 to $239.00 in a report on Monday, January 13th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $188.40.

Discover Financial Services Profile

Discover Financial Services, through its subsidiaries, provides digital banking products and services, and payment services in the United States. It operates in two segments, Digital Banking and Payment Services. The Digital Banking segment offers Discover-branded credit cards to individuals; personal loans, home loans, and other consumer lending; and direct-to-consumer deposit products comprising savings accounts, certificates of deposit, money market accounts, IRA certificates of deposit, IRA savings accounts and checking accounts, and sweep accounts.