Saba Capital Management Discloses New Position in Discover Financial Services
According to a recent Form 13F filing submitted to the SEC, Saba Capital Management disclosed a noteworthy new position in Discover Financial Services (NYSE: DFS) stock. Here’s what you need to know about Discover Financial Services, as well as Saba Capital Management’s position in shares of DFS stock:
Saba Capital Management
Founded in 2009, Saba Capital Management L.P. is a registered investment advisor focused on credit and equity relative value strategies. Saba is a spin-out of one of the largest proprietary groups in the industry, ‘Saba Principal Strategies’, founded by Boaz Weinstein at Deutsche Bank in 1998. Saba’s senior investment team began working together at Deutsche Bank in the early 2000s, and is best known for having pioneered credit relative value and capital structure trading strategies. Saba currently manages four core strategies: Credit Relative Value, Tail Hedge, SPACs and Closed-End Funds. Saba’s investors are predominately institutions and include corporate pensions, public pensions, foundations, fund of funds, endowments, and family offices. Saba is 100% self-owned. Saba is headquartered in the historic Chrysler Building in New York and is registered with the SEC and CFTC. You can learn more about Saba Capital Management on their website here.
Saba Capital Management’s New Position in DFS Stock
According to the most recent 13F filing from Saba Capital Management, the institutional investment manager added a meaningful position in Discover Financial Services (NYSE: DFS), with 81,798 shares, which represents approximately 0.0299% of the 273,226,003 total DFS shares outstanding. Based on DFS’s last closing price of $103.63 per share, Saba Capital Management’s stake in DFS is worth approximately $8,476,726.74, assuming no change in the position size. If you’re not very familiar with Discover Financial Services, learn more below.
Discover Financial Services (NYSE: DFS)
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; private student loans, 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. The Payment Services segment operates the PULSE, an automated teller machine, debit, and electronic funds transfer network; and Diners Club International, a payments network that issues Diners Club branded charge cards and/or provides card acceptance services, as well as offers payment transaction processing and settlement services. The company was incorporated in 1960 and is based in Riverwoods, Illinois.
Summary
Be sure to check out more recent 13F filings here to stay up to date on the latest disclosures from institutional investment managers like Saba Capital Management. Also be sure to check out more recent 13F filing analysis news here.
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