Feb. 24--Investment firm Soros Fund Management doesn't believe it pays to own Discover stock anymore.
The New York-based investment firm shed its stake in the Riverwoods financial services firm in the fourth quarter, according to a Securities and Exchange Commission filing.
In the third quarter, Soros had owned 365,000 Discover shares worth $23.5 million.
Its most recent filing with the SEC, filed last week, shows no Discover shares.
A representative for Soros couldn't be reached for immediate comment.
Discover had no comment.
Discover was one of 15 financial stocks Soros sold off in the fourth quarter, according to SNL Financial, a provider of industry data.
Five of the 15 were companies in which Soros had a stake of at least $20 million in the third quarter. Besides Discover, the other four companies were American International Group, Capital One, American Express and Hartford Financial, according to SNL Financial.
Soros initiated stock purchases in only two financial institutions in the fourth quarter, SNL said. They included LendingClub. Financial institutions in which it maintained stakes included Citigroup.
byerak@tribpub.com
