Teachers Advisors LLC trimmed its holdings in shares of Discover Financial Services (NYSE:DFS) by 8.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 885,789 shares of the financial services provider’s stock after selling 84,202 shares during the quarter. Teachers Advisors LLC owned about 0.24% of Discover Financial Services worth $55,087,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also bought and sold shares of the stock. V Wealth Management LLC purchased a new position in shares of Discover Financial Services in the 2nd quarter worth about $101,000. FNY Managed Accounts LLC purchased a new position in shares of Discover Financial Services in the 1st quarter worth about $124,000. Orrstown Financial Services Inc. boosted its holdings in shares of Discover Financial Services by 16.7% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,002 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 286 shares in the last quarter. Perigon Wealth Management LLC boosted its holdings in shares of Discover Financial Services by 2.3% in 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. Finally, Financial Architects Inc boosted its holdings in shares of Discover Financial Services by 65.1% in the 2nd quarter. Financial Architects Inc now owns 2,600 shares of the financial services provider’s stock worth $162,000 after purchasing an additional 1,025 shares in the last quarter. Institutional investors and hedge funds own 86.21% of the company’s stock.
DFS has been the subject of a number of research reports. Zacks Investment Research upgraded Discover Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. BidaskClub upgraded Discover Financial Services from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Jefferies Group LLC reiterated a “buy” rating and issued a $82.00 price objective on shares of Discover Financial Services in a report on Friday, June 16th. Instinet reiterated a “buy” rating and issued a $81.00 price objective (down from $86.00) on shares of Discover Financial Services in a report on Wednesday, July 12th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $75.00 price objective (down from $81.00) on shares of Discover Financial Services in a report on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Discover Financial Services currently has an average rating of “Buy” and a consensus target price of $73.95.
Discover Financial Services (NYSE DFS) opened at 59.43 on Friday. The firm’s 50-day moving average price is $59.74 and its 200-day moving average price is $62.70. Discover Financial Services has a 52-week low of $53.91 and a 52-week high of $74.33. The company has a market cap of $22.13 billion, a price-to-earnings ratio of 10.25 and a beta of 1.45.
Discover Financial Services (NYSE:DFS) last announced its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by ($0.05). Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter last year, the firm earned $1.47 EPS. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. On average, equities analysts anticipate that Discover Financial Services will post $5.92 EPS for the current year.
Discover Financial Services declared that its Board of Directors has initiated a stock buyback 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 stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.36%. The ex-dividend date was Tuesday, August 22nd. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s payout ratio is 24.18%.
In other Discover Financial Services news, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $59.10, for a total transaction of $1,773,000.00. Following the completion of the transaction, the chief executive officer now owns 1,529,912 shares in the company, valued at $90,417,799.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Carlos Minetti sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $62.42, for a total value of $499,360.00. Following the transaction, the executive vice president now owns 205,149 shares of the company’s stock, valued at approximately $12,805,400.58. The disclosure for this sale can be found here. Insiders have sold 157,002 shares of company stock valued at $9,580,337 in the last 90 days. Company insiders own 0.96% of the company’s stock.
Discover Financial Services Company Profile
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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