Cohen Klingenstein LLC Takes Position in Discover Financial Services (NYSE:DFS)

Cohen Klingenstein LLC acquired a new stake in shares of Discover Financial Services (NYSE:DFS) during the second quarter, HoldingsChannel reports. The firm acquired 9,600 shares of the financial services provider’s stock, valued at approximately $908,000.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Discover Financial Services by 1.7% in the first quarter. BlackRock Inc. now owns 20,961,715 shares of the financial services provider’s stock worth $2,309,769,000 after purchasing an additional 351,679 shares in the last quarter. State Street Corp lifted its stake in shares of Discover Financial Services by 2.1% during the fourth quarter. State Street Corp now owns 13,584,398 shares of the financial services provider’s stock valued at $1,569,813,000 after acquiring an additional 275,094 shares during the period. Boston Partners lifted its stake in shares of Discover Financial Services by 1.9% during the first quarter. Boston Partners now owns 4,429,052 shares of the financial services provider’s stock valued at $488,027,000 after acquiring an additional 81,406 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Discover Financial Services by 4.4% during the first quarter. Bank of New York Mellon Corp now owns 3,337,759 shares of the financial services provider’s stock valued at $367,786,000 after acquiring an additional 139,779 shares during the period. Finally, Norges Bank acquired a new position in shares of Discover Financial Services during the fourth quarter valued at $354,824,000. 83.92% of the stock is currently owned by institutional investors.

Discover Financial Services Stock Performance

Shares of DFS traded down $2.13 during mid-day trading on Friday, reaching $92.84. The company’s stock had a trading volume of 59,722 shares, compared to its average volume of 1,475,645. Discover Financial Services has a 1-year low of $88.02 and a 1-year high of $133.40. The stock has a market cap of $25.36 billion, a P/E ratio of 6.18, a PEG ratio of 0.22 and a beta of 1.43. The business has a 50-day simple moving average of $102.66 and a two-hundred day simple moving average of $105.45. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.43.

Discover Financial Services (NYSE:DFSGet Rating) last released its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $3.96 earnings per share for the quarter, topping the consensus estimate of $3.75 by $0.21. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.18 billion. Discover Financial Services had a return on equity of 36.35% and a net margin of 34.89%. The firm’s revenue for the quarter was down 9.9% compared to the same quarter last year. During the same period last year, the firm posted $5.55 EPS. As a group, equities research analysts anticipate that Discover Financial Services will post 15.37 earnings per share for the current fiscal year.

Discover Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 8th. Investors of record on Thursday, August 25th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Wednesday, August 24th. This represents a $2.40 annualized dividend and a yield of 2.59%. Discover Financial Services’s payout ratio is currently 15.63%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on DFS shares. Barclays cut their price target on Discover Financial Services from $140.00 to $133.00 and set an “overweight” rating on the stock in a research note on Friday, July 22nd. Deutsche Bank Aktiengesellschaft cut their target price on Discover Financial Services from $150.00 to $140.00 in a research note on Friday, July 22nd. Morgan Stanley cut their target price on Discover Financial Services from $111.00 to $104.00 and set an “equal weight” rating on the stock in a research note on Friday, July 22nd. Wells Fargo & Company cut their target price on Discover Financial Services from $130.00 to $103.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 13th. Finally, Credit Suisse Group cut their target price on Discover Financial Services to $134.00 in a research note on Friday, July 22nd. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Discover Financial Services has a consensus rating of “Moderate Buy” and a consensus target price of $123.88.

About Discover Financial Services

(Get Rating)

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.

Further Reading

Want to see what other hedge funds are holding DFS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Discover Financial Services (NYSE:DFSGet Rating).

Institutional Ownership by Quarter for Discover Financial Services (NYSE:DFS)

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