Perpetual Ltd acquired a new position in shares of Discover Financial Services (NYSE:DFS) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 30,414 shares of the financial services provider’s stock, valued at approximately $1,891,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. V Wealth Management LLC bought a new stake in shares of Discover Financial Services during the 2nd quarter worth $101,000. FNY Managed Accounts LLC bought a new stake in shares of Discover Financial Services during the 1st quarter worth $124,000. Orrstown Financial Services Inc. boosted its holdings in shares of Discover Financial Services by 16.7% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,002 shares of the financial services provider’s stock worth $125,000 after buying an additional 286 shares during the period. Perigon Wealth Management LLC boosted its holdings in 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 valued at $147,000 after purchasing an additional 48 shares during the period. Finally, Capstone Investment Advisors Netherlands B.V. bought a new stake in Discover Financial Services in the 2nd quarter valued at $157,000. 85.41% of the stock is owned by institutional investors and hedge funds.
Discover Financial Services (NYSE DFS) traded down 0.33% during midday trading on Friday, reaching $66.47. 429,712 shares of the company’s stock traded hands. Discover Financial Services has a 52-week low of $55.41 and a 52-week high of $74.33. The company has a market cap of $24.75 billion, a P/E ratio of 11.47 and a beta of 1.47. The stock has a 50-day moving average of $62.97 and a 200 day moving average of $61.63.
Discover Financial Services (NYSE:DFS) last issued its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by ($0.05). The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.40 billion. Discover Financial Services had a return on equity of 20.74% and a net margin of 20.04%. The firm’s revenue was up 9.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.47 EPS. On average, analysts anticipate that Discover Financial Services will post $5.96 earnings per share for the current fiscal year.
Discover Financial Services declared that its board has initiated a stock buyback plan on Tuesday, July 25th that permits the company to repurchase $2.75 billion in shares. This repurchase authorization permits the financial services provider to buy up to 11.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 7th. Shareholders of record on Wednesday, November 22nd will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend is Tuesday, November 21st. Discover Financial Services’s payout ratio is 24.05%.
A number of brokerages have weighed in on DFS. BidaskClub downgraded shares of Discover Financial Services from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Zacks Investment Research downgraded shares of Discover Financial Services from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Jefferies Group LLC reissued a “buy” rating and issued a $75.00 price target (down from $82.00) on shares of Discover Financial Services in a report on Thursday, July 27th. Compass Point downgraded shares of Discover Financial Services from a “buy” rating to a “neutral” rating in a report on Wednesday. Finally, Nomura reduced their price target on shares of Discover Financial Services from $81.00 to $79.00 and set a “buy” rating for the company in a report on Wednesday. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the stock. Discover Financial Services presently has a consensus rating of “Hold” and a consensus price target of $74.45.
In other Discover Financial Services news, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $90,417,799.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kathryn Mcnamara Corley sold 4,000 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $59.63, for a total value of $238,520.00. Following the transaction, the executive vice president now directly owns 150,744 shares of the company’s stock, valued at approximately $8,988,864.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 157,002 shares of company stock valued at $9,694,424. Insiders own 0.96% of the company’s stock.
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About Discover Financial Services
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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