First National Trust Co trimmed its holdings in shares of Discover Financial Services (NYSE:DFS) by 19.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,865 shares of the financial services provider’s stock after selling 2,112 shares during the period. First National Trust Co’s holdings in Discover Financial Services were worth $678,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of DFS. Adirondack Trust Co. grew its holdings in shares of Discover Financial Services by 204.5% in the 3rd quarter. Adirondack Trust Co. now owns 1,340 shares of the financial services provider’s stock worth $102,000 after acquiring an additional 900 shares during the period. Sandy Spring Bank grew its holdings in shares of Discover Financial Services by 181.5% in the 2nd quarter. Sandy Spring Bank now owns 1,689 shares of the financial services provider’s stock worth $119,000 after acquiring an additional 1,089 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Discover Financial Services by 8,341.7% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,026 shares of the financial services provider’s stock worth $143,000 after acquiring an additional 2,002 shares during the period. Edge Wealth Management LLC acquired a new stake in shares of Discover Financial Services in the 2nd quarter worth approximately $155,000. Finally, Moneta Group Investment Advisors LLC grew its holdings in shares of Discover Financial Services by 440.1% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 6,670 shares of the financial services provider’s stock worth $157,000 after acquiring an additional 5,435 shares during the period. 85.53% of the stock is owned by institutional investors and hedge funds.
In other Discover Financial Services news, EVP Carlos Minetti sold 3,750 shares of the stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $78.21, for a total transaction of $293,287.50. Following the sale, the executive vice president now owns 133,852 shares in the company, valued at approximately $10,468,564.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO David W. Nelms sold 30,000 shares of the stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $78.11, for a total value of $2,343,300.00. Following the sale, the chief executive officer now owns 1,210,798 shares in the company, valued at approximately $94,575,431.78. The disclosure for this sale can be found here. In the last quarter, insiders have sold 102,100 shares of company stock worth $7,656,625. 0.81% of the stock is owned by insiders.
A number of equities research analysts recently weighed in on the company. Sandler O’Neill restated a “buy” rating and issued a $87.00 price target on shares of Discover Financial Services in a report on Friday, July 27th. Bank of America upped their price target on Discover Financial Services from $86.00 to $92.00 and gave the stock a “buy” rating in a report on Friday, September 21st. JPMorgan Chase & Co. upgraded Discover Financial Services from a “neutral” rating to an “overweight” rating in a report on Tuesday, October 2nd. Zacks Investment Research cut Discover Financial Services from a “buy” rating to a “hold” rating in a report on Tuesday, October 16th. Finally, Wells Fargo & Co lowered their price target on Discover Financial Services from $82.00 to $78.00 and set a “market perform” rating on the stock in a report on Friday, October 26th. One analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $86.80.
Shares of NYSE:DFS opened at $68.74 on Friday. The firm has a market cap of $23.87 billion, a price-to-earnings ratio of 9.50, a P/E/G ratio of 0.71 and a beta of 1.50. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.49 and a current ratio of 1.08. Discover Financial Services has a one year low of $63.31 and a one year high of $81.93.
Discover Financial Services (NYSE:DFS) last announced its earnings results on Thursday, October 25th. The financial services provider reported $2.05 EPS for the quarter, meeting analysts’ consensus estimates of $2.05. The firm had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $2.69 billion. Discover Financial Services had a return on equity of 25.15% and a net margin of 19.51%. As a group, equities research analysts forecast that Discover Financial Services will post 7.83 earnings per share for the current year.
Discover Financial Services announced that its Board of Directors has approved a share repurchase plan on Thursday, July 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 6th. Shareholders of record on Wednesday, November 21st will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date is Tuesday, November 20th. Discover Financial Services’s dividend payout ratio (DPR) is presently 26.76%.
Discover Financial Services Profile
Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
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