Wright Investors Service Inc. increased its holdings in Discover Financial Services (NYSE:DFS) by 10.8% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 36,598 shares of the financial services provider’s stock after buying an additional 3,553 shares during the quarter. Discover Financial Services comprises approximately 1.1% of Wright Investors Service Inc.’s portfolio, making the stock its 28th biggest position. Wright Investors Service Inc.’s holdings in Discover Financial Services were worth $2,840,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Hanseatic Management Services Inc. purchased a new position in Discover Financial Services in the second quarter worth about $157,000. Bruni J V & Co. Co. boosted its position in Discover Financial Services by 1.0% in the first quarter. Bruni J V & Co. Co. now owns 482,685 shares of the financial services provider’s stock worth $34,348,000 after purchasing an additional 4,911 shares during the last quarter. Glassman Wealth Services boosted its position in Discover Financial Services by 10.2% in the first quarter. Glassman Wealth Services now owns 3,873 shares of the financial services provider’s stock worth $276,000 after purchasing an additional 359 shares during the last quarter. First Trust Advisors LP boosted its position in Discover Financial Services by 8.7% in the first quarter. First Trust Advisors LP now owns 857,450 shares of the financial services provider’s stock worth $61,016,000 after purchasing an additional 68,369 shares during the last quarter. Finally, Rothschild Investment Corp IL boosted its position in Discover Financial Services by 1.0% in the first quarter. Rothschild Investment Corp IL now owns 102,533 shares of the financial services provider’s stock worth $7,296,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 85.87% of the company’s stock.
Shares of DFS stock traded down $0.05 during trading hours on Thursday, reaching $79.37. 45,960 shares of the company traded hands, compared to its average volume of 2,649,337. Discover Financial Services has a 12-month low of $54.36 and a 12-month high of $92.98. The company has a debt-to-equity ratio of 2.30, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market cap of $25.27 billion, a P/E ratio of 10.18, a P/E/G ratio of 1.19 and a beta of 1.55. The stock’s 50-day moving average price is $83.26.
Discover Financial Services (NYSE:DFS) last posted its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $2.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.11 by $0.21. Discover Financial Services had a return on equity of 26.76% and a net margin of 21.00%. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.81 billion. During the same period in the previous year, the firm earned $1.91 EPS. The business’s quarterly revenue was up 12.9% on a year-over-year basis. Sell-side analysts expect that Discover Financial Services will post 9 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be given a dividend of $0.44 per share. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.40. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Wednesday, August 21st. Discover Financial Services’s payout ratio is presently 20.54%.
In other news, SVP Edward W. Mcgrogan sold 1,894 shares of Discover Financial Services stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $92.35, for a total transaction of $174,910.90. Following the transaction, the senior vice president now directly owns 11,272 shares of the company’s stock, valued at approximately $1,040,969.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Diane E. Offereins sold 20,000 shares of Discover Financial Services stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $91.76, for a total value of $1,835,200.00. Following the transaction, the executive vice president now directly owns 120,874 shares in the company, valued at $11,091,398.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,663 shares of company stock worth $2,534,291. Insiders own 0.81% of the company’s stock.
DFS has been the topic of several research reports. Barclays raised their target price on Discover Financial Services from $87.00 to $91.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Oppenheimer cut Discover Financial Services from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 7th. CIBC reissued a “market perform” rating on shares of Discover Financial Services in a research report on Tuesday, May 7th. Deutsche Bank reissued a “hold” rating and issued a $87.00 target price on shares of Discover Financial Services in a research report on Monday, July 8th. Finally, Nomura raised their target price on Discover Financial Services from $86.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Twelve investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $84.35.
Discover Financial Services Company 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.
See Also: Why is momentum important to successful trading?
Receive News & Ratings for Discover Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Discover Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.