Natixis cut its stake in Discover Financial Services (NYSE:DFS) by 30.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 161,351 shares of the financial services provider’s stock after selling 71,925 shares during the period. Natixis owned about 0.05% of Discover Financial Services worth $12,519,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Hanseatic Management Services Inc. purchased a new stake in shares of Discover Financial Services in the 2nd quarter valued at about $157,000. Calamos Advisors LLC increased its position in Discover Financial Services by 1.7% during the second quarter. Calamos Advisors LLC now owns 257,301 shares of the financial services provider’s stock worth $19,964,000 after buying an additional 4,184 shares during the period. AE Wealth Management LLC acquired a new position in Discover Financial Services during the second quarter worth approximately $343,000. Glassman Wealth Services lifted its stake 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 valued at $276,000 after buying an additional 359 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake 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 valued at $61,016,000 after buying an additional 68,369 shares during the last quarter. 85.04% of the stock is owned by hedge funds and other institutional investors.
Shares of Discover Financial Services stock traded down $0.17 during trading hours on Wednesday, hitting $84.15. 933,077 shares of the company were exchanged, compared to its average volume of 1,580,983. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 2.30. The business has a 50-day moving average of $83.20 and a 200-day moving average of $78.13. Discover Financial Services has a 1 year low of $54.36 and a 1 year high of $92.98. The stock has a market capitalization of $26.88 billion, a price-to-earnings ratio of 10.80, a P/E/G ratio of 1.23 and a beta of 1.60.
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 analysts’ consensus estimates of $2.11 by $0.21. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.81 billion. Discover Financial Services had a net margin of 21.00% and a return on equity of 26.76%. Discover Financial Services’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the firm posted $1.91 EPS. As a group, research analysts anticipate that Discover Financial Services will post 9.03 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.09%. The ex-dividend date was Wednesday, August 21st. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.40. Discover Financial Services’s dividend payout ratio (DPR) is 22.59%.
In related news, Director Mary K. Bush sold 993 shares of Discover Financial Services stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $83.27, for a total value of $82,687.11. Following the sale, the director now directly owns 52,075 shares in the company, valued at $4,336,285.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Edward W. Mcgrogan sold 1,894 shares of Discover Financial Services stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $92.35, for a total value of $174,910.90. Following the completion of the sale, the senior vice president now owns 11,272 shares in the company, valued at $1,040,969.20. The disclosure for this sale can be found here. Insiders sold a total of 27,663 shares of company stock valued at $2,534,291 in the last 90 days. Company insiders own 0.81% of the company’s stock.
A number of brokerages have recently issued reports on DFS. JPMorgan Chase & Co. raised their target price on shares of Discover Financial Services from $91.00 to $93.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Barclays upped their price target on shares of Discover Financial Services from $87.00 to $91.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Deutsche Bank reiterated a “hold” rating and set a $87.00 price target on shares of Discover Financial Services in a research note on Monday, July 8th. Morgan Stanley set a $97.00 price target on shares of Discover Financial Services and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Zacks Investment Research raised shares of Discover Financial Services from a “hold” rating to a “buy” rating and set a $86.00 price objective on the stock in a research report on Monday. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $85.53.
About Discover Financial Services
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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