National Pension Service boosted its stake in Discover Financial Services (NYSE:DFS) by 10.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 356,381 shares of the financial services provider’s stock after buying an additional 33,588 shares during the period. National Pension Service owned about 0.09% of Discover Financial Services worth $21,921,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the company. Orrstown Financial Services Inc. raised its position in shares of Discover Financial Services by 64.2% in the first quarter. Orrstown Financial Services Inc. now owns 1,716 shares of the financial services provider’s stock valued at $117,000 after buying an additional 671 shares in the last quarter. FNY Managed Accounts LLC acquired a new position in shares of Discover Financial Services during the first quarter valued at about $124,000. Perigon Wealth Management LLC raised its position in shares of Discover Financial Services by 2.3% in the first quarter. Perigon Wealth Management LLC now owns 2,146 shares of the financial services provider’s stock valued at $147,000 after buying an additional 48 shares in the last quarter. Advisory Services Network LLC acquired a new position in shares of Discover Financial Services during the first quarter valued at about $183,000. Finally, Whittier Trust Co. raised its position in shares of Discover Financial Services by 32.4% in the first quarter. Whittier Trust Co. now owns 2,820 shares of the financial services provider’s stock valued at $193,000 after buying an additional 690 shares in the last quarter. 84.14% of the stock is owned by hedge funds and other institutional investors.
Shares of Discover Financial Services (NYSE DFS) opened at 61.04 on Friday. Discover Financial Services has a 1-year low of $53.91 and a 1-year high of $74.33. The firm has a market cap of $22.73 billion, a PE ratio of 10.53 and a beta of 1.46. The company’s 50-day moving average price is $61.27 and its 200 day moving average price is $64.93.
Discover Financial Services (NYSE:DFS) last announced its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by $0.05. Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter last year, the firm earned $1.47 EPS. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. On average, analysts predict that Discover Financial Services will post $5.93 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend is Tuesday, August 22nd. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s payout ratio is 20.73%.
Discover Financial Services declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that allows the company to buyback $2.23 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 9.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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A number of brokerages have recently issued reports on DFS. Instinet restated a “buy” rating and issued a $86.00 price target (down previously from $88.00) on shares of Discover Financial Services in a research note on Saturday, April 29th. BidaskClub upgraded Discover Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $82.00 price objective on shares of Discover Financial Services in a report on Tuesday, May 16th. Evercore ISI decreased their price objective on Discover Financial Services from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Wednesday, April 26th. Finally, Oppenheimer Holdings, Inc. set a $69.00 price objective on Discover Financial Services and gave the company a “buy” rating in a report on Wednesday, July 26th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $74.21.
In related news, EVP Carlos Minetti sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $62.42, for a total value of $499,360.00. Following the completion of the transaction, the executive vice president now owns 205,149 shares of the company’s stock, valued at $12,805,400.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Roger C. Hochschild sold 15,258 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $61.04, for a total transaction of $931,348.32. Following the completion of the transaction, the chief operating officer now directly owns 814,999 shares of the company’s stock, valued at approximately $49,747,538.96. The disclosure for this sale can be found here. Insiders have sold 107,744 shares of company stock valued at $6,658,830 in the last 90 days. Company insiders own 0.96% of the company’s stock.
Discover Financial Services Company Profile
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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