Campbell & CO Investment Adviser LLC acquired a new stake in shares of Discover Financial Services (NYSE:DFS) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,890 shares of the financial services provider’s stock, valued at approximately $677,000. Discover Financial Services comprises approximately 0.6% of Campbell & CO Investment Adviser LLC’s investment portfolio, making the stock its 22nd largest position.
Other large investors have also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Discover Financial Services by 3,280.4% in the first quarter. BlackRock Inc. now owns 30,704,582 shares of the financial services provider’s stock worth $2,099,886,000 after buying an additional 29,796,268 shares during the period. Primecap Management Co. CA boosted its stake in Discover Financial Services by 19.5% in the first quarter. Primecap Management Co. CA now owns 6,681,700 shares of the financial services provider’s stock worth $456,961,000 after buying an additional 1,088,500 shares during the period. AQR Capital Management LLC boosted its stake in Discover Financial Services by 42.9% in the first quarter. AQR Capital Management LLC now owns 3,539,440 shares of the financial services provider’s stock worth $242,063,000 after buying an additional 1,062,007 shares during the period. Janus Capital Management LLC boosted its stake in Discover Financial Services by 85.4% in the first quarter. Janus Capital Management LLC now owns 1,609,893 shares of the financial services provider’s stock worth $110,101,000 after buying an additional 741,786 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in Discover Financial Services during the first quarter worth approximately $39,741,000. Institutional investors and hedge funds own 86.20% of the company’s stock.
Shares of Discover Financial Services (DFS) opened at 61.87 on Wednesday. Discover Financial Services has a 1-year low of $53.91 and a 1-year high of $74.33. The stock has a market capitalization of $23.04 billion, a P/E ratio of 10.67 and a beta of 1.46. The firm’s 50-day moving average price is $61.33 and its 200 day moving average price is $64.33.
Discover Financial Services (NYSE:DFS) last issued its quarterly earnings data 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. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.40 billion. Discover Financial Services had a return on equity of 21.28% and a net margin of 20.91%. The firm’s revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.47 EPS. Analysts expect that Discover Financial Services will post $5.93 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Investors of record on Thursday, August 24th will be given a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $1.40 dividend on an annualized basis and a yield of 2.26%. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s dividend payout ratio (DPR) is 20.73%.
Discover Financial Services announced that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $2.23 billion in shares. This repurchase authorization permits the financial services provider to buy up to 9.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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A number of research analysts have recently weighed in on DFS shares. Instinet reaffirmed a “buy” rating and set a $86.00 target price (down from $88.00) on shares of Discover Financial Services in a report on Saturday, April 29th. Wells Fargo & Company lowered Discover Financial Services to a “buy” rating and set a $70.00 target price on the stock. in a report on Friday, May 19th. Royal Bank Of Canada reissued a “buy” rating and issued a $82.00 price objective on shares of Discover Financial Services in a report on Tuesday, May 16th. Keefe, Bruyette & Woods reissued a “buy” rating on shares of Discover Financial Services in a report on Friday, May 12th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $82.00 price objective on shares of Discover Financial Services in a report on Friday, May 12th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $74.21.
In related news, CEO David W. Nelms sold 30,000 shares of the firm’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $62.52, for a total value of $1,875,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Edward W. Mcgrogan sold 1,228 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $61.06, for a total transaction of $74,981.68. Following the completion of the sale, the senior vice president now owns 13,085 shares of the company’s stock, valued at approximately $798,970.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 107,744 shares of company stock valued at $6,658,830. 0.96% of the stock is owned by insiders.
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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