Foster & Motley Inc. boosted its stake in shares of Discover Financial Services (NYSE:DFS) by 1.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 76,193 shares of the financial services provider’s stock after buying an additional 823 shares during the period. Foster & Motley Inc.’s holdings in Discover Financial Services were worth $4,738,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Discover Financial Services during the first quarter valued at approximately $752,000. Tompkins Financial Corp boosted its stake in shares of Discover Financial Services by 357.4% in the first quarter. Tompkins Financial Corp now owns 5,178 shares of the financial services provider’s stock valued at $264,000 after buying an additional 4,046 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Discover Financial Services during the first quarter valued at approximately $789,000. BKD Wealth Advisors LLC boosted its stake in shares of Discover Financial Services by 8.6% in the first quarter. BKD Wealth Advisors LLC now owns 5,002 shares of the financial services provider’s stock valued at $342,000 after buying an additional 397 shares during the last quarter. Finally, Parametrica Management Ltd purchased a new stake in shares of Discover Financial Services during the first quarter valued at approximately $359,000. 86.20% of the stock is owned by institutional investors and hedge funds.
Discover Financial Services (DFS) traded down 0.78% on Friday, reaching $59.43. The company’s stock had a trading volume of 2,044,334 shares. Discover Financial Services has a 12 month low of $53.91 and a 12 month high of $74.33. The company has a 50-day moving average price of $61.23 and a 200 day moving average price of $64.20. The company has a market cap of $22.13 billion, a P/E ratio of 10.25 and a beta of 1.46.
Discover Financial Services (NYSE:DFS) last issued its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.45 by $0.05. Discover Financial Services had a return on equity of 21.28% and a net margin of 20.91%. The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same period in the previous year, the company earned $1.47 EPS. Discover Financial Services’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, equities research analysts anticipate that Discover Financial Services will post $5.93 EPS for the current fiscal year.
Discover Financial Services announced that its board has approved a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $2.23 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 9.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Tuesday, August 22nd. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s dividend payout ratio is presently 20.73%.
A number of equities research analysts have issued reports on the company. Evercore ISI decreased their target price on Discover Financial Services from $79.00 to $78.00 and set an “outperform” rating for the company in a research report on Wednesday, April 26th. CIBC decreased their target price on Discover Financial Services from $85.00 to $75.00 and set an “outperform” rating for the company in a research report on Wednesday, April 26th. Oppenheimer Holdings, Inc. decreased their target price on Discover Financial Services from $85.00 to $75.00 and set an “outperform” rating for the company in a research report on Wednesday, April 26th. Bank of America Corporation cut Discover Financial Services from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $67.00 to $63.00 in a research report on Thursday, July 27th. Finally, Deutsche Bank AG cut Discover Financial Services from a “buy” rating to a “hold” rating and decreased their target price for the stock from $87.00 to $71.00 in a research report on Monday, May 1st. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seventeen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $74.21.
In other Discover Financial Services news, COO Roger C. Hochschild sold 15,258 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $61.04, for a total value of $931,348.32. Following the completion of the transaction, the chief operating officer now owns 814,999 shares of the company’s stock, valued at approximately $49,747,538.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Carlos Minetti sold 8,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $61.29, for a total value of $490,320.00. Following the completion of the transaction, the executive vice president now directly owns 197,149 shares of the company’s stock, valued at approximately $12,083,262.21. 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. 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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