Quantum Capital Management Boosts Holdings in Discover Financial Services (DFS)

Quantum Capital Management raised its stake in Discover Financial Services (NYSE:DFS) by 28.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 145,851 shares of the financial services provider’s stock after buying an additional 32,079 shares during the period. Discover Financial Services makes up about 2.2% of Quantum Capital Management’s investment portfolio, making the stock its 12th largest holding. Quantum Capital Management’s holdings in Discover Financial Services were worth $9,070,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of DFS. UBS Asset Management Americas Inc. increased its holdings in shares of Discover Financial Services by 14.4% in the first quarter. UBS Asset Management Americas Inc. now owns 1,429,221 shares of the financial services provider’s stock valued at $97,744,000 after buying an additional 180,261 shares in the last quarter. Karp Capital Management Corp bought a new position in shares of Discover Financial Services in the first quarter valued at $14,558,000. Sei Investments Co. increased its holdings in shares of Discover Financial Services by 17.5% in the first quarter. Sei Investments Co. now owns 234,506 shares of the financial services provider’s stock valued at $16,038,000 after buying an additional 34,905 shares in the last quarter. TD Asset Management Inc. increased its holdings in shares of Discover Financial Services by 11.5% in the first quarter. TD Asset Management Inc. now owns 1,216,350 shares of the financial services provider’s stock valued at $83,186,000 after buying an additional 125,298 shares in the last quarter. Finally, Tdam USA Inc. increased its holdings in shares of Discover Financial Services by 21.7% in the first quarter. Tdam USA Inc. now owns 101,796 shares of the financial services provider’s stock valued at $6,962,000 after buying an additional 18,141 shares in the last quarter. 85.45% of the stock is currently owned by institutional investors.

Shares of Discover Financial Services (NYSE:DFS) traded down 0.6044% during midday trading on Wednesday, reaching $60.1244. 1,136,141 shares of the company were exchanged. The stock has a 50-day moving average price of $59.72 and a 200 day moving average price of $62.41. The company has a market capitalization of $22.39 billion, a P/E ratio of 10.3734 and a beta of 1.45. Discover Financial Services has a 52-week low of $53.91 and a 52-week high of $74.33.

Discover Financial Services (NYSE:DFS) last released its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.05). The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.40 billion. Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period last year, the business posted $1.47 EPS. Equities research analysts expect that Discover Financial Services will post $5.92 EPS for the current fiscal year.

Discover Financial Services declared 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Investors of record on Thursday, August 24th were given a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, August 22nd. This represents a $1.40 dividend on an annualized basis and a yield of 2.31%. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s dividend payout ratio (DPR) is 24.18%.

DFS has been the topic of several research reports. BMO Capital Markets reaffirmed a “hold” rating and issued a $70.00 price target on shares of Discover Financial Services in a report on Thursday, June 1st. ValuEngine cut Discover Financial Services from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. BidaskClub raised Discover Financial Services from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Jefferies Group LLC reissued a “buy” rating and set a $82.00 target price on shares of Discover Financial Services in a research note on Friday, June 16th. Finally, Morgan Stanley reissued an “overweight” rating and set a $75.00 target price (down from $81.00) on shares of Discover Financial Services in a research note on Thursday, July 6th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $73.95.

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In related news, SVP Edward W. Mcgrogan sold 1,228 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $61.06, for a total value of $74,981.68. Following the completion of the transaction, the senior vice president now owns 13,085 shares of the company’s stock, valued at $798,970.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $1,875,600.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 157,002 shares of company stock valued at $9,580,337. 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.

Institutional Ownership by Quarter for Discover Financial Services (NYSE:DFS)

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