Exxonmobil Investment Management Inc. TX cut its stake in shares of Discover Financial Services (NYSE:DFS) by 14.7% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 72,996 shares of the financial services provider’s stock after selling 12,618 shares during the period. Exxonmobil Investment Management Inc. TX’s holdings in Discover Financial Services were worth $4,540,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of DFS. 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 worth 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 worth $147,000 after buying an additional 48 shares during the period. Advisory Services Network LLC acquired a new position in shares of Discover Financial Services during the first quarter worth 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 worth $193,000 after buying an additional 690 shares during the period. 86.76% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Discover Financial Services (NYSE:DFS) traded down 0.77% during trading on Friday, hitting $59.64. The company’s stock had a trading volume of 2,164,189 shares. Discover Financial Services has a 1-year low of $53.91 and a 1-year high of $74.33. The firm’s 50 day moving average is $61.28 and its 200-day moving average is $64.52. The company has a market capitalization of $22.21 billion, a P/E ratio of 10.29 and a beta of 1.46.
Discover Financial Services (NYSE:DFS) last announced its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.45 by $0.05. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates 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 for the quarter was up 9.2% on a year-over-year basis. During the same period last year, the firm earned $1.47 earnings per share. Analysts forecast 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. Shareholders of record on Thursday, August 24th will be issued a dividend of $0.35 per share. 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. This represents a $1.40 annualized dividend and a yield of 2.35%. Discover Financial Services’s payout ratio is currently 20.73%.
Discover Financial Services announced that its board has initiated 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
DFS has been the topic of a number of research reports. Evercore ISI lowered their target price on shares of Discover Financial Services from $79.00 to $78.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 26th. Oppenheimer Holdings, Inc. decreased their price target on Discover Financial Services from $85.00 to $75.00 and set an “outperform” rating for the company in a report on Wednesday, April 26th. CIBC decreased their price target on Discover Financial Services from $85.00 to $75.00 and set an “outperform” rating for the company in a report on Wednesday, April 26th. Instinet reissued a “buy” rating and issued a $86.00 target price (down previously from $88.00) on shares of Discover Financial Services in a report on Saturday, April 29th. Finally, Deutsche Bank AG downgraded Discover Financial Services from a “buy” rating to a “hold” rating and reduced their target price for the company from $87.00 to $71.00 in a report on Monday, May 1st. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seventeen have given a buy rating to the stock. Discover Financial Services currently 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 Discover Financial Services stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $62.48, for a total transaction of $953,319.84. Following the transaction, the chief operating officer now directly owns 830,257 shares in the company, valued at $51,874,457.36. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $62.52, for a total value of $1,875,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,744 shares of company stock worth $6,658,830. Corporate 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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