Janney Montgomery Scott LLC lessened its position in shares of Discover Financial Services (NYSE:DFS) by 3.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 81,845 shares of the financial services provider’s stock after selling 2,988 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Discover Financial Services were worth $6,350,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Weaver Consulting Group acquired a new position in Discover Financial Services in the 1st quarter valued at about $28,000. Icon Wealth Partners LLC acquired a new position in Discover Financial Services in the 1st quarter valued at about $26,000. IMA Wealth Inc. raised its stake in Discover Financial Services by 1,448.3% in the 1st quarter. IMA Wealth Inc. now owns 449 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 420 shares during the last quarter. Essex Savings Bank raised its stake in Discover Financial Services by 66.7% in the 1st quarter. Essex Savings Bank now owns 500 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 200 shares during the last quarter. Finally, NEXT Financial Group Inc raised its stake in Discover Financial Services by 111.1% in the 2nd quarter. NEXT Financial Group Inc now owns 610 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 321 shares during the last quarter. 85.87% of the stock is owned by institutional investors and hedge funds.
DFS has been the subject of several analyst reports. UBS Group boosted their target price on shares of Discover Financial Services from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Bank of America initiated coverage on shares of Discover Financial Services in a research note on Wednesday, June 19th. They set a “neutral” rating for the company. Nomura upped their price objective on shares of Discover Financial Services from $86.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Morgan Stanley set a $97.00 price objective on shares of Discover Financial Services and gave the company a “buy” rating in a research note on Friday. Finally, Royal Bank of Canada initiated coverage on shares of Discover Financial Services in a research note on Friday, May 3rd. They set an “outperform” rating and a $96.00 price objective for the company. Twelve research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $84.35.
In other Discover Financial Services news, CFO R. Mark Graf sold 4,776 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $92.44, for a total value of $441,493.44. Following the completion of the transaction, the chief financial officer now owns 51,296 shares in the company, valued at approximately $4,741,802.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mary K. Bush sold 496 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $77.53, for a total value of $38,454.88. Following the completion of the transaction, the director now owns 53,564 shares of the company’s stock, valued at approximately $4,152,816.92. The disclosure for this sale can be found here. Insiders have sold a total of 28,159 shares of company stock valued at $2,572,746 in the last quarter. Company insiders own 0.81% of the company’s stock.
Shares of NYSE:DFS traded up $1.44 during trading on Tuesday, reaching $83.00. 22,954 shares of the stock were exchanged, compared to its average volume of 2,644,498. The company has a debt-to-equity ratio of 2.30, a quick ratio of 1.33 and a current ratio of 1.33. Discover Financial Services has a 12-month low of $54.36 and a 12-month high of $92.98. The firm has a market capitalization of $26.73 billion, a price-to-earnings ratio of 10.63, a price-to-earnings-growth ratio of 1.23 and a beta of 1.55. The company has a 50-day moving average price of $83.12.
Discover Financial Services (NYSE:DFS) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $2.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.11 by $0.21. Discover Financial Services had a return on equity of 26.76% and a net margin of 21.00%. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.81 billion. During the same quarter in the previous year, the business earned $1.91 EPS. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, analysts expect that Discover Financial Services will post 9 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be issued a dividend of $0.44 per share. The ex-dividend date is Wednesday, August 21st. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.12%. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.40. Discover Financial Services’s payout ratio is presently 20.54%.
Discover Financial Services Profile
Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
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