Yorktown Management & Research Co Inc continued to hold its position in shares of Discover Financial Services (NYSE:DFS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,800 shares of the financial services provider’s stock at the end of the second quarter. Yorktown Management & Research Co Inc’s holdings in Discover Financial Services were worth $236,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of DFS. UBS Asset Management Americas Inc. boosted its holdings in 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 acquiring an additional 180,261 shares during the last quarter. Meadow Creek Investment Management LLC boosted its holdings in Discover Financial Services by 49.4% in the first quarter. Meadow Creek Investment Management LLC now owns 274,064 shares of the financial services provider’s stock valued at $18,743,000 after acquiring an additional 90,664 shares during the last quarter. Intrust Bank NA boosted its holdings in Discover Financial Services by 1.5% in the first quarter. Intrust Bank NA now owns 20,387 shares of the financial services provider’s stock valued at $1,395,000 after acquiring an additional 292 shares during the last quarter. Karp Capital Management Corp bought a new position in Discover Financial Services in the first quarter valued at about $14,558,000. Finally, Sei Investments Co. boosted its holdings in 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 acquiring an additional 34,905 shares during the last quarter. Institutional investors and hedge funds own 85.45% of the company’s stock.
Shares of Discover Financial Services (NYSE DFS) opened at 60.25 on Tuesday. The company has a 50-day moving average price of $59.74 and a 200-day moving average price of $62.49. Discover Financial Services has a 12 month low of $53.91 and a 12 month high of $74.33. The firm has a market cap of $22.43 billion, a price-to-earnings ratio of 10.40 and a beta of 1.45.
Discover Financial Services (NYSE:DFS) last announced its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 EPS for the quarter, missing the consensus estimate of $1.45 by ($0.05). Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the previous year, the company earned $1.47 EPS. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. Analysts forecast that Discover Financial Services will post $5.92 earnings per share for the current fiscal year.
Discover Financial Services declared that its board has authorized a share repurchase program on Wednesday, June 28th that permits the company to buyback $2.23 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 9.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 7th. Investors of record on Thursday, August 24th were paid a dividend of $0.35 per share. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date was Tuesday, August 22nd. Discover Financial Services’s dividend payout ratio is 24.18%.
Several equities analysts have weighed in on the company. Bank of America Corporation lowered Discover Financial Services from a “buy” rating to a “neutral” rating and cut their target price for the company from $67.00 to $63.00 in a research note on Thursday, July 27th. Oppenheimer Holdings, Inc. set a $69.00 target price on Discover Financial Services and gave the company a “buy” rating in a research note on Wednesday, July 26th. Morgan Stanley reissued an “overweight” rating and issued a $75.00 target price (down previously from $81.00) on shares of Discover Financial Services in a research note on Thursday, July 6th. Barclays PLC reissued an “equal weight” rating and issued a $70.00 target price (down previously from $79.00) on shares of Discover Financial Services in a research note on Thursday, July 13th. Finally, BidaskClub raised Discover Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $73.95.
In related news, EVP Kathryn Mcnamara Corley sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $59.63, for a total transaction of $238,520.00. Following the transaction, the executive vice president now directly owns 150,744 shares of the company’s stock, valued at approximately $8,988,864.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Edward W. Mcgrogan sold 1,228 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $61.06, for a total value of $74,981.68. Following the transaction, the senior vice president now directly owns 13,085 shares in the company, valued at $798,970.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 157,002 shares of company stock worth $9,580,337. 0.96% of the stock is owned by company insiders.
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Discover Financial Services 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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