Discover Financial Services (NYSE:DFS) was downgraded by stock analysts at Bank of America Corporation from a “buy” rating to a “neutral” rating in a report released on Thursday, The Fly reports.

A number of other equities research analysts have also recently commented on DFS. Rafferty Capital Markets restated a “hold” rating and set a $70.00 target price on shares of Discover Financial Services in a research note on Wednesday, March 29th. Jefferies Group LLC reiterated a “buy” rating and set a $82.00 price objective on shares of Discover Financial Services in a research report on Friday, April 7th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $84.00 price objective on shares of Discover Financial Services in a research report on Monday, April 10th. BMO Capital Markets reiterated a “hold” rating and set a $68.00 price objective on shares of Discover Financial Services in a research report on Tuesday, April 11th. Finally, Evercore ISI reduced their price objective 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. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seventeen have issued a buy rating to the company. Discover Financial Services currently has a consensus rating of “Buy” and a consensus price target of $75.22.

Discover Financial Services (NYSE DFS) traded down 4.26% during mid-day trading on Thursday, reaching $60.44. 7,624,581 shares of the company were exchanged. The stock has a market capitalization of $22.98 billion, a price-to-earnings ratio of 10.32 and a beta of 1.47. Discover Financial Services has a one year low of $53.91 and a one year high of $74.33. The stock has a 50 day moving average of $61.22 and a 200-day moving average of $65.30.

Discover Financial Services (NYSE:DFS) last released its earnings results 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. Discover Financial Services had a return on equity of 21.86% and a net margin of 22.08%. The firm 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 business posted $1.47 EPS. Discover Financial Services’s revenue was up 9.2% on a year-over-year basis. On average, equities analysts expect that Discover Financial Services will post $5.98 earnings per share for the current fiscal year.

Discover Financial Services announced that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that permits the company to repurchase $2.23 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 9.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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In related news, EVP Julie A. Loeger sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $62.54, for a total value of $312,700.00. Following the sale, the executive vice president now owns 28,345 shares in the company, valued at $1,772,696.30. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO David W. Nelms sold 30,000 shares of the company’s stock in a transaction that occurred on 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. In the last quarter, insiders sold 103,516 shares of company stock worth $6,456,648. 0.96% of the stock is owned by insiders.

Large investors have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Discover Financial Services by 3,280.4% in the first quarter. BlackRock Inc. now owns 30,704,582 shares of the financial services provider’s stock worth $2,099,886,000 after buying an additional 29,796,268 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Discover Financial Services during the second quarter worth approximately $287,715,000. Norges Bank bought a new stake in Discover Financial Services during the fourth quarter valued at approximately $258,887,000. Diamond Hill Capital Management Inc. raised its stake in Discover Financial Services by 1,458.6% in the second quarter. Diamond Hill Capital Management Inc. now owns 3,559,909 shares of the financial services provider’s stock valued at $221,391,000 after buying an additional 3,331,498 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. bought a new stake in Discover Financial Services during the first quarter valued at approximately $133,324,000. Hedge funds and other institutional investors own 84.13% of the company’s stock.

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.

The Fly

Analyst Recommendations for Discover Financial Services (NYSE:DFS)

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