David W. Nelms Sells 30,000 Shares of Discover Financial Services (DFS) Stock
Discover Financial Services (NYSE:DFS) CEO David W. Nelms sold 30,000 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $64.55, for a total value of $1,936,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Discover Financial Services (DFS) traded down 0.38% during mid-day trading on Wednesday, hitting $65.49. The stock had a trading volume of 2,200,602 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 price is $60.38 and its 200-day moving average price is $61.83. The stock has a market cap of $24.39 billion, a PE ratio of 11.30 and a beta of 1.47.
Discover Financial Services (NYSE:DFS) last released its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business’s revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.47 earnings per share. On average, equities analysts expect that Discover Financial Services will post $5.92 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Thursday, August 24th were issued a $0.35 dividend. The ex-dividend date was 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 dividend yield of 2.14%. Discover Financial Services’s dividend payout ratio is currently 24.18%.
Discover Financial Services declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $2.23 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 9.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
COPYRIGHT VIOLATION WARNING: This article was originally reported by American Banking News and is the sole property of of American Banking News. If you are reading this article on another site, it was illegally stolen and reposted in violation of US and international copyright law. The original version of this article can be read at https://www.americanbankingnews.com/2017/10/04/david-w-nelms-sells-30000-shares-of-discover-financial-services-dfs-stock.html.
A number of research firms recently issued reports on DFS. Buckingham Research began coverage on Discover Financial Services in a report on Monday. They set a “buy” rating and a $74.00 price objective for the company. Barclays PLC reiterated an “equal weight” rating and set a $70.00 price objective (down from $79.00) on shares of Discover Financial Services in a report on Thursday, July 13th. ValuEngine upgraded Discover Financial Services from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Oppenheimer Holdings, Inc. set a $69.00 price objective on Discover Financial Services and gave the stock a “buy” rating in a report on Wednesday, July 26th. Finally, Zacks Investment Research downgraded Discover Financial Services from a “hold” rating to a “sell” rating in a report on Tuesday, September 26th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and seventeen have given a buy rating to the company’s stock. Discover Financial Services has a consensus rating of “Buy” and an average price target of $73.95.
Hedge funds have recently added to or reduced their stakes in the company. V Wealth Management LLC bought a new position in shares of Discover Financial Services in the second quarter valued at approximately $101,000. FNY Managed Accounts LLC bought a new position in shares of Discover Financial Services in the first quarter valued at approximately $124,000. Orrstown Financial Services Inc. grew its holdings in shares of Discover Financial Services by 16.7% in the second quarter. Orrstown Financial Services Inc. now owns 2,002 shares of the financial services provider’s stock valued at $125,000 after acquiring an additional 286 shares in the last quarter. Perigon Wealth Management LLC grew its holdings 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 valued at $147,000 after acquiring an additional 48 shares in the last quarter. Finally, Capstone Investment Advisors Netherlands B.V. bought a new position in shares of Discover Financial Services in the second quarter valued at approximately $157,000. 85.45% of the stock is owned by institutional investors.
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.
Receive News & Ratings for Discover Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Discover Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.