Research analysts at Wells Fargo & Company assumed coverage on shares of Discover Financial Services (NYSE:DFS) in a research note issued to investors on Tuesday, The Fly reports. The firm set a “market perform” rating on the financial services provider’s stock.

Other research analysts have also recently issued research reports about the stock. BidaskClub cut shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Zacks Investment Research cut shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Jefferies Group LLC restated a “buy” rating and issued a $75.00 price objective (down previously from $82.00) on shares of Discover Financial Services in a research report on Thursday, July 27th. Barclays PLC restated an “equal weight” rating and issued a $70.00 price objective (down previously from $79.00) on shares of Discover Financial Services in a research report on Thursday, July 13th. Finally, Morgan Stanley dropped their price objective on shares of Discover Financial Services from $71.00 to $70.00 and set an “overweight” rating for the company in a research report on Friday, September 8th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $73.63.

Shares of Discover Financial Services (NYSE:DFS) traded down 0.06% during trading on Tuesday, reaching $65.34. The company’s stock had a trading volume of 1,698,207 shares. The company has a market capitalization of $24.33 billion, a P/E ratio of 11.27 and a beta of 1.47. The company’s 50-day moving average is $60.94 and its 200-day moving average is $61.76. Discover Financial Services has a 12 month low of $53.91 and a 12 month high of $74.33.

Discover Financial Services (NYSE:DFS) last posted its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.45 by ($0.05). Discover Financial Services had a return on equity of 21.28% and a net margin of 20.91%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter last year, the firm earned $1.47 EPS. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, analysts forecast that Discover Financial Services will post $5.91 EPS for the current fiscal year.

Discover Financial Services declared that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $2.23 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 9.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

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In related news, CEO David W. Nelms sold 30,000 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $59.10, for a total value of $1,773,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,529,912 shares of the company’s stock, valued at approximately $90,417,799.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Edward W. Mcgrogan sold 1,228 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $61.06, for a total transaction of $74,981.68. Following the completion of the transaction, the senior vice president now directly owns 13,085 shares of the company’s stock, valued at $798,970.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 157,002 shares of company stock valued at $9,694,424. Company insiders own 0.96% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in DFS. BlackRock Inc. boosted its stake in Discover Financial Services by 3,280.4% in the 1st quarter. BlackRock Inc. now owns 30,704,582 shares of the financial services provider’s stock worth $2,099,886,000 after purchasing an additional 29,796,268 shares during the period. Bank of Montreal Can bought a new stake in Discover Financial Services during the 2nd quarter worth about $287,715,000. Norges Bank bought a new stake in Discover Financial Services during the 4th quarter worth about $258,887,000. Diamond Hill Capital Management Inc. lifted its position in Discover Financial Services by 1,458.6% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 3,559,909 shares of the financial services provider’s stock worth $221,391,000 after buying an additional 3,331,498 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC bought a new stake in Discover Financial Services during the 2nd quarter worth about $199,350,000. 85.45% of the stock is owned by hedge funds and other 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.

The Fly

Analyst Recommendations for Discover Financial Services (NYSE:DFS)

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