Insider Selling: Discover Financial Services (DFS) CEO Sells 30,000 Shares of Stock
Discover Financial Services (NYSE:DFS) CEO David W. Nelms sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $66.80, for a total transaction of $2,004,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Shares of Discover Financial Services (NYSE:DFS) traded up $0.54 during trading on Friday, reaching $67.44. 3,146,339 shares of the company’s stock traded hands, compared to its average volume of 2,509,120. The firm has a market cap of $24.32 billion, a P/E ratio of 11.50 and a beta of 1.52.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Shareholders of record on Wednesday, November 22nd will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Tuesday, November 21st. Discover Financial Services’s dividend payout ratio (DPR) is presently 24.05%.
Discover Financial Services declared that its board has approved a stock repurchase program on Tuesday, July 25th that allows the company to buyback $2.75 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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Several research firms have recently weighed in on DFS. Oppenheimer Holdings, Inc. set a $71.00 target price on shares of Discover Financial Services and gave the stock a “buy” rating in a research note on Tuesday, October 24th. Compass Point downgraded shares of Discover Financial Services from a “buy” rating to a “neutral” rating in a research note on Wednesday, October 25th. Nomura reduced their target price on shares of Discover Financial Services from $81.00 to $79.00 and set a “buy” rating for the company in a research note on Wednesday, October 25th. Bank of America Corporation lifted their target price on shares of Discover Financial Services from $67.00 to $69.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 25th. Finally, BMO Capital Markets reduced their target price on shares of Discover Financial Services from $69.00 to $67.00 and set a “market perform” rating for the company in a research note on Wednesday, October 25th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have assigned a buy rating to the stock. Discover Financial Services currently has a consensus rating of “Hold” and a consensus target price of $74.45.
Several hedge funds have recently bought and sold shares of DFS. V Wealth Management LLC purchased a new position in shares of Discover Financial Services during the second quarter worth approximately $101,000. FNY Managed Accounts LLC purchased a new position in shares of Discover Financial Services during the first quarter worth approximately $124,000. Orrstown Financial Services Inc. raised its stake in shares of Discover Financial Services by 16.7% during the second quarter. Orrstown Financial Services Inc. now owns 2,002 shares of the financial services provider’s stock worth $125,000 after acquiring an additional 286 shares in the last quarter. Perigon Wealth Management LLC raised its stake in shares of Discover Financial Services by 2.3% during the first quarter. Perigon Wealth Management LLC now owns 2,146 shares of the financial services provider’s stock worth $147,000 after acquiring an additional 48 shares in the last quarter. Finally, Capstone Investment Advisors Netherlands B.V. purchased a new position in shares of Discover Financial Services during the second quarter worth approximately $157,000. 86.40% of the stock is currently 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.
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