Dupont Capital Management Corp increased its holdings in Discover Financial Services (NYSE:DFS) by 15.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 79,330 shares of the financial services provider’s stock after buying an additional 10,459 shares during the period. Dupont Capital Management Corp’s holdings in Discover Financial Services were worth $6,065,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. Bank of America Corp DE raised its stake in Discover Financial Services by 7.5% in the second quarter. Bank of America Corp DE now owns 1,844,422 shares of the financial services provider’s stock worth $129,865,000 after buying an additional 129,286 shares in the last quarter. Atria Investments LLC raised its stake in Discover Financial Services by 19.7% in the third quarter. Atria Investments LLC now owns 12,551 shares of the financial services provider’s stock worth $960,000 after buying an additional 2,069 shares in the last quarter. Glen Harbor Capital Management LLC raised its stake in Discover Financial Services by 61.3% in the second quarter. Glen Harbor Capital Management LLC now owns 247,282 shares of the financial services provider’s stock worth $17,411,000 after buying an additional 93,942 shares in the last quarter. Salem Investment Counselors Inc. raised its stake in Discover Financial Services by 1.7% in the second quarter. Salem Investment Counselors Inc. now owns 54,849 shares of the financial services provider’s stock worth $3,862,000 after buying an additional 925 shares in the last quarter. Finally, Calamos Advisors LLC raised its stake in Discover Financial Services by 1.8% in the third quarter. Calamos Advisors LLC now owns 240,413 shares of the financial services provider’s stock worth $18,380,000 after buying an additional 4,285 shares in the last quarter. 85.66% of the stock is owned by institutional investors.
DFS has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Discover Financial Services from a “hold” rating to a “buy” rating and set a $88.00 price objective for the company in a research note on Wednesday, September 26th. Bank of America boosted their price objective on shares of Discover Financial Services from $86.00 to $92.00 and gave the stock a “buy” rating in a research note on Friday, September 21st. Sandler O’Neill reissued a “buy” rating and issued a $87.00 price objective on shares of Discover Financial Services in a research note on Friday, July 27th. Finally, Wells Fargo & Co lifted their price target on shares of Discover Financial Services from $76.00 to $82.00 and gave the stock a “market perform” rating in a report on Monday, October 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Discover Financial Services presently has a consensus rating of “Buy” and an average price target of $86.80.
NYSE DFS opened at $70.56 on Friday. The company has a debt-to-equity ratio of 2.58, a quick ratio of 1.48 and a current ratio of 1.48. Discover Financial Services has a 12-month low of $63.31 and a 12-month high of $81.93. The firm has a market capitalization of $23.77 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 0.73 and a beta of 1.50.
Discover Financial Services (NYSE:DFS) last released its quarterly earnings results on Thursday, October 25th. The financial services provider reported $2.05 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $2.05. The business had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.69 billion. Discover Financial Services had a net margin of 19.51% and a return on equity of 25.49%. Sell-side analysts anticipate that Discover Financial Services will post 7.83 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 6th. Stockholders of record on Wednesday, November 21st will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Tuesday, November 20th. Discover Financial Services’s dividend payout ratio (DPR) is presently 26.76%.
Discover Financial Services announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 19th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 11.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, SVP Edward W. Mcgrogan sold 850 shares of the business’s stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $70.00, for a total transaction of $59,500.00. Following the sale, the senior vice president now directly owns 12,075 shares of the company’s stock, valued at $845,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $78.11, for a total transaction of $2,343,300.00. Following the sale, the chief executive officer now directly owns 1,210,798 shares in the company, valued at $94,575,431.78. The disclosure for this sale can be found here. Insiders have sold 104,100 shares of company stock worth $7,795,625 over the last three months. Corporate insiders own 0.81% of the company’s stock.
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Discover Financial Services Company Profile
Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
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