Daiwa SB Investments Ltd. Has $833,000 Position in Discover Financial Services (NYSE:DFS)

Daiwa SB Investments Ltd. cut its position in Discover Financial Services (NYSE:DFS) by 11.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,400 shares of the financial services provider’s stock after selling 1,680 shares during the period. Daiwa SB Investments Ltd.’s holdings in Discover Financial Services were worth $833,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted 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 during the last quarter. Vanguard Group Inc. boosted its stake in shares of Discover Financial Services by 1.3% in the first quarter. Vanguard Group Inc. now owns 25,530,944 shares of the financial services provider’s stock worth $1,746,060,000 after buying an additional 321,312 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Discover Financial Services by 0.7% in the first quarter. JPMorgan Chase & Co. now owns 12,546,613 shares of the financial services provider’s stock worth $858,062,000 after buying an additional 91,440 shares during the last quarter. Primecap Management Co. CA boosted its stake in shares of Discover Financial Services by 19.5% in the first quarter. Primecap Management Co. CA now owns 6,681,700 shares of the financial services provider’s stock worth $456,961,000 after buying an additional 1,088,500 shares during the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of Discover Financial Services by 10.6% in the first quarter. Bank of Montreal Can now owns 5,427,026 shares of the financial services provider’s stock worth $371,154,000 after buying an additional 520,197 shares during the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.

Shares of Discover Financial Services (DFS) traded down 0.77% during mid-day trading on Friday, hitting $59.64. The stock had a trading volume of 2,163,728 shares. Discover Financial Services has a 1-year low of $53.91 and a 1-year high of $74.33. The stock’s 50-day moving average price is $61.30 and its 200 day moving average price is $64.59. The company has a market capitalization of $22.21 billion, a P/E ratio of 10.29 and a beta of 1.46.

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 (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by $0.05. The business had revenue of $2.42 billion for 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%. Discover Financial Services’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.47 EPS. On average, analysts predict that Discover Financial Services will post $5.93 EPS for the current fiscal year.

Discover Financial Services announced that its board has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $2.23 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 9.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Investors of record on Thursday, August 24th will be paid a dividend of $0.35 per share. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $1.40 annualized dividend and a yield of 2.35%. Discover Financial Services’s dividend payout ratio (DPR) is currently 20.73%.

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DFS has been the subject of a number of recent analyst reports. Deutsche Bank AG cut Discover Financial Services from a “buy” rating to a “hold” rating and decreased their target price for the stock from $87.00 to $71.00 in a research report on Monday, May 1st. BidaskClub raised Discover Financial Services from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 10th. Instinet reissued a “buy” rating and issued a $86.00 price objective (down from $88.00) on shares of Discover Financial Services in a research report on Saturday, April 29th. Jefferies Group LLC reissued a “buy” rating and issued a $82.00 price objective on shares of Discover Financial Services in a research report on Friday, June 16th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $70.00 price objective on shares of Discover Financial Services in a research report on Thursday, June 1st. 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. The stock has an average rating of “Buy” and an average price target of $74.21.

In other Discover Financial Services news, COO Roger C. Hochschild sold 15,258 shares of Discover Financial Services stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $62.48, for a total transaction of $953,319.84. Following the completion of the sale, the chief operating officer now owns 830,257 shares of the company’s stock, valued at $51,874,457.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Carlos Minetti sold 8,000 shares of Discover Financial Services stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $62.42, for a total value of $499,360.00. Following the sale, the executive vice president now directly owns 205,149 shares of the company’s stock, valued at approximately $12,805,400.58. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 107,744 shares of company stock valued at $6,658,830. Corporate insiders own 0.96% 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.

Institutional Ownership by Quarter for Discover Financial Services (NYSE:DFS)

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