Discover Financial Services (NYSE:DFS) SVP Edward W. Mcgrogan sold 1,228 shares of Discover Financial Services stock in a transaction dated 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 sale, the senior vice president now directly owns 13,085 shares in the company, valued at approximately $798,970.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Discover Financial Services (DFS) opened at 59.64 on Friday. The firm has a 50-day moving average of $61.28 and a 200-day moving average of $64.52. The stock has a market cap of $22.21 billion, a PE ratio of 10.29 and a beta of 1.46. Discover Financial Services has a 1-year low of $53.91 and a 1-year high of $74.33.
Discover Financial Services (NYSE:DFS) last released its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.45 by $0.05. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.40 billion. Discover Financial Services had a return on equity of 21.28% and a net margin of 20.91%. Discover Financial Services’s revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.47 EPS. Analysts expect that Discover Financial Services will post $5.93 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Thursday, August 24th will be given a dividend of $0.35 per share. The ex-dividend date is Tuesday, August 22nd. This represents a $1.40 annualized dividend and a dividend yield of 2.35%. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s dividend payout ratio (DPR) is presently 20.73%.
Discover Financial Services announced that its board has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $2.23 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 9.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
Several brokerages have commented on DFS. Instinet reaffirmed a “buy” rating and issued a $86.00 price objective (down previously from $88.00) on shares of Discover Financial Services in a research report on Saturday, April 29th. BidaskClub raised shares of Discover Financial Services from a “sell” rating to a “hold” rating in a research report on Tuesday, June 20th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $82.00 price objective on shares of Discover Financial Services in a research report on Tuesday, May 16th. Evercore ISI lowered their price objective on shares of Discover Financial Services from $79.00 to $78.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 26th. Finally, Oppenheimer Holdings, Inc. set a $69.00 price objective on shares of Discover Financial Services and gave the stock a “buy” rating in a research report on Wednesday, July 26th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and seventeen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $74.21.
Large investors have recently added to or reduced their stakes in the stock. V Wealth Management LLC bought a new stake in Discover Financial Services during the second quarter valued at about $101,000. Orrstown Financial Services Inc. boosted its stake in Discover Financial Services by 64.2% in the first quarter. Orrstown Financial Services Inc. now owns 1,716 shares of the financial services provider’s stock valued at $117,000 after buying an additional 671 shares during the last quarter. FNY Managed Accounts LLC bought a new stake in Discover Financial Services during the first quarter valued at about $124,000. Perigon Wealth Management LLC boosted its stake in 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 buying an additional 48 shares during the last quarter. Finally, Financial Architects Inc boosted its stake in Discover Financial Services by 65.1% in the second quarter. Financial Architects Inc now owns 2,600 shares of the financial services provider’s stock valued at $162,000 after buying an additional 1,025 shares during the last quarter. Hedge funds and other institutional investors own 86.76% 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.
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