Discover Financial Services (NYSE:DFS) SVP Edward W. Mcgrogan Sells 1,228 Shares

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.

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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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