Discover Financial Services (DFS) PT Lowered to $67.00 at BMO Capital Markets

Discover Financial Services (NYSE:DFS) had its target price cut by BMO Capital Markets from $69.00 to $67.00 in a research note released on Wednesday morning. They currently have a market perform rating on the financial services provider’s stock.

Several other research analysts have also recently issued reports on DFS. Morgan Stanley restated an overweight rating and issued a $75.00 target price (down previously from $81.00) on shares of Discover Financial Services in a report on Thursday, July 6th. Instinet restated a buy rating and issued a $81.00 target price (down previously from $86.00) on shares of Discover Financial Services in a report on Wednesday, July 12th. Barclays PLC restated an equal weight rating and issued a $70.00 target price (down previously from $79.00) on shares of Discover Financial Services in a report on Thursday, July 13th. William Blair restated an outperform rating on shares of Discover Financial Services in a report on Tuesday, July 18th. Finally, Oppenheimer Holdings, Inc. set a $69.00 target price on shares of Discover Financial Services and gave the stock a buy rating in a report on Wednesday, July 26th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have given a buy rating to the stock. Discover Financial Services has an average rating of Hold and a consensus price target of $74.45.

Shares of Discover Financial Services (NYSE DFS) traded up 0.13% on Wednesday, hitting $66.78. 1,713,309 shares of the stock were exchanged. The company has a 50 day moving average of $63.43 and a 200 day moving average of $61.68. Discover Financial Services has a 52-week low of $55.41 and a 52-week high of $74.33. The company has a market cap of $24.87 billion, a price-to-earnings ratio of 11.52 and a beta of 1.47.

Discover Financial Services (NYSE:DFS) last issued its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.45 by ($0.05). Discover Financial Services had a return on equity of 20.74% and a net margin of 20.04%. The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the prior year, the business posted $1.47 EPS. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. Equities research analysts forecast that Discover Financial Services will post $5.96 earnings per share for the current year.

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The business also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Stockholders of record on Wednesday, November 22nd will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Tuesday, November 21st. Discover Financial Services’s dividend payout ratio is presently 24.05%.

Discover Financial Services declared that its board has initiated a stock repurchase program on Tuesday, July 25th that authorizes the company to repurchase $2.75 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 11.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

In other news, EVP Carlos Minetti sold 8,000 shares of Discover Financial Services stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $64.51, for a total value of $516,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David W. Nelms sold 30,000 shares of Discover Financial Services stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $61.13, for a total value of $1,833,900.00. Following the completion of the transaction, the chief executive officer now directly owns 1,559,912 shares of the company’s stock, valued at approximately $95,357,420.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 157,002 shares of company stock valued at $9,694,424. 0.96% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of DFS. Teachers Advisors LLC raised its position in shares of Discover Financial Services by 1.5% in the 1st quarter. Teachers Advisors LLC now owns 969,991 shares of the financial services provider’s stock worth $66,338,000 after purchasing an additional 14,266 shares during the last quarter. Thrivent Financial For Lutherans raised its position in shares of Discover Financial Services by 2.9% in the 1st quarter. Thrivent Financial For Lutherans now owns 14,728 shares of the financial services provider’s stock worth $1,009,000 after purchasing an additional 410 shares during the last quarter. Primecap Management Co. CA raised its position in shares of Discover Financial Services by 19.5% in the 1st quarter. Primecap Management Co. CA now owns 6,681,700 shares of the financial services provider’s stock worth $456,961,000 after purchasing an additional 1,088,500 shares during the last quarter. Global X Management Co. LLC raised its position in Discover Financial Services by 32.8% in the 1st quarter. Global X Management Co. LLC now owns 4,512 shares of the financial services provider’s stock worth $309,000 after buying an additional 1,115 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in Discover Financial Services in the 1st quarter worth about $3,928,000. 85.41% of the stock is owned by hedge funds and other institutional investors.

Discover Financial Services Company Profile

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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