Boston Partners cut its position in Discover Financial Services (NYSE:DFS) by 23.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 11,648,975 shares of the financial services provider’s stock after selling 3,654,987 shares during the period. Discover Financial Services makes up about 0.9% of Boston Partners’ portfolio, making the stock its 20th largest position. Boston Partners’ holdings in Discover Financial Services were worth $724,449,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. V Wealth Management LLC bought a new position in shares of Discover Financial Services during the second quarter worth about $101,000. Orrstown Financial Services Inc. boosted its position in shares of 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 worth $117,000 after buying an additional 671 shares during the last quarter. FNY Managed Accounts LLC bought a new position in shares of Discover Financial Services during the first quarter worth about $124,000. Perigon Wealth Management LLC boosted its position in shares of 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 worth $147,000 after buying an additional 48 shares during the last quarter. Finally, Chicago Partners Investment Group LLC bought a new position in shares of Discover Financial Services during the second quarter worth about $168,000. 86.76% of the stock is owned by institutional investors and hedge funds.
Discover Financial Services (NYSE DFS) opened at 61.26 on Thursday. The firm has a 50-day moving average price of $61.30 and a 200-day moving average price of $64.62. Discover Financial Services has a 12 month low of $53.91 and a 12 month high of $74.33. The company has a market capitalization of $22.81 billion, a price-to-earnings ratio of 10.57 and a beta of 1.46.
Discover Financial Services (NYSE:DFS) last announced its quarterly 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. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.40 billion. Discover Financial Services had a return on equity of 21.28% and a net margin of 20.91%. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the company posted $1.47 earnings per share. On average, equities analysts anticipate that Discover Financial Services will post $5.93 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Investors of record on Thursday, August 24th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.29%. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, August 22nd. Discover Financial Services’s dividend payout ratio is presently 20.73%.
Discover Financial Services announced that its board has authorized a share buyback 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 repurchase up to 9.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
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A number of equities analysts have recently issued reports on the company. Barclays PLC reissued an “equal weight” rating and issued a $70.00 target price (down from $79.00) on shares of Discover Financial Services in a report on Thursday, July 13th. Zacks Investment Research cut Discover Financial Services from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Oppenheimer Holdings, Inc. set a $69.00 target price on Discover Financial Services and gave the stock a “buy” rating in a report on Wednesday, July 26th. Bank of America Corporation cut Discover Financial Services from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $67.00 to $63.00 in a report on Thursday, July 27th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $75.00 target price (down from $82.00) on shares of Discover Financial Services in a report on Thursday, July 27th. Three research 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. The stock has an average rating of “Buy” and an average target price of $74.21.
In related news, CEO David W. Nelms sold 30,000 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $62.52, for a total value of $1,875,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Edward W. Mcgrogan sold 1,228 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $61.06, for a total value of $74,981.68. Following the completion of the sale, the senior vice president now owns 13,085 shares of the company’s stock, valued at $798,970.10. The disclosure for this sale can be found here. Insiders sold 107,744 shares of company stock valued at $6,658,830 over the last 90 days. 0.96% of the stock is currently owned by company insiders.
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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