Discover Financial Services (DFS) Sets New 52-Week High at $58.55
Shares of Discover Financial Services (NYSE:DFS) reached a new 52-week high on Monday . The stock traded as high as $58.55 and last traded at $57.92, with a volume of 906,696 shares trading hands. The stock had previously closed at $58.17.
DFS has been the subject of several research analyst reports. Credit Suisse Group AG reiterated an “outperform” rating on shares of Discover Financial Services in a research note on Tuesday, July 5th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Discover Financial Services in a research note on Thursday, June 9th. DA Davidson reiterated a “buy” rating and issued a $62.00 price objective on shares of Discover Financial Services in a research note on Friday, July 8th. Nomura reissued a “buy” rating on shares of Discover Financial Services in a research report on Sunday, July 10th. Finally, Macquarie downgraded shares of Discover Financial Services from an “outperform” rating to a “neutral” rating and set a $59.00 price target for the company. in a research report on Wednesday, May 11th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and three have assigned a strong buy rating to the stock. Discover Financial Services presently has an average rating of “Buy” and a consensus target price of $63.62.
The firm’s 50 day moving average is $55.70 and its 200 day moving average is $52.58. The company has a market cap of $23.50 billion and a PE ratio of 10.94.
Discover Financial Services (NYSE:DFS) last released its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $1.47 EPS for the quarter, beating the consensus estimate of $1.42 by $0.05. On average, equities analysts predict that Discover Financial Services will post $5.72 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 18th. Investors of record on Thursday, August 4th will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, August 2nd. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a dividend yield of 2.06%.
In related news, CEO David W. Nelms sold 15,000 shares of the stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $55.96, for a total transaction of $839,400.00. Following the sale, the chief executive officer now directly owns 1,787,014 shares of the company’s stock, valued at $100,001,303.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Roger C. Hochschild sold 10,000 shares of the stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $56.03, for a total value of $560,300.00. Following the sale, the chief operating officer now directly owns 875,772 shares in the company, valued at $49,069,505.16. The disclosure for this sale can be found here.
Several large investors have added to or reduced their stakes in the stock. I.G. Investment Management LTD. boosted its stake in Discover Financial Services by 425.1% in the fourth quarter. I.G. Investment Management LTD. now owns 1,895,640 shares of the financial services provider’s stock valued at $101,644,000 after buying an additional 1,534,619 shares during the period. Dimensional Fund Advisors LP boosted its stake in Discover Financial Services by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,451,440 shares of the financial services provider’s stock valued at $77,831,000 after buying an additional 59,953 shares during the period. US Bancorp DE boosted its stake in Discover Financial Services by 8.4% in the fourth quarter. US Bancorp DE now owns 272,217 shares of the financial services provider’s stock valued at $14,597,000 after buying an additional 21,177 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in Discover Financial Services by 66.6% in the fourth quarter. Victory Capital Management Inc. now owns 24,291 shares of the financial services provider’s stock valued at $1,302,000 after buying an additional 9,713 shares during the period.
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, which includes consumer banking and lending products, specifically Discover-branded credit cards issued to individuals and small businesses on the Discover Network and other consumer banking products and services, including personal loans, home equity loans, and other consumer lending and deposit products, and Payment Services segment, which includes PULSE and its Network Partners business.
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