Discover Financial Services (DFS) Position Cut by Bank of Montreal Can
Bank of Montreal Can reduced its position in Discover Financial Services (NYSE:DFS) by 56.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,358,673 shares of the financial services provider’s stock after selling 3,068,353 shares during the period. Bank of Montreal Can’s holdings in Discover Financial Services were worth $146,685,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Quadrant Capital Group LLC raised its position in Discover Financial Services by 1.1% in the first quarter. Quadrant Capital Group LLC now owns 4,296 shares of the financial services provider’s stock worth $287,000 after buying an additional 46 shares during the last quarter. Fulton Bank N.A. increased its position in Discover Financial Services by 0.7% in the first quarter. Fulton Bank N.A. now owns 17,557 shares of the financial services provider’s stock valued at $1,201,000 after buying an additional 117 shares during the period. Rathbone Brothers plc increased its position in Discover Financial Services by 33.8% in the first quarter. Rathbone Brothers plc now owns 175,812 shares of the financial services provider’s stock valued at $12,024,000 after buying an additional 44,406 shares during the period. Swarthmore Group Inc. bought a new position in Discover Financial Services during the first quarter valued at approximately $15,699,000. Finally, Park National Corp OH increased its position in Discover Financial Services by 0.9% in the first quarter. Park National Corp OH now owns 7,934 shares of the financial services provider’s stock valued at $543,000 after buying an additional 70 shares during the period. Institutional investors and hedge funds own 84.46% of the company’s stock.
Discover Financial Services (NYSE DFS) opened at 61.07 on Tuesday. The company has a market capitalization of $23.22 billion, a PE ratio of 10.43 and a beta of 1.47. The firm’s 50-day moving average is $60.07 and its 200 day moving average is $66.69. Discover Financial Services has a one year low of $53.91 and a one year high of $74.33.
Discover Financial Services (NYSE:DFS) last issued its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.01. The company had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.36 billion. Discover Financial Services had a net margin of 22.08% and a return on equity of 21.86%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.35 earnings per share. On average, equities analysts expect that Discover Financial Services will post $5.98 EPS for the current fiscal year.
Discover Financial Services declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to buyback $2.23 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 9.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
Several research firms have recently commented on DFS. Rafferty Capital Markets reissued a “hold” rating and issued a $70.00 target price on shares of Discover Financial Services in a report on Wednesday, March 29th. Evercore ISI decreased their price target on shares of Discover Financial Services from $79.00 to $78.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 26th. Jefferies Group LLC reaffirmed a “buy” rating and set a $82.00 price target on shares of Discover Financial Services in a research note on Friday, April 7th. BMO Capital Markets reaffirmed a “hold” rating and set a $68.00 price target on shares of Discover Financial Services in a research note on Tuesday, April 11th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $84.00 price target on shares of Discover Financial Services in a research note on Monday, April 10th. Two 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. The stock has an average rating of “Buy” and an average target price of $74.58.
In other Discover Financial Services news, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $62.52, for a total transaction of $1,875,600.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Carlos Minetti sold 8,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $62.42, for a total transaction of $499,360.00. Following the sale, the executive vice president now owns 205,149 shares in the company, valued at $12,805,400.58. The disclosure for this sale can be found here. Insiders have sold 142,600 shares of company stock worth $8,976,046 over the last quarter. Insiders own 0.96% of the company’s stock.
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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