Chicago Partners Investment Group LLC bought a new stake in shares of Discover Financial Services (NYSE:DFS) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,500 shares of the financial services provider’s stock, valued at approximately $168,000.

Other institutional investors have also recently added to or reduced their stakes in the company. V Wealth Management LLC purchased a new position in Discover Financial Services during the second quarter valued at about $101,000. Orrstown Financial Services Inc. raised its position 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 purchased a new position in Discover Financial Services during the first quarter valued at about $124,000. Perigon Wealth Management LLC raised its position 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 raised its position 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. Institutional investors and hedge funds own 86.76% of the company’s stock.

Shares of Discover Financial Services (NYSE:DFS) opened at 61.39 on Tuesday. Discover Financial Services has a 12-month low of $53.91 and a 12-month high of $74.33. The company has a 50 day moving average of $61.27 and a 200-day moving average of $64.93. The firm has a market cap of $22.86 billion, a price-to-earnings ratio of 10.59 and a beta of 1.46.

Discover Financial Services (NYSE:DFS) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.45 by $0.05. Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same period last year, the business earned $1.47 earnings per share. The company’s revenue was up 9.2% on a year-over-year basis. Analysts predict that Discover Financial Services will post $5.93 EPS for the current year.

Discover Financial Services declared that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that allows the company to buyback $2.23 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 9.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Investors of record on Thursday, August 24th will be given a dividend of $0.35 per share. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Tuesday, August 22nd. Discover Financial Services’s dividend payout ratio (DPR) is 20.73%.

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Several equities analysts recently issued reports on the stock. Instinet restated a “buy” rating and issued a $86.00 target price (down previously from $88.00) on shares of Discover Financial Services in a report on Saturday, April 29th. BidaskClub upgraded shares of Discover Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday, June 20th. Royal Bank Of Canada restated a “buy” rating and issued a $82.00 target price on shares of Discover Financial Services in a report on Tuesday, May 16th. Evercore ISI dropped their target price on shares of Discover Financial Services from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Wednesday, April 26th. Finally, Oppenheimer Holdings, Inc. set a $69.00 target price on shares of Discover Financial Services and gave the company a “buy” rating in a 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 target price of $74.21.

In related news, CEO David W. Nelms sold 30,000 shares of Discover Financial Services 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Carlos Minetti sold 8,000 shares of Discover Financial Services stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $61.29, for a total transaction of $490,320.00. Following the transaction, the executive vice president now directly owns 197,149 shares of the company’s stock, valued at $12,083,262.21. The disclosure for this sale can be found here. Over the last three months, insiders have sold 107,744 shares of company stock valued at $6,658,830. 0.96% of the stock is currently owned by corporate 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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Institutional Ownership by Quarter for Discover Financial Services (NYSE:DFS)

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