Discover Financial Services (NYSE:DFS) Shares Sold by Sei Investments Co.
Sei Investments Co. lowered its position in shares of Discover Financial Services (NYSE:DFS) by 16.4% during the second quarter, Holdings Channel reports. The firm owned 196,101 shares of the financial services provider’s stock after selling 38,405 shares during the period. Sei Investments Co.’s holdings in Discover Financial Services were worth $12,195,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Discover Financial Services by 3,280.4% in the first quarter. BlackRock Inc. now owns 30,704,582 shares of the financial services provider’s stock worth $2,099,886,000 after buying an additional 29,796,268 shares during the period. Vanguard Group Inc. increased its position in shares of Discover Financial Services by 1.3% in the first quarter. Vanguard Group Inc. now owns 25,530,944 shares of the financial services provider’s stock worth $1,746,060,000 after buying an additional 321,312 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Discover Financial Services by 0.7% in the first quarter. JPMorgan Chase & Co. now owns 12,546,613 shares of the financial services provider’s stock worth $858,062,000 after buying an additional 91,440 shares in the last quarter. Primecap Management Co. CA increased its position in shares of Discover Financial Services by 19.5% in the first quarter. Primecap Management Co. CA now owns 6,681,700 shares of the financial services provider’s stock worth $456,961,000 after buying an additional 1,088,500 shares in the last quarter. Finally, Bank of Montreal Can increased its position in shares of Discover Financial Services by 10.6% in the first quarter. Bank of Montreal Can now owns 5,427,026 shares of the financial services provider’s stock worth $371,154,000 after buying an additional 520,197 shares in the last quarter. 86.76% of the stock is owned by institutional investors and hedge funds.
Shares of Discover Financial Services (DFS) opened at 61.96 on Wednesday. Discover Financial Services has a 52 week low of $53.91 and a 52 week high of $74.33. The stock’s 50 day moving average is $61.26 and its 200 day moving average is $64.84. The stock has a market capitalization of $23.07 billion, a PE ratio of 10.69 and a beta of 1.46.
Discover Financial Services (NYSE:DFS) last released its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same quarter in the prior year, the company posted $1.47 EPS. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. Analysts anticipate that Discover Financial Services will post $5.93 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Investors of record on Thursday, August 24th will be paid a $0.35 dividend. The ex-dividend date is Tuesday, August 22nd. This is a positive change 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 2.26%. Discover Financial Services’s dividend payout ratio (DPR) is presently 20.73%.
Discover Financial Services declared that its board has approved a share repurchase program 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 programs are often a sign that the company’s board believes its shares are undervalued.
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A number of research analysts have recently issued reports on DFS shares. Instinet reiterated a “buy” rating and issued a $86.00 price target (down from $88.00) on shares of Discover Financial Services in a report on Saturday, April 29th. Wells Fargo & Company restated an “outperform” rating and set a $70.00 target price (down from $80.00) on shares of Discover Financial Services in a research note on Sunday, May 21st. ValuEngine cut Discover Financial Services from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Deutsche Bank AG cut Discover Financial Services from a “buy” rating to a “hold” rating and lowered their price target for the stock from $87.00 to $71.00 in a research report on Monday, May 1st. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $75.00 price target (down previously from $81.00) on shares of Discover Financial Services in a research report on Thursday, July 6th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seventeen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $74.21.
In other Discover Financial Services news, CEO David W. Nelms sold 30,000 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $62.52, for a total value of $1,875,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Carlos Minetti sold 8,000 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $61.29, for a total transaction of $490,320.00. Following the completion of the sale, 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. Insiders sold a total of 107,744 shares of company stock worth $6,658,830 over the last quarter. 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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