Cigna Investments Inc. New Sells 1,415 Shares of Discover Financial Services (NYSE:DFS)
Cigna Investments Inc. New decreased its position in Discover Financial Services (NYSE:DFS) by 7.5% during the second quarter, Holdings Channel reports. The fund owned 17,400 shares of the financial services provider’s stock after selling 1,415 shares during the period. Cigna Investments Inc. New’s holdings in Discover Financial Services were worth $1,082,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of the company. V Wealth Management LLC purchased a new position in shares of Discover Financial Services during the second quarter worth approximately $101,000. FNY Managed Accounts LLC purchased a new position in shares of Discover Financial Services during the first quarter worth approximately $124,000. Orrstown Financial Services Inc. increased its position in shares of Discover Financial Services by 16.7% in the second quarter. Orrstown Financial Services Inc. now owns 2,002 shares of the financial services provider’s stock worth $125,000 after buying an additional 286 shares during the period. Perigon Wealth Management LLC increased 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 period. Finally, Chicago Partners Investment Group LLC purchased a new position in shares of Discover Financial Services during the second quarter worth approximately $168,000. Hedge funds and other institutional investors own 86.76% of the company’s stock.
Shares of Discover Financial Services (DFS) opened at 60.10 on Friday. The company’s 50-day moving average is $61.30 and its 200 day moving average is $64.59. The stock has a market capitalization of $22.38 billion, a P/E ratio of 10.37 and a beta of 1.46. Discover Financial Services has a 52 week low of $53.91 and a 52 week high of $74.33.
Discover Financial Services (NYSE:DFS) last posted its quarterly earnings data 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. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.40 billion. Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.47 EPS. On average, equities analysts forecast that Discover Financial Services will post $5.93 EPS for the current fiscal year.
Discover Financial Services announced that its board has authorized a share repurchase 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 buy up to 9.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Thursday, August 24th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.33%. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s dividend payout ratio (DPR) is presently 20.73%.
A number of equities analysts have commented on the stock. Barclays PLC reaffirmed an “equal weight” rating and set a $70.00 target price (down from $79.00) on shares of Discover Financial Services in a research note on Thursday, July 13th. Oppenheimer Holdings, Inc. set a $69.00 target price on shares of Discover Financial Services and gave the stock a “buy” rating in a research note on Wednesday, July 26th. Bank of America Corporation downgraded shares of Discover Financial Services from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $67.00 to $63.00 in a research note on Thursday, July 27th. Zacks Investment Research downgraded shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Finally, BidaskClub raised shares of Discover Financial Services from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 10th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and seventeen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $74.21.
In other news, CEO David W. Nelms sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $62.52, for a total transaction of $1,875,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Roger C. Hochschild sold 15,258 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $62.48, for a total transaction of $953,319.84. Following the sale, the chief operating officer now directly owns 830,257 shares of the company’s stock, valued at approximately $51,874,457.36. The disclosure for this sale can be found here. Insiders have sold 107,744 shares of company stock valued at $6,658,830 in the last three months. Corporate 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.
Want to see what other hedge funds are holding DFS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Discover Financial Services (NYSE:DFS).
Receive News & Ratings for Discover Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Discover Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.