Retirement Systems of Alabama cut its stake in shares of Discover Financial Services (NYSE:DFS) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 184,337 shares of the financial services provider’s stock after selling 2,023 shares during the period. Retirement Systems of Alabama’s holdings in Discover Financial Services were worth $11,464,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of DFS. V Wealth Management LLC purchased a new stake in shares of Discover Financial Services during the second quarter valued at approximately $101,000. FNY Managed Accounts LLC purchased a new stake in shares of Discover Financial Services during the first quarter valued at approximately $124,000. Orrstown Financial Services Inc. increased its stake 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 valued at $125,000 after buying an additional 286 shares during the last quarter. Perigon Wealth Management LLC increased its stake 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 valued at $147,000 after buying an additional 48 shares during the last quarter. Finally, Financial Architects Inc increased its stake in shares of 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. 86.76% of the stock is owned by hedge funds and other institutional investors.

Shares of Discover Financial Services (DFS) opened at 60.10 on Friday. The firm has a 50-day moving average of $61.30 and a 200-day moving average of $64.59. Discover Financial Services has a 52 week low of $53.91 and a 52 week high of $74.33. The firm has a market cap of $22.38 billion, a PE ratio of 10.37 and a beta of 1.46.

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 the Zacks’ consensus estimate 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 return on equity of 21.28% and a net margin of 20.91%. Discover Financial Services’s revenue was up 9.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.47 earnings per share. On average, analysts expect that Discover Financial Services will post $5.93 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.33%. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, August 22nd. Discover Financial Services’s payout ratio is currently 20.73%.

Discover Financial Services declared that its board has initiated a share buyback program on Wednesday, June 28th that permits the company to buyback $2.23 billion in outstanding shares. This buyback authorization permits 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 of directors believes its shares are undervalued.

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Several brokerages have commented on DFS. Instinet reaffirmed a “buy” rating and issued a $86.00 target price (down previously from $88.00) on shares of Discover Financial Services in a research note on Saturday, April 29th. BidaskClub raised shares of Discover Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $82.00 target price on shares of Discover Financial Services in a research note on Tuesday, May 16th. Evercore ISI lowered their target price on shares of Discover Financial Services from $79.00 to $78.00 and set an “outperform” rating for the company in a research note on Wednesday, April 26th. Finally, Oppenheimer Holdings, Inc. set a $69.00 price target on shares of Discover Financial Services and gave the company a “buy” rating in a report on Wednesday, July 26th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and seventeen have given a buy rating to the company’s stock. Discover Financial Services currently has a consensus rating of “Buy” and an average target price of $74.21.

In other Discover Financial Services news, EVP Carlos Minetti sold 8,000 shares of Discover Financial Services 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 transaction, the executive vice president now directly owns 197,149 shares of the company’s stock, valued at approximately $12,083,262.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Edward W. Mcgrogan sold 1,228 shares of Discover Financial Services stock in a transaction on Monday, July 31st. The stock was sold at an average price of $61.06, for a total transaction of $74,981.68. Following the transaction, the senior vice president now directly owns 13,085 shares in the company, valued at $798,970.10. The disclosure for this sale can be found here. Insiders have sold a total of 107,744 shares of company stock worth $6,658,830 over the last ninety days. 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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Institutional Ownership by Quarter for Discover Financial Services (NYSE:DFS)

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