Pictet Asset Management Ltd. Sells 9,600 Shares of Discover Financial Services (NYSE:DFS)
Pictet Asset Management Ltd. cut its position in shares of Discover Financial Services (NYSE:DFS) by 3.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 297,711 shares of the financial services provider’s stock after selling 9,600 shares during the period. Pictet Asset Management Ltd.’s holdings in Discover Financial Services were worth $17,476,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Bank of Nova Scotia increased its stake in Discover Financial Services by 171.5% in the first quarter. Bank of Nova Scotia now owns 88,397 shares of the financial services provider’s stock worth $6,045,000 after buying an additional 55,840 shares during the period. Pacer Advisors Inc. increased its stake in Discover Financial Services by 3.2% in the first quarter. Pacer Advisors Inc. now owns 8,406 shares of the financial services provider’s stock worth $575,000 after buying an additional 264 shares during the period. BKD Wealth Advisors LLC increased its stake in Discover Financial Services by 8.6% in the first quarter. BKD Wealth Advisors LLC now owns 5,002 shares of the financial services provider’s stock worth $342,000 after buying an additional 397 shares during the period. Quantitative Investment Management LLC acquired a new stake in Discover Financial Services during the first quarter worth about $868,000. Finally, Edge Asset Management Inc. increased its stake in Discover Financial Services by 2.7% in the first quarter. Edge Asset Management Inc. now owns 2,561,054 shares of the financial services provider’s stock worth $175,151,000 after buying an additional 67,475 shares during the period. Institutional investors own 86.76% of the company’s stock.
Shares of Discover Financial Services (NYSE:DFS) opened at 59.64 on Friday. The company’s 50-day moving average is $61.28 and its 200 day moving average is $64.52. The company has a market cap of $22.21 billion, a PE ratio of 10.29 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 issued its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 EPS for the quarter, missing the consensus estimate of $1.45 by $0.05. Discover Financial Services had a return on equity of 21.28% and a net margin of 20.91%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the prior year, the business earned $1.47 EPS. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, analysts anticipate that Discover Financial Services will post $5.93 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $1.40 annualized dividend and a yield of 2.35%. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s dividend payout ratio (DPR) is currently 20.73%.
Discover Financial Services announced that its Board of Directors has initiated a share buyback 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 reacquire up to 9.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
DFS has been the topic of a number of recent research reports. Deutsche Bank AG downgraded shares of Discover Financial Services from a “buy” rating to a “hold” rating and lowered their price objective for the company from $87.00 to $71.00 in a report on Monday, May 1st. BidaskClub upgraded shares of Discover Financial Services from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Instinet restated a “buy” rating and set a $86.00 target price (down from $88.00) on shares of Discover Financial Services in a report on Saturday, April 29th. Jefferies Group LLC restated a “buy” rating and set a $82.00 target price on shares of Discover Financial Services in a report on Friday, June 16th. Finally, BMO Capital Markets restated a “hold” rating and set a $70.00 target price on shares of Discover Financial Services in a report on Thursday, June 1st. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and seventeen have issued a buy rating to the company’s stock. Discover Financial Services currently has an average rating of “Buy” and a consensus price target of $74.21.
In other Discover Financial Services news, SVP Edward W. Mcgrogan sold 1,228 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $61.06, for a total value of $74,981.68. Following the completion of the transaction, the senior vice president now owns 13,085 shares in the company, valued at approximately $798,970.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Roger C. Hochschild sold 15,258 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $61.04, for a total value of $931,348.32. Following the completion of the transaction, the chief operating officer now owns 814,999 shares of the company’s stock, valued at approximately $49,747,538.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 107,744 shares of company stock valued at $6,658,830. 0.96% of the stock is 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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