HL Financial Services LLC Decreases Position in Discover Financial Services (DFS)
HL Financial Services LLC reduced its stake in shares of Discover Financial Services (NYSE:DFS) by 0.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,988 shares of the financial services provider’s stock after selling 79 shares during the period. HL Financial Services LLC’s holdings in Discover Financial Services were worth $559,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. V Wealth Management LLC acquired a new stake in Discover Financial Services during the second quarter valued at about $101,000. FNY Managed Accounts LLC acquired a new stake in Discover Financial Services during the first quarter valued at about $124,000. Orrstown Financial Services Inc. raised its stake in 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 period. Perigon Wealth Management LLC raised its stake 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 period. Finally, Chicago Partners Investment Group LLC acquired a new stake in Discover Financial Services during the second quarter valued at about $168,000. 86.76% of the stock is currently owned by institutional investors.
Discover Financial Services (NYSE:DFS) opened at 59.64 on Friday. The firm has a 50-day moving average of $61.28 and a 200-day moving average of $64.52. Discover Financial Services has a 1-year low of $53.91 and a 1-year high of $74.33. The stock has a market cap of $22.21 billion, a PE ratio of 10.29 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 (EPS) for the quarter, missing the consensus estimate of $1.45 by $0.05. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.47 EPS. Analysts expect that Discover Financial Services will post $5.93 EPS for the current fiscal year.
Discover Financial Services declared that its board has authorized a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $2.23 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 9.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed 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 is Tuesday, August 22nd. This represents a $1.40 annualized dividend and a dividend yield of 2.35%. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s dividend payout ratio (DPR) is presently 20.73%.
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Several research firms have recently issued reports on DFS. Barclays PLC reissued an “equal weight” rating and issued a $70.00 price target (down previously from $79.00) on shares of Discover Financial Services in a research report on Thursday, July 13th. Oppenheimer Holdings, Inc. set a $69.00 price target on shares of Discover Financial Services and gave the company a “buy” rating in a research report on Wednesday, July 26th. Bank of America Corporation lowered shares of Discover Financial Services from a “buy” rating to a “neutral” rating and lowered their price target for the company from $67.00 to $63.00 in a research report on Thursday, July 27th. Zacks Investment Research lowered shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, BidaskClub raised shares of Discover Financial Services from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 10th. Three 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’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $74.21.
In other news, CEO David W. Nelms sold 30,000 shares of Discover Financial Services 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 legal filing with the SEC, which is available at this hyperlink. Also, EVP Carlos Minetti sold 8,000 shares of Discover Financial Services stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $62.42, for a total transaction of $499,360.00. Following the sale, the executive vice president now owns 205,149 shares in the company, valued at approximately $12,805,400.58. The disclosure for this sale can be found here. In the last quarter, insiders have sold 107,744 shares of company stock worth $6,658,830. Company insiders own 0.96% of the company’s stock.
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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