TIAA CREF Investment Management LLC Sells 57,952 Shares of Discover Financial Services (DFS)
TIAA CREF Investment Management LLC lessened its holdings in Discover Financial Services (NYSE:DFS) by 2.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,092,026 shares of the financial services provider’s stock after selling 57,952 shares during the period. TIAA CREF Investment Management LLC owned approximately 0.56% of Discover Financial Services worth $130,103,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. V Wealth Management LLC purchased a new position in Discover Financial Services in the 2nd quarter valued at approximately $101,000. FNY Managed Accounts LLC purchased a new position in Discover Financial Services in the 1st quarter valued at approximately $124,000. Orrstown Financial Services Inc. boosted its position in Discover Financial Services by 16.7% in the 2nd 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 boosted its position in Discover Financial Services by 2.3% in the 1st 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, Financial Architects Inc boosted its position in Discover Financial Services by 65.1% in the 2nd 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 period. 86.21% of the stock is owned by institutional investors.
Shares of Discover Financial Services (DFS) opened at 58.67 on Friday. The stock has a market capitalization of $21.85 billion, a PE ratio of 10.12 and a beta of 1.45. The company has a 50-day moving average of $59.76 and a 200-day moving average of $62.79. Discover Financial Services has a 12 month low of $53.91 and a 12 month high of $74.33.
Discover Financial Services (NYSE:DFS) last posted its quarterly earnings results 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). Discover Financial Services had a return on equity of 21.28% and a net margin of 20.91%. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the previous year, the business posted $1.47 earnings per share. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. On average, equities research analysts expect that Discover Financial Services will post $5.92 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Thursday, August 24th were given a $0.35 dividend. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Tuesday, August 22nd. Discover Financial Services’s dividend payout ratio (DPR) is presently 24.18%.
Discover Financial Services announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $2.23 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 9.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
Several brokerages have commented on DFS. Zacks Investment Research raised shares of Discover Financial Services from a “sell” rating to a “hold” rating in a research report on Tuesday. ValuEngine cut shares of Discover Financial Services from a “buy” rating to a “hold” rating in a research report on Monday. 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. Finally, Morgan Stanley decreased their price target on shares of Discover Financial Services from $71.00 to $70.00 and set an “overweight” rating for the company in a research report on Friday, September 8th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the stock. Discover Financial Services has a consensus rating of “Buy” and an average target price of $73.95.
In other news, COO Roger C. Hochschild sold 15,258 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $62.48, for a total value of $953,319.84. Following the transaction, the chief operating officer now directly owns 830,257 shares in the company, valued at approximately $51,874,457.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kathryn Mcnamara Corley sold 4,000 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $59.63, for a total transaction of $238,520.00. Following the completion of the transaction, the executive vice president now owns 150,744 shares in the company, valued at $8,988,864.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 157,002 shares of company stock worth $9,580,337. 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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