New York State Common Retirement Fund Decreases Position in Discover Financial Services (DFS)
New York State Common Retirement Fund cut its position in shares of Discover Financial Services (NYSE:DFS) by 17.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 922,500 shares of the financial services provider’s stock after selling 195,291 shares during the quarter. New York State Common Retirement Fund owned 0.25% of Discover Financial Services worth $57,370,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. V Wealth Management LLC bought a new position in shares of Discover Financial Services during the second quarter worth about $101,000. FNY Managed Accounts LLC bought a new position in shares of Discover Financial Services during the first quarter worth about $124,000. Orrstown Financial Services Inc. grew its holdings in shares of Discover Financial Services by 16.7% during 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 in the last quarter. Perigon Wealth Management LLC grew its holdings in shares of Discover Financial Services by 2.3% during 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 in the last quarter. Finally, Chicago Partners Investment Group LLC bought a new position in shares of Discover Financial Services during the second quarter worth about $168,000. Institutional investors and hedge funds own 85.45% of the company’s stock.
Shares of Discover Financial Services (NYSE:DFS) opened at 60.34 on Thursday. The company’s 50-day moving average price is $59.72 and its 200 day moving average price is $62.41. Discover Financial Services has a 12-month low of $53.91 and a 12-month high of $74.33. The firm has a market capitalization of $22.47 billion, a PE ratio of 10.41 and a beta of 1.45.
Discover Financial Services (NYSE:DFS) last announced its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.45 by ($0.05). Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period last year, the company posted $1.47 earnings per share. Discover Financial Services’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, equities analysts forecast that Discover Financial Services will post $5.92 earnings per share for the current year.
Discover Financial Services declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $2.23 billion in shares. This buyback authorization permits the financial services provider to purchase up to 9.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.32%. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, August 22nd. Discover Financial Services’s dividend payout ratio is 24.18%.
A number of research analysts recently issued reports on DFS shares. Zacks Investment Research upgraded Discover Financial Services from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. BidaskClub upgraded Discover Financial Services from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Jefferies Group LLC reiterated a “buy” rating and set a $82.00 price objective on shares of Discover Financial Services in a report on Friday, June 16th. Instinet reiterated a “buy” rating and set a $81.00 price objective (down from $86.00) on shares of Discover Financial Services in a report on Wednesday, July 12th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $75.00 price objective (down from $81.00) on shares of Discover Financial Services in a report on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $73.95.
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In other Discover Financial Services news, COO Roger C. Hochschild sold 15,258 shares of the stock in a transaction 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 completion of the transaction, the chief operating officer now directly owns 830,257 shares of the company’s stock, valued at $51,874,457.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO David W. Nelms sold 30,000 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $62.52, for a total value of $1,875,600.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 157,002 shares of company stock valued at $9,580,337. 0.96% of the stock is owned by corporate insiders.
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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