Discover Financial Services (DFS) Shares Bought by Parametric Portfolio Associates LLC
Parametric Portfolio Associates LLC raised its stake in Discover Financial Services (NYSE:DFS) by 94.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,784,169 shares of the financial services provider’s stock after buying an additional 867,324 shares during the period. Parametric Portfolio Associates LLC owned approximately 0.48% of Discover Financial Services worth $110,957,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of DFS. BlackRock Inc. increased its holdings in Discover Financial Services by 3,280.4% in the first quarter. BlackRock Inc. now owns 30,704,582 shares of the financial services provider’s stock valued at $2,099,886,000 after buying an additional 29,796,268 shares in the last quarter. Diamond Hill Capital Management Inc. increased its stake in shares of Discover Financial Services by 1,458.6% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 3,559,909 shares of the financial services provider’s stock worth $221,391,000 after purchasing an additional 3,331,498 shares in the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Discover Financial Services during the 2nd quarter worth approximately $199,350,000. Principal Financial Group Inc. increased its stake in shares of Discover Financial Services by 492.6% during the 2nd quarter. Principal Financial Group Inc. now owns 3,504,010 shares of the financial services provider’s stock worth $217,914,000 after purchasing an additional 2,912,742 shares in the last quarter. Finally, FMR LLC increased its stake in shares of Discover Financial Services by 17.4% during the 2nd quarter. FMR LLC now owns 10,374,397 shares of the financial services provider’s stock worth $645,184,000 after purchasing an additional 1,534,882 shares in the last quarter. 85.45% of the stock is owned by institutional investors.
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In other Discover Financial Services news, SVP Edward W. Mcgrogan sold 1,228 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $61.06, for a total value of $74,981.68. Following the transaction, the senior vice president now owns 13,085 shares in the company, valued at approximately $798,970.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO David W. Nelms sold 30,000 shares of the company’s 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 disclosure for this sale can be found here. In the last quarter, insiders sold 157,002 shares of company stock worth $9,580,337. Company insiders own 0.96% of the company’s stock.
Shares of Discover Financial Services (NYSE DFS) traded up 1.50% during trading on Friday, hitting $61.41. 2,111,776 shares of the company’s stock were exchanged. The firm has a market capitalization of $22.87 billion, a PE ratio of 10.60 and a beta of 1.45. Discover Financial Services has a 1-year low of $53.91 and a 1-year high of $74.33. The stock’s 50 day moving average is $59.72 and its 200 day moving average is $62.41.
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 for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by ($0.05). The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.40 billion. Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.47 EPS. On average, equities research analysts forecast that Discover Financial Services will post $5.92 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.28%. The ex-dividend date was Tuesday, August 22nd. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s dividend payout ratio is currently 24.18%.
Discover Financial Services declared that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $2.23 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 9.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
DFS has been the subject of a number of recent research reports. BMO Capital Markets reissued a “hold” rating and set a $70.00 price objective on shares of Discover Financial Services in a research note on Thursday, June 1st. ValuEngine cut shares of Discover Financial Services from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub raised shares of Discover Financial Services from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 10th. Jefferies Group LLC reissued a “buy” rating and set a $82.00 price objective on shares of Discover Financial Services in a research note on Friday, June 16th. Finally, Morgan Stanley reissued an “overweight” rating and set a $75.00 price objective (down from $81.00) on shares of Discover Financial Services in a research note on Thursday, July 6th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $73.95.
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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