Discover Financial Services (DFS) Earns Market Perform Rating from Analysts at Wells Fargo & Company
Wells Fargo & Company started coverage on shares of Discover Financial Services (NYSE:DFS) in a report published on Tuesday, MarketBeat Ratings reports. The brokerage issued a market perform rating and a $69.00 price objective on the financial services provider’s stock.
Several other equities analysts have also recently weighed in on the company. Buckingham Research assumed coverage on Discover Financial Services in a report on Monday, October 2nd. They set a buy rating and a $74.00 price objective on the stock. ValuEngine upgraded Discover Financial Services from a hold rating to a buy rating in a report on Tuesday, September 26th. Zacks Investment Research cut Discover Financial Services from a hold rating to a sell rating in a research note on Tuesday, September 26th. Morgan Stanley cut their target price on Discover Financial Services from $71.00 to $70.00 and set an overweight rating on the stock in a research note on Friday, September 8th. Finally, BidaskClub cut Discover Financial Services from a hold rating to a sell rating in a research note on Tuesday, August 1st. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $73.58.
Shares of Discover Financial Services (DFS) opened at 63.81 on Tuesday. Discover Financial Services has a 52-week low of $54.45 and a 52-week high of $74.33. The stock has a market capitalization of $23.76 billion, a price-to-earnings ratio of 11.01 and a beta of 1.47. The stock has a 50 day moving average of $61.39 and a 200-day moving average of $61.78.
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). Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter last year, the firm earned $1.47 EPS. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. On average, equities research analysts predict that Discover Financial Services will post $5.91 EPS for the current fiscal year.
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Discover Financial Services announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $2.23 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 9.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
In other news, COO Roger C. Hochschild sold 15,258 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $61.04, for a total transaction of $931,348.32. Following the sale, the chief operating officer now owns 814,999 shares in the company, valued at approximately $49,747,538.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Edward W. Mcgrogan sold 1,228 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $61.06, for a total value of $74,981.68. Following the sale, the senior vice president now owns 13,085 shares in the company, valued at approximately $798,970.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 157,002 shares of company stock worth $9,694,424. Company insiders own 0.96% of the company’s stock.
Several institutional investors have recently made changes to their positions in DFS. BlackRock Inc. raised its stake in shares of Discover Financial Services by 3,280.4% during the 1st quarter. BlackRock Inc. now owns 30,704,582 shares of the financial services provider’s stock worth $2,099,886,000 after purchasing an additional 29,796,268 shares in the last quarter. Diamond Hill Capital Management Inc. raised 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 bought a new stake in shares of Discover Financial Services during the 2nd quarter worth approximately $199,350,000. Principal Financial Group Inc. raised 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, Arrowstreet Capital Limited Partnership raised its stake in shares of Discover Financial Services by 320.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,672,385 shares of the financial services provider’s stock worth $166,196,000 after purchasing an additional 2,037,515 shares in the last quarter. Institutional investors own 85.45% of the company’s stock.
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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