Wedge Capital Management L L P NC Cuts Position in Discover Financial Services (NYSE:DFS)
Wedge Capital Management L L P NC decreased its position in Discover Financial Services (NYSE:DFS) by 2.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 377,980 shares of the financial services provider’s stock after selling 8,983 shares during the quarter. Wedge Capital Management L L P NC owned 0.12% of Discover Financial Services worth $29,327,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Icon Wealth Partners LLC acquired a new position in shares of Discover Financial Services in the first quarter worth $26,000. Weaver Consulting Group acquired a new position in shares of Discover Financial Services in the first quarter worth $28,000. IMA Wealth Inc. grew its stake in shares of Discover Financial Services by 1,448.3% in the first quarter. IMA Wealth Inc. now owns 449 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 420 shares in the last quarter. Essex Savings Bank grew its stake in shares of Discover Financial Services by 66.7% in the first quarter. Essex Savings Bank now owns 500 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 200 shares in the last quarter. Finally, Farmers National Bank acquired a new position in shares of Discover Financial Services in the first quarter worth $45,000. 85.87% of the stock is currently owned by institutional investors.
In related news, Director Mary K. Bush sold 993 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $83.27, for a total value of $82,687.11. Following the completion of the sale, the director now directly owns 52,075 shares of the company’s stock, valued at $4,336,285.25. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Diane E. Offereins sold 20,000 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $91.76, for a total transaction of $1,835,200.00. Following the completion of the sale, the executive vice president now directly owns 120,874 shares of the company’s stock, valued at $11,091,398.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,663 shares of company stock valued at $2,534,291. Insiders own 0.81% of the company’s stock.
Shares of DFS stock traded down $1.77 on Wednesday, reaching $79.79. 369,706 shares of the stock were exchanged, compared to its average volume of 2,039,743. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 2.30. The company’s 50 day moving average price is $83.22. The stock has a market cap of $26.40 billion, a P/E ratio of 10.24, a price-to-earnings-growth ratio of 1.23 and a beta of 1.55. Discover Financial Services has a twelve month low of $54.36 and a twelve month high of $92.98.
Discover Financial Services (NYSE:DFS) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $2.32 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.21. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.81 billion. Discover Financial Services had a net margin of 21.00% and a return on equity of 26.76%. The company’s revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.91 earnings per share. On average, sell-side analysts anticipate that Discover Financial Services will post 9 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.21%. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.40. Discover Financial Services’s payout ratio is presently 20.54%.
About Discover Financial Services
Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
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