Moors & Cabot Inc. grew its holdings in Discover Financial Services (NYSE:DFS) by 4.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 4,364 shares of the financial services provider’s stock after buying an additional 196 shares during the quarter. Moors & Cabot Inc.’s holdings in Discover Financial Services were worth $270,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. V Wealth Management LLC purchased a new stake in Discover Financial Services in the 2nd quarter worth approximately $101,000. FNY Managed Accounts LLC purchased a new stake in Discover Financial Services in the 1st quarter worth approximately $124,000. Orrstown Financial Services Inc. lifted its holdings 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 worth $125,000 after buying an additional 286 shares during the period. Perigon Wealth Management LLC lifted its holdings 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 worth $147,000 after buying an additional 48 shares during the period. Finally, Chicago Partners Investment Group LLC purchased a new stake in Discover Financial Services in the 2nd quarter worth approximately $168,000. Institutional investors and hedge funds own 85.45% of the company’s stock.
Discover Financial Services (NYSE DFS) traded up 0.05% on Friday, reaching $63.84. The company had a trading volume of 170,667 shares. The stock’s 50-day moving average is $61.39 and its 200-day moving average is $61.78. The company has a market capitalization of $23.77 billion, a P/E ratio of 11.01 and a beta of 1.47. Discover Financial Services has a 52 week low of $54.45 and a 52 week high of $74.33.
Discover Financial Services (NYSE:DFS) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.05). The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.40 billion. Discover Financial Services had a return on equity of 21.28% and a net margin of 20.91%. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.47 EPS. Equities research analysts forecast that Discover Financial Services will post $5.91 EPS for the current fiscal year.
Discover Financial Services declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that allows the company to buyback $2.23 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 9.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, SVP Edward W. Mcgrogan sold 1,228 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $61.06, for a total transaction of $74,981.68. Following the transaction, the senior vice president now directly owns 13,085 shares of the company’s stock, valued at $798,970.10. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Roger C. Hochschild sold 15,258 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $64.87, for a total value of $989,786.46. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 157,002 shares of company stock valued at $9,694,424. 0.96% of the stock is owned by company insiders.
Several research firms have weighed in on DFS. Wells Fargo & Company began coverage on Discover Financial Services in a report on Tuesday. They issued a “market perform” rating and a $69.00 price objective for the company. Buckingham Research began coverage on Discover Financial Services in a report on Monday, October 2nd. They issued a “buy” rating and a $74.00 price objective for the company. Bank of America Corporation cut Discover Financial Services from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $67.00 to $63.00 in a report on Thursday, July 27th. Oppenheimer Holdings, Inc. set a $69.00 price objective on Discover Financial Services and gave the stock a “buy” rating in a report on Wednesday, July 26th. Finally, Zacks Investment Research cut Discover Financial Services from a “hold” rating to a “sell” rating in a report on Tuesday, September 26th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company’s stock. Discover Financial Services has an average rating of “Hold” and an average target price of $73.58.
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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