Discover Financial Services (NYSE:DFS) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
Other equities analysts have also recently issued reports about the company. BidaskClub cut Discover Financial Services from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Zacks Investment Research cut Discover Financial Services from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Jefferies Group LLC reaffirmed a “buy” rating and issued a $75.00 price objective (down from $82.00) on shares of Discover Financial Services in a research report on Thursday, July 27th. Morgan Stanley lowered their price objective on Discover Financial Services from $71.00 to $70.00 and set an “overweight” rating on the stock in a research report on Friday, September 8th. Finally, Compass Point cut Discover Financial Services from a “buy” rating to a “neutral” rating in a research report on Wednesday, October 25th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $74.45.
Shares of Discover Financial Services (NYSE:DFS) opened at $64.21 on Wednesday. The company has a debt-to-equity ratio of 2.52, a current ratio of 1.55 and a quick ratio of 1.55. Discover Financial Services has a 12-month low of $57.50 and a 12-month high of $74.33. The company has a market capitalization of $23,290.00, a P/E ratio of 11.13, a PEG ratio of 1.71 and a beta of 1.51.
Discover Financial Services announced that its board has approved a stock repurchase program on Tuesday, July 25th that authorizes the company to repurchase $2.75 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
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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 Wednesday, November 1st. The stock was sold at an average price of $66.79, for a total value of $1,019,081.82. Following the completion of the sale, the chief operating officer now owns 769,440 shares in the company, valued at approximately $51,390,897.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Carlos Minetti sold 8,000 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $64.51, for a total value of $516,080.00. The disclosure for this sale can be found here. Insiders sold a total of 172,277 shares of company stock valued at $11,020,650 in the last quarter. 0.96% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of DFS. Diamond Hill Capital Management Inc. increased its stake in Discover Financial Services by 97.6% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 7,035,035 shares of the financial services provider’s stock worth $453,619,000 after buying an additional 3,475,126 shares in the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new stake in Discover Financial Services in the 2nd quarter worth $199,350,000. Principal Financial Group Inc. increased its stake in Discover Financial Services by 492.6% in 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 buying an additional 2,912,742 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Discover Financial Services by 320.9% in 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 buying an additional 2,037,515 shares in the last quarter. Finally, Capital World Investors increased its stake in Discover Financial Services by 18.3% in the 2nd quarter. Capital World Investors now owns 10,578,342 shares of the financial services provider’s stock worth $657,867,000 after buying an additional 1,638,334 shares in the last quarter. Institutional investors and hedge funds own 88.02% 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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