Lourd Capital LLC acquired a new position in shares of Discover Financial Services (NYSE:DFS) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,849 shares of the financial services provider’s stock, valued at approximately $294,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Sandy Spring Bank grew its stake in shares of Discover Financial Services by 181.5% during the second quarter. Sandy Spring Bank now owns 1,689 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,089 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of Discover Financial Services by 8,341.7% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,026 shares of the financial services provider’s stock valued at $143,000 after buying an additional 2,002 shares during the last quarter. Private Capital Group LLC boosted its holdings in shares of Discover Financial Services by 8,258.3% in the first quarter. Private Capital Group LLC now owns 2,006 shares of the financial services provider’s stock valued at $144,000 after purchasing an additional 1,982 shares during the period. Edge Wealth Management LLC purchased a new stake in shares of Discover Financial Services in the second quarter valued at approximately $155,000. Finally, Moneta Group Investment Advisors LLC boosted its holdings in shares of Discover Financial Services by 440.1% in the second quarter. Moneta Group Investment Advisors LLC now owns 6,670 shares of the financial services provider’s stock valued at $157,000 after purchasing an additional 5,435 shares during the period. 85.80% of the stock is currently owned by institutional investors.
Discover Financial Services stock opened at $74.54 on Friday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 2.54. The firm has a market cap of $26.20 billion, a price-to-earnings ratio of 12.46, a P/E/G ratio of 0.79 and a beta of 1.51. Discover Financial Services has a twelve month low of $63.31 and a twelve month high of $81.93.
Discover Financial Services (NYSE:DFS) last posted its earnings results on Thursday, July 26th. The financial services provider reported $1.91 earnings per share for the quarter, topping analysts’ consensus estimates of $1.88 by $0.03. The company had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.63 billion. Discover Financial Services had a return on equity of 24.25% and a net margin of 19.07%. Discover Financial Services’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.40 earnings per share. Analysts anticipate that Discover Financial Services will post 7.81 earnings per share for the current fiscal year.
Discover Financial Services announced that its board has authorized a share repurchase program on Thursday, July 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 11.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of brokerages recently issued reports on DFS. Zacks Investment Research upgraded Discover Financial Services from a “hold” rating to a “buy” rating and set a $82.00 price target for the company in a report on Tuesday, July 24th. Sandler O’Neill reiterated a “buy” rating and issued a $87.00 price target on shares of Discover Financial Services in a report on Friday, July 27th. Wells Fargo & Co boosted their price target on Discover Financial Services from $76.00 to $82.00 and gave the company a “market perform” rating in a report on Monday, October 1st. Bank of America boosted their price target on Discover Financial Services from $86.00 to $92.00 and gave the company a “buy” rating in a report on Friday, September 21st. Finally, JPMorgan Chase & Co. upgraded Discover Financial Services from a “neutral” rating to an “overweight” rating in a report on Tuesday, October 2nd. Eight equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $86.76.
In other Discover Financial Services news, EVP Carlos Minetti sold 3,750 shares of the company’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $77.26, for a total transaction of $289,725.00. Following the completion of the sale, the executive vice president now owns 130,102 shares in the company, valued at $10,051,680.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman David W. Nelms sold 30,000 shares of the company’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $77.16, for a total value of $2,314,800.00. Following the sale, the chairman now owns 1,180,798 shares of the company’s stock, valued at approximately $91,110,373.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,250 shares of company stock valued at $7,663,313. 0.81% of the stock is owned by company insiders.
Discover Financial Services Profile
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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