PGGM Investments grew its holdings in shares of Discover Financial Services (NYSE:DFS) by 0.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 766,698 shares of the financial services provider’s stock after acquiring an additional 5,969 shares during the quarter. PGGM Investments owned about 0.21% of Discover Financial Services worth $49,437,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Prudential Financial Inc. boosted its position in shares of Discover Financial Services by 6.5% during the 2nd quarter. Prudential Financial Inc. now owns 921,150 shares of the financial services provider’s stock valued at $57,286,000 after acquiring an additional 56,046 shares during the last quarter. Calamos Advisors LLC boosted its position in shares of Discover Financial Services by 120.3% during the 2nd quarter. Calamos Advisors LLC now owns 634,391 shares of the financial services provider’s stock valued at $39,453,000 after acquiring an additional 346,406 shares during the last quarter. Annex Advisory Services LLC boosted its position in shares of Discover Financial Services by 23.9% during the 2nd quarter. Annex Advisory Services LLC now owns 15,686 shares of the financial services provider’s stock valued at $975,000 after acquiring an additional 3,027 shares during the last quarter. Bank of Nova Scotia boosted its position in shares of Discover Financial Services by 171.5% during the 1st quarter. Bank of Nova Scotia now owns 88,397 shares of the financial services provider’s stock valued at $6,045,000 after acquiring an additional 55,840 shares during the last quarter. Finally, Bridgewater Associates LP bought a new stake in shares of Discover Financial Services during the 1st quarter valued at about $494,000. Hedge funds and other institutional investors own 85.45% of the company’s stock.
In other news, SVP Edward W. Mcgrogan sold 1,228 shares of the 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 directly owns 13,085 shares in the company, valued at $798,970.10. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Carlos Minetti sold 8,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $61.29, for a total value of $490,320.00. Following the completion of the sale, the executive vice president now owns 197,149 shares in the company, valued at $12,083,262.21. The disclosure for this sale can be found here. Over the last quarter, insiders sold 157,002 shares of company stock worth $9,694,424. Company insiders own 0.96% of the company’s stock.
Shares of Discover Financial Services (NYSE:DFS) traded up 1.39% during midday trading on Friday, hitting $66.57. The stock had a trading volume of 3,211,817 shares. Discover Financial Services has a 52-week low of $55.41 and a 52-week high of $74.33. The company has a market cap of $24.79 billion, a PE ratio of 11.49 and a beta of 1.47. The company’s 50 day moving average is $62.45 and its 200 day moving average is $61.67.
Discover Financial Services (NYSE:DFS) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.45 by ($0.05). Discover Financial Services had a return on equity of 21.28% and a net margin of 20.91%. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the previous year, the company posted $1.47 earnings per share. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. On average, analysts anticipate that Discover Financial Services will post $5.92 earnings per share for the current year.
Discover Financial Services announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $2.23 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 9.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Stockholders of record on Wednesday, November 22nd will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $1.40 annualized dividend and a dividend yield of 2.10%. Discover Financial Services’s payout ratio is 24.18%.
A number of analysts have recently issued reports on the company. Barclays PLC reiterated an “equal weight” rating and set a $70.00 price target (down previously from $79.00) on shares of Discover Financial Services in a research report on Thursday, July 13th. Zacks Investment Research cut Discover Financial Services from a “hold” rating to a “sell” rating in a report on Tuesday. Oppenheimer Holdings, Inc. set a $69.00 price objective on Discover Financial Services and gave the company a “buy” rating in a report on Wednesday, July 26th. Buckingham Research started 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. Finally, ValuEngine raised Discover Financial Services from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Three research 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. The stock has an average rating of “Hold” and an average target price of $73.58.
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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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