Discover Financial Services (DFS) CEO David W. Nelms Sells 30,000 Shares
Discover Financial Services (NYSE:DFS) CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $64.55, for a total transaction of $1,936,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of Discover Financial Services (NYSE DFS) traded up 0.52% during midday trading on Thursday, hitting $65.83. 801,825 shares of the stock were exchanged. The firm has a market cap of $24.51 billion, a PE ratio of 11.36 and a beta of 1.47. The firm’s 50-day moving average is $60.48 and its 200 day moving average is $61.86. Discover Financial Services has a 52-week low of $53.91 and a 52-week high of $74.33.
Discover Financial Services (NYSE:DFS) last posted its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $1.40 EPS for the quarter, missing the consensus estimate of $1.45 by ($0.05). The firm 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.47 earnings per share. On average, analysts forecast that Discover Financial Services will post $5.92 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.14%. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, August 22nd. Discover Financial Services’s payout ratio is presently 24.18%.
Discover Financial Services declared that its board has approved a stock repurchase program on Wednesday, June 28th that permits the company to buyback $2.23 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 9.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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DFS has been the subject of several recent analyst reports. Zacks Investment Research raised shares of Discover Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, August 29th. Morgan Stanley reduced their price objective on shares of Discover Financial Services from $71.00 to $70.00 and set an “overweight” rating for the company in a research note on Friday, September 8th. William Blair reaffirmed an “outperform” rating on shares of Discover Financial Services in a research note on Tuesday, July 18th. Jefferies Group LLC reaffirmed a “buy” rating and set a $82.00 price objective on shares of Discover Financial Services in a research note on Friday, June 16th. Finally, BidaskClub cut shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, June 26th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $73.63.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. boosted its stake in Discover Financial Services by 3,280.4% during the first quarter. BlackRock Inc. now owns 30,704,582 shares of the financial services provider’s stock worth $2,099,886,000 after buying an additional 29,796,268 shares during the period. Vanguard Group Inc. boosted its stake in Discover Financial Services by 0.9% during the second quarter. Vanguard Group Inc. now owns 25,748,479 shares of the financial services provider’s stock worth $1,601,297,000 after buying an additional 217,535 shares during the period. JPMorgan Chase & Co. boosted its stake in Discover Financial Services by 0.7% during the first quarter. JPMorgan Chase & Co. now owns 12,546,613 shares of the financial services provider’s stock worth $858,062,000 after buying an additional 91,440 shares during the period. Capital World Investors boosted its stake in Discover Financial Services by 18.3% during the second 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 during the period. Finally, FMR LLC boosted its stake in Discover Financial Services by 17.4% during the second quarter. FMR LLC now owns 10,374,397 shares of the financial services provider’s stock worth $645,184,000 after buying an additional 1,534,882 shares during the period. 85.45% of the stock is owned by institutional investors.
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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