Discover Financial Services (DFS) COO Roger C. Hochschild Sells 15,258 Shares
Discover Financial Services (NYSE:DFS) COO Roger C. Hochschild sold 15,258 shares of Discover Financial Services stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 769,440 shares in the company, valued at $51,390,897.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.
Shares of Discover Financial Services (NYSE DFS) traded up $0.54 during mid-day trading on Friday, reaching $67.44. The company had a trading volume of 3,051,025 shares, compared to its average volume of 2,509,120. The stock has a market cap of $24.32 billion, a PE ratio of 11.50 and a beta of 1.52.
Discover Financial Services declared that its Board of Directors has authorized a stock buyback program on Tuesday, July 25th that allows the company to buyback $2.75 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Wednesday, November 22nd will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $1.40 annualized dividend and a yield of 2.08%. Discover Financial Services’s dividend payout ratio (DPR) is 24.05%.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Discover Financial Services by 0.9% during the 2nd 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 last quarter. Boston Partners grew its stake in Discover Financial Services by 4.6% during the 3rd quarter. Boston Partners now owns 12,187,219 shares of the financial services provider’s stock worth $785,833,000 after buying an additional 538,244 shares during the last quarter. Capital World Investors grew its stake in Discover Financial Services by 18.3% during 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 during the last quarter. FMR LLC grew its stake in Discover Financial Services by 17.4% during the 2nd 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 last quarter. Finally, Diamond Hill Capital Management Inc. grew its stake in Discover Financial Services by 97.6% during 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 during the last quarter. Hedge funds and other institutional investors own 86.40% of the company’s stock.
Several research firms have recently issued reports on DFS. Royal Bank Of Canada reissued a “buy” rating and set a $86.00 target price on shares of Discover Financial Services in a research note on Wednesday, October 25th. Barclays PLC set a $73.00 target price on Discover Financial Services and gave the stock a “hold” rating in a report on Wednesday, October 25th. BMO Capital Markets dropped their target price on Discover Financial Services from $69.00 to $67.00 and set a “market perform” rating on the stock in a report on Wednesday, October 25th. Bank of America Corporation upped their price target on Discover Financial Services from $67.00 to $69.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Finally, Nomura lowered their price target on Discover Financial Services from $81.00 to $79.00 and set a “buy” rating on the stock in a report on Wednesday, October 25th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $74.45.
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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