Discover Financial Services (DFS) Given a $69.00 Price Target at Oppenheimer Holdings, Inc.
Oppenheimer Holdings, Inc. set a $69.00 price objective on Discover Financial Services (NYSE:DFS) in a report published on Wednesday morning. The firm currently has a buy rating on the financial services provider’s stock. Oppenheimer Holdings also issued estimates for Discover Financial Services’ Q3 2017 earnings at $1.50 EPS, Q4 2017 earnings at $1.59 EPS, FY2017 earnings at $5.92 EPS and FY2018 earnings at $6.50 EPS.
Several other research firms also recently issued reports on DFS. William Blair reaffirmed an outperform rating on shares of Discover Financial Services in a report on Tuesday, July 18th. Deutsche Bank AG downgraded shares of Discover Financial Services from a buy rating to a hold rating and decreased their price target for the stock from $87.00 to $71.00 in a research note on Monday, May 1st. Instinet reissued a buy rating and issued a $81.00 price target (down from $86.00) on shares of Discover Financial Services in a research note on Wednesday, July 12th. Wells Fargo & Company downgraded shares of Discover Financial Services to a buy rating and set a $70.00 price target on the stock. in a research note on Friday, May 19th. Finally, Keefe, Bruyette & Woods reissued a buy rating on shares of Discover Financial Services in a research note on Friday, May 12th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seventeen have given a buy rating to the company’s stock. Discover Financial Services has a consensus rating of Buy and an average target price of $74.83.
Discover Financial Services (NYSE:DFS) opened at 60.26 on Wednesday. The company’s 50 day moving average is $61.26 and its 200-day moving average is $65.18. Discover Financial Services has a 1-year low of $53.91 and a 1-year high of $74.33. The stock has a market cap of $22.60 billion, a PE ratio of 10.40 and a beta of 1.47.
Discover Financial Services (NYSE:DFS) last posted its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by $0.05. The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.40 billion. Discover Financial Services had a net margin of 20.91% and a return on equity of 21.00%. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.47 earnings per share. Equities research analysts forecast that Discover Financial Services will post $5.94 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Thursday, August 24th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Tuesday, August 22nd. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s payout ratio is currently 20.73%.
Discover Financial Services declared that its Board of Directors has approved a share repurchase plan 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 purchase up to 9.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other news, COO Roger C. Hochschild sold 15,258 shares of Discover Financial Services stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $62.48, for a total value of $953,319.84. Following the transaction, the chief operating officer now directly owns 830,257 shares of the company’s stock, valued at approximately $51,874,457.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David W. Nelms sold 30,000 shares of Discover Financial Services stock in a transaction on Monday, May 1st. The shares were sold at an average price of $62.18, for a total transaction of $1,865,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,674,732 shares in the company, valued at $104,134,835.76. The disclosure for this sale can be found here. Insiders sold a total of 103,516 shares of company stock worth $6,456,648 over the last ninety days. Corporate insiders own 0.96% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. V Wealth Management LLC acquired a new position in shares of Discover Financial Services during the second quarter worth approximately $101,000. Orrstown Financial Services Inc. boosted its position in shares of Discover Financial Services by 64.2% in the first quarter. Orrstown Financial Services Inc. now owns 1,716 shares of the financial services provider’s stock worth $117,000 after buying an additional 671 shares during the last quarter. FNY Managed Accounts LLC acquired a new position in shares of Discover Financial Services during the first quarter worth approximately $124,000. Perigon Wealth Management LLC boosted its position in shares of Discover Financial Services by 2.3% in the first quarter. Perigon Wealth Management LLC now owns 2,146 shares of the financial services provider’s stock worth $147,000 after buying an additional 48 shares during the last quarter. Finally, Financial Architects Inc boosted its position in shares of Discover Financial Services by 65.1% in the second quarter. Financial Architects Inc now owns 2,600 shares of the financial services provider’s stock worth $162,000 after buying an additional 1,025 shares during the last quarter. 84.13% of the stock is currently owned by institutional investors and hedge funds.
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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