DekaBank Deutsche Girozentrale raised its stake in shares of Discover Financial Services (NYSE:DFS) by 18.2% during the second quarter, Holdings Channel reports. The firm owned 627,529 shares of the financial services provider’s stock after buying an additional 96,472 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Discover Financial Services were worth $38,695,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Discover Financial Services by 3,280.4% in the first quarter. BlackRock Inc. now owns 30,704,582 shares of the financial services provider’s stock valued at $2,099,886,000 after buying an additional 29,796,268 shares during the period. Diamond Hill Capital Management Inc. raised its position in shares of Discover Financial Services by 1,458.6% in the second quarter. Diamond Hill Capital Management Inc. now owns 3,559,909 shares of the financial services provider’s stock valued at $221,391,000 after buying an additional 3,331,498 shares during the period. Primecap Management Co. CA raised its position in shares of Discover Financial Services by 19.5% in the first quarter. Primecap Management Co. CA now owns 6,681,700 shares of the financial services provider’s stock valued at $456,961,000 after buying an additional 1,088,500 shares during the period. AQR Capital Management LLC raised its position in shares of Discover Financial Services by 42.9% in the first quarter. AQR Capital Management LLC now owns 3,539,440 shares of the financial services provider’s stock valued at $242,063,000 after buying an additional 1,062,007 shares during the period. Finally, Janus Capital Management LLC raised its position in shares of Discover Financial Services by 85.4% in the first quarter. Janus Capital Management LLC now owns 1,609,893 shares of the financial services provider’s stock valued at $110,101,000 after buying an additional 741,786 shares during the period. Institutional investors and hedge funds own 86.76% of the company’s stock.

Discover Financial Services (NYSE:DFS) opened at 60.10 on Friday. The stock’s 50 day moving average price is $61.30 and its 200-day moving average price is $64.59. The firm has a market capitalization of $22.38 billion, a P/E ratio of 10.37 and a beta of 1.46. Discover Financial Services has a 12 month low of $53.91 and a 12 month high of $74.33.

Discover Financial Services (NYSE:DFS) last released 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 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%. Discover Financial Services’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period last year, the firm posted $1.47 earnings per share. Equities analysts forecast that Discover Financial Services will post $5.93 earnings per share for the current year.

The company 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 is a boost from Discover Financial Services’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Tuesday, August 22nd. Discover Financial Services’s payout ratio is 20.73%.

Discover Financial Services announced that its board has initiated a stock buyback 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 generally an indication that the company’s management believes its shares are undervalued.

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DFS has been the subject of several recent analyst reports. Instinet restated a “buy” rating and set a $86.00 target price (down previously from $88.00) on shares of Discover Financial Services in a research report on Saturday, April 29th. Wells Fargo & Company restated an “outperform” rating and set a $70.00 target price (down previously from $80.00) on shares of Discover Financial Services in a research report on Sunday, May 21st. ValuEngine lowered Discover Financial Services from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Deutsche Bank AG lowered Discover Financial Services from a “buy” rating to a “hold” rating and dropped their target price for the company from $87.00 to $71.00 in a research report on Monday, May 1st. Finally, Morgan Stanley restated an “overweight” rating and set a $75.00 target price (down previously from $81.00) on shares of Discover Financial Services in a research report on Thursday, July 6th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and seventeen have issued a buy rating to the stock. Discover Financial Services has an average rating of “Buy” and a consensus price target of $74.21.

In other news, EVP Carlos Minetti sold 8,000 shares of Discover Financial Services stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $62.42, for a total transaction of $499,360.00. Following the completion of the sale, the executive vice president now directly owns 205,149 shares of the company’s stock, valued at approximately $12,805,400.58. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO David W. Nelms sold 30,000 shares of Discover Financial Services stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $62.52, for a total transaction of $1,875,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 107,744 shares of company stock valued at $6,658,830. Corporate insiders own 0.96% of the company’s stock.

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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Institutional Ownership by Quarter for Discover Financial Services (NYSE:DFS)

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