Discover Financial Services (DFS) Shares Bought by Canada Pension Plan Investment Board
Canada Pension Plan Investment Board raised its position in Discover Financial Services (NYSE:DFS) by 1.2% during the second quarter, Holdings Channel reports. The fund owned 542,244 shares of the financial services provider’s stock after buying an additional 6,200 shares during the period. Canada Pension Plan Investment Board’s holdings in Discover Financial Services were worth $33,722,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the company. Parametrica Management Ltd acquired a new stake in Discover Financial Services during the first quarter worth approximately $359,000. BKD Wealth Advisors LLC raised its stake in Discover Financial Services by 8.6% in the first quarter. BKD Wealth Advisors LLC now owns 5,002 shares of the financial services provider’s stock worth $342,000 after buying an additional 397 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in Discover Financial Services during the first quarter worth approximately $789,000. Tompkins Financial Corp raised its stake in Discover Financial Services by 357.4% in the first quarter. Tompkins Financial Corp now owns 5,178 shares of the financial services provider’s stock worth $264,000 after buying an additional 4,046 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in Discover Financial Services during the first quarter worth approximately $752,000. 86.76% of the stock is owned by institutional investors and hedge funds.
Shares of Discover Financial Services (NYSE DFS) opened at 59.64 on Friday. The firm’s 50-day moving average price is $61.28 and its 200 day moving average price is $64.52. Discover Financial Services has a 52 week low of $53.91 and a 52 week high of $74.33. The company has a market capitalization of $22.21 billion, a PE ratio of 10.29 and a beta of 1.46.
Discover Financial Services (NYSE:DFS) last released its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share for the quarter, missing the Zacks’ 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 period last year, the business earned $1.47 earnings per share. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. Equities analysts predict that Discover Financial Services will post $5.93 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.35%. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, August 22nd. Discover Financial Services’s dividend payout ratio (DPR) is 20.73%.
Discover Financial Services announced that its Board of Directors has initiated a share 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 reacquire up to 9.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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DFS has been the subject of a number of research analyst reports. Evercore ISI reduced their target price on Discover Financial Services from $79.00 to $78.00 and set an “outperform” rating for the company in a report on Wednesday, April 26th. Oppenheimer Holdings, Inc. reduced their target price on Discover Financial Services from $85.00 to $75.00 and set an “outperform” rating for the company in a report on Wednesday, April 26th. CIBC dropped their price target on Discover Financial Services from $85.00 to $75.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 26th. Instinet restated a “buy” rating and issued a $86.00 price target (down from $88.00) on shares of Discover Financial Services in a research note on Saturday, April 29th. Finally, Deutsche Bank AG downgraded Discover Financial Services from a “buy” rating to a “hold” rating and dropped their price target for the stock from $87.00 to $71.00 in a research note on Monday, May 1st. Three analysts have rated the stock with a sell rating, seven have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $74.21.
In other Discover Financial Services news, CEO David W. Nelms sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $62.52, for a total value of $1,875,600.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Edward W. Mcgrogan sold 1,228 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $61.06, for a total transaction of $74,981.68. Following the completion of the transaction, the senior vice president now directly owns 13,085 shares in the company, valued at $798,970.10. The disclosure for this sale can be found here. Insiders sold a total of 107,744 shares of company stock worth $6,658,830 over the last three months. Corporate insiders own 0.96% of the company’s stock.
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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