Discover Financial Services (DFS) Stake Lessened by ETRADE Capital Management LLC
ETRADE Capital Management LLC trimmed its position in Discover Financial Services (NYSE:DFS) by 91.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,786 shares of the financial services provider’s stock after selling 39,656 shares during the quarter. ETRADE Capital Management LLC’s holdings in Discover Financial Services were worth $235,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. raised its holdings in Discover Financial Services by 3,280.4% during the 1st 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 last quarter. Vanguard Group Inc. boosted its position 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 valued at $1,601,297,000 after buying an additional 217,535 shares during the period. JPMorgan Chase & Co. boosted its position in Discover Financial Services by 0.7% during the 1st quarter. JPMorgan Chase & Co. now owns 12,546,613 shares of the financial services provider’s stock valued at $858,062,000 after buying an additional 91,440 shares during the period. FMR LLC boosted its position 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 valued at $645,184,000 after buying an additional 1,534,882 shares during the period. Finally, Primecap Management Co. CA grew its holdings in Discover Financial Services by 19.5% in the 1st quarter. Primecap Management Co. CA now owns 6,681,700 shares of the financial services provider’s stock worth $456,961,000 after acquiring an additional 1,088,500 shares during the last quarter. 85.45% of the stock is currently owned by institutional investors.
Discover Financial Services (NYSE DFS) opened at 65.16 on Tuesday. The company has a market capitalization of $24.26 billion, a P/E ratio of 11.24 and a beta of 1.47. The stock’s 50 day moving average price is $60.23 and its 200 day moving average price is $61.86. Discover Financial Services has a one year low of $53.91 and a one year high of $74.33.
Discover Financial Services (NYSE:DFS) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates 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 return on equity of 21.28% and a net margin of 20.91%. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.47 EPS. Equities analysts anticipate that Discover Financial Services will post $5.92 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Thursday, August 24th were issued a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, August 22nd. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.15%. Discover Financial Services’s dividend payout ratio (DPR) is currently 24.18%.
Discover Financial Services announced that its board has approved a stock buyback plan on Wednesday, June 28th that permits the company to buyback $2.23 billion in shares. This buyback authorization permits the financial services provider to purchase up to 9.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
Several brokerages have recently commented on DFS. Buckingham Research started coverage on shares of Discover Financial Services in a research note on Monday. They set a “buy” rating and a $74.00 price objective for the company. Bank of America Corporation cut Discover Financial Services from a “buy” rating to a “neutral” rating and cut their target price for the stock from $67.00 to $63.00 in a research note on Thursday, July 27th. Oppenheimer Holdings, Inc. set a $69.00 price target on Discover Financial Services and gave the company a “buy” rating in a report on Wednesday, July 26th. Zacks Investment Research downgraded Discover Financial Services from a “hold” rating to a “sell” rating in a report on Tuesday, September 26th. Finally, ValuEngine upgraded Discover Financial Services from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seventeen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $73.95.
In related news, COO Roger C. Hochschild sold 15,258 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $61.04, for a total transaction of $931,348.32. Following the sale, the chief operating officer now owns 814,999 shares of the company’s stock, valued at $49,747,538.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Edward W. Mcgrogan sold 1,228 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $61.06, for a total value of $74,981.68. Following the sale, the senior vice president now directly owns 13,085 shares in the company, valued at approximately $798,970.10. The disclosure for this sale can be found here. Insiders sold a total of 103,744 shares of company stock worth $6,252,057 over the last quarter. Company 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.
Want to see what other hedge funds are holding DFS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Discover Financial Services (NYSE:DFS).
Receive News & Ratings for Discover Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Discover Financial Services and related companies with Analyst Ratings Network's FREE daily email newsletter.