Discover Financial Services (DFS) Stock Price Down 7.4% After Insider Selling
Discover Financial Services (NYSE:DFS) was down 7.4% on Wednesday after an insider sold shares in the company. The stock traded as low as $66.32 and last traded at $66.38. Approximately 3,513,276 shares changed hands during trading, an increase of 110% from the average daily volume of 1,676,099 shares. The stock had previously closed at $71.69.
Specifically, EVP Carlos Minetti sold 3,750 shares of the business’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $77.26, for a total transaction of $289,725.00. Following the transaction, the executive vice president now directly owns 130,102 shares in the company, valued at approximately $10,051,680.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David W. Nelms sold 30,000 shares of the business’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $77.16, for a total transaction of $2,314,800.00. Following the transaction, the chairman now owns 1,180,798 shares in the company, valued at $91,110,373.68. The disclosure for this sale can be found here. Insiders sold a total of 104,100 shares of company stock worth $7,590,463 over the last quarter. Company insiders own 0.81% of the company’s stock.
A number of analysts have issued reports on the stock. ValuEngine downgraded shares of Discover Financial Services from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Zacks Investment Research downgraded shares of Discover Financial Services from a “buy” rating to a “hold” rating in a report on Monday, November 26th. Citigroup cut their price objective on shares of Discover Financial Services from $78.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, November 1st. Wells Fargo & Co boosted their price objective on shares of Discover Financial Services from $76.00 to $82.00 and gave the company a “market perform” rating in a report on Monday, October 1st. Finally, JPMorgan Chase & Co. raised shares of Discover Financial Services from a “neutral” rating to an “overweight” rating in a report on Tuesday, October 2nd. Eight analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $86.40.
Discover Financial Services (NYSE:DFS) last announced its earnings results on Thursday, October 25th. The financial services provider reported $2.05 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $2.05. The company had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.69 billion. Discover Financial Services had a net margin of 19.51% and a return on equity of 25.49%. On average, analysts expect that Discover Financial Services will post 7.83 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 6th. Investors of record on Wednesday, November 21st will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, November 20th. This represents a $1.60 dividend on an annualized basis and a yield of 2.41%. Discover Financial Services’s dividend payout ratio (DPR) is presently 26.76%.
Institutional investors and hedge funds have recently bought and sold shares of the company. Adirondack Trust Co. increased its stake in shares of Discover Financial Services by 204.5% in the third quarter. Adirondack Trust Co. now owns 1,340 shares of the financial services provider’s stock worth $102,000 after purchasing an additional 900 shares in the last quarter. Sandy Spring Bank boosted its position in shares of Discover Financial Services by 181.5% in the second quarter. Sandy Spring Bank now owns 1,689 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 1,089 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its position in Discover Financial Services by 8,341.7% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,026 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 2,002 shares during the last quarter. Honkamp Krueger Financial Services Inc. bought a new stake in Discover Financial Services during the third quarter valued at approximately $155,000. Finally, Moneta Group Investment Advisors LLC lifted its position in Discover Financial Services by 440.1% during the second quarter. Moneta Group Investment Advisors LLC now owns 6,670 shares of the financial services provider’s stock valued at $157,000 after purchasing an additional 5,435 shares during the last quarter. Hedge funds and other institutional investors own 86.26% of the company’s stock.
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About Discover Financial Services (NYSE:DFS)
Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
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