First Mercantile Trust Co. held its position in Discover Financial Services (NYSE:DFS) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,500 shares of the financial services provider’s stock at the end of the second quarter. First Mercantile Trust Co.’s holdings in Discover Financial Services were worth $591,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. V Wealth Management LLC bought a new position in Discover Financial Services during the second quarter valued at $101,000. FNY Managed Accounts LLC bought a new position in Discover Financial Services during the first quarter valued at $124,000. Orrstown Financial Services Inc. boosted its position in Discover Financial Services by 16.7% in the second quarter. Orrstown Financial Services Inc. now owns 2,002 shares of the financial services provider’s stock valued at $125,000 after buying an additional 286 shares during the period. Perigon Wealth Management LLC boosted its position in 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 valued at $147,000 after buying an additional 48 shares during the period. Finally, Financial Architects Inc boosted its position in 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 valued at $162,000 after buying an additional 1,025 shares during the period. Institutional investors own 86.20% of the company’s stock.

Shares of Discover Financial Services (DFS) opened at 60.50 on Tuesday. The company has a market cap of $22.53 billion, a P/E ratio of 10.44 and a beta of 1.46. The company’s 50-day moving average price is $61.29 and its 200 day moving average price is $64.38. Discover Financial Services has a 52 week low of $53.91 and a 52 week high of $74.33.

Discover Financial Services (NYSE:DFS) last issued its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the previous year, the company earned $1.47 EPS. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. Equities research analysts anticipate that Discover Financial Services will post $5.93 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Thursday, August 24th will be paid a $0.35 dividend. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.31%. Discover Financial Services’s dividend payout ratio is presently 20.73%.

Discover Financial Services declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that allows the company to buyback $2.23 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 9.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

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Several research analysts recently weighed in on DFS shares. Instinet restated a “buy” rating and issued a $86.00 price objective (down from $88.00) on shares of Discover Financial Services in a research report on Saturday, April 29th. Wells Fargo & Company cut shares of Discover Financial Services to a “buy” rating and set a $70.00 price objective on the stock. in a research report on Friday, May 19th. Royal Bank Of Canada restated a “buy” rating and issued a $82.00 price objective on shares of Discover Financial Services in a research report on Tuesday, May 16th. Keefe, Bruyette & Woods restated a “buy” rating on shares of Discover Financial Services in a research report on Friday, May 12th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $82.00 price objective on shares of Discover Financial Services in a research report on Friday, May 12th. 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. The stock presently has an average rating of “Buy” and a consensus target price of $74.21.

In other news, CEO David W. Nelms sold 30,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $61.13, for a total value of $1,833,900.00. Following the sale, the chief executive officer now owns 1,559,912 shares in the company, valued at $95,357,420.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Carlos Minetti sold 8,000 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $62.42, for a total value of $499,360.00. Following the completion of the sale, the executive vice president now owns 205,149 shares in the company, valued at approximately $12,805,400.58. The disclosure for this sale can be found here. Insiders sold 107,744 shares of company stock worth $6,658,830 in the last 90 days. 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.

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

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