Mitsubishi UFJ Kokusai Asset Management Co. Ltd. cut its position in Discover Financial Services (NYSE:DFS) by 12.6% during the second quarter, Holdings Channel reports. The institutional investor owned 55,421 shares of the financial services provider’s stock after selling 8,010 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Discover Financial Services were worth $3,447,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in DFS. V Wealth Management LLC purchased a new stake in shares of Discover Financial Services during the second quarter worth approximately $101,000. FNY Managed Accounts LLC purchased a new stake in shares of Discover Financial Services during the first quarter worth approximately $124,000. Orrstown Financial Services Inc. increased its stake in shares of 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 worth $125,000 after buying an additional 286 shares in the last quarter. Perigon Wealth Management LLC increased its stake in shares of 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 worth $147,000 after buying an additional 48 shares in the last quarter. Finally, Financial Architects Inc increased its stake in shares of 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 worth $162,000 after buying an additional 1,025 shares in the last quarter. Institutional investors own 86.76% of the company’s stock.

Shares of Discover Financial Services (DFS) opened at 59.64 on Friday. The stock has a 50 day moving average price of $61.28 and a 200 day moving average price of $64.52. The firm has a market capitalization of $22.21 billion, a PE ratio of 10.29 and a beta of 1.46. Discover Financial Services has a 1-year low of $53.91 and a 1-year high of $74.33.

Discover Financial Services (NYSE:DFS) last announced its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.45 by $0.05. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates 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 last year, the company posted $1.47 earnings per share. Equities research analysts anticipate that Discover Financial Services will post $5.93 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Thursday, August 24th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, August 22nd. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 2.35%. Discover Financial Services’s dividend payout ratio is 20.73%.

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

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A number of brokerages have commented on DFS. Instinet reiterated a “buy” rating and issued a $86.00 price objective (down previously from $88.00) on shares of Discover Financial Services in a research report on Saturday, April 29th. BidaskClub upgraded Discover Financial Services from a “sell” rating to a “hold” rating in a research report on Tuesday, June 20th. Royal Bank Of Canada reiterated a “buy” rating and issued a $82.00 price objective on shares of Discover Financial Services in a research report on Tuesday, May 16th. Evercore ISI reduced their price objective on Discover Financial Services from $79.00 to $78.00 and set an “outperform” rating for the company in a research report on Wednesday, April 26th. Finally, Oppenheimer Holdings, Inc. set a $69.00 price objective on Discover Financial Services and gave the stock a “buy” rating in a research report on Wednesday, July 26th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and seventeen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $74.21.

In other news, EVP Carlos Minetti sold 8,000 shares of the company’s 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 transaction, the executive vice president now directly owns 205,149 shares in the company, valued at $12,805,400.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David W. Nelms sold 30,000 shares of the company’s 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. Insiders have sold 107,744 shares of company stock valued at $6,658,830 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.

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

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