M&T Bank Corp increased its position in Discover Financial Services (NYSE:DFS) by 60.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 153,594 shares of the financial services provider’s stock after buying an additional 57,628 shares during the quarter. M&T Bank Corp’s holdings in Discover Financial Services were worth $9,550,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Prudential Financial Inc. raised its position in shares of Discover Financial Services by 6.5% in the 2nd quarter. Prudential Financial Inc. now owns 921,150 shares of the financial services provider’s stock worth $57,286,000 after buying an additional 56,046 shares during the period. Calamos Advisors LLC raised its position in shares of Discover Financial Services by 120.3% in the 2nd quarter. Calamos Advisors LLC now owns 634,391 shares of the financial services provider’s stock worth $39,453,000 after buying an additional 346,406 shares during the period. Annex Advisory Services LLC raised its position in shares of Discover Financial Services by 23.9% in the 2nd quarter. Annex Advisory Services LLC now owns 15,686 shares of the financial services provider’s stock worth $975,000 after buying an additional 3,027 shares during the period. Bank of Nova Scotia raised its position in shares of Discover Financial Services by 171.5% in the 1st quarter. Bank of Nova Scotia now owns 88,397 shares of the financial services provider’s stock worth $6,045,000 after buying an additional 55,840 shares during the period. Finally, Pacer Advisors Inc. raised its position in shares of Discover Financial Services by 3.2% in the 1st quarter. Pacer Advisors Inc. now owns 8,406 shares of the financial services provider’s stock worth $575,000 after buying an additional 264 shares during the period. 85.45% of the stock is currently owned by institutional investors and hedge funds.

In related news, SVP Edward W. Mcgrogan sold 1,228 shares of the company’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 owns 13,085 shares of the company’s stock, valued at $798,970.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Roger C. Hochschild sold 15,258 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $59.64, for a total transaction of $909,987.12. Following the completion of the sale, the chief operating officer now directly owns 799,741 shares in the company, valued at approximately $47,696,553.24. The disclosure for this sale can be found here. In the last three months, insiders sold 157,002 shares of company stock worth $9,580,337. 0.96% of the stock is currently owned by insiders.

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Several brokerages recently weighed in on DFS. Barclays PLC reaffirmed an “equal weight” rating and issued a $70.00 target price (down from $79.00) on shares of Discover Financial Services in a research report on Thursday, July 13th. Oppenheimer Holdings, Inc. set a $69.00 price objective on Discover Financial Services and gave the company a “buy” rating in a research report on Wednesday, July 26th. Zacks Investment Research lowered Discover Financial Services from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. ValuEngine lowered Discover Financial Services from a “buy” rating to a “hold” rating in a research report on Monday, September 11th. Finally, BidaskClub raised Discover Financial Services from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 10th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $73.95.

Discover Financial Services (NYSE:DFS) traded up 0.40% during trading on Friday, reaching $60.74. The company had a trading volume of 303,119 shares. Discover Financial Services has a 12-month low of $53.91 and a 12-month high of $74.33. The stock has a market cap of $22.62 billion, a P/E ratio of 10.48 and a beta of 1.45. The firm has a 50-day moving average price of $59.72 and a 200 day moving average price of $62.41.

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 the Zacks’ consensus estimate of $1.45 by ($0.05). The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.40 billion. Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The business’s revenue was up 9.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.47 EPS. Equities research analysts predict that Discover Financial Services will post $5.92 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Investors of record on Thursday, August 24th were paid a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, August 22nd. This represents a $1.40 dividend on an annualized basis and a yield of 2.31%. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s payout ratio is presently 24.18%.

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

Discover Financial Services 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.

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

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