Toronto Dominion Bank Has $8.42 Million Position in Discover Financial Services (DFS)
Toronto Dominion Bank increased its holdings in Discover Financial Services (NYSE:DFS) by 22.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 135,459 shares of the financial services provider’s stock after acquiring an additional 24,725 shares during the period. Toronto Dominion Bank’s holdings in Discover Financial Services were worth $8,424,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of DFS. ZWJ Investment Counsel Inc. purchased a new position in Discover Financial Services in the first quarter worth approximately $301,000. Rafferty Asset Management LLC grew its position in Discover Financial Services by 240.2% in the first quarter. Rafferty Asset Management LLC now owns 70,341 shares of the financial services provider’s stock worth $4,811,000 after acquiring an additional 49,664 shares during the period. United Services Automobile Association grew its position in Discover Financial Services by 1.0% in the first quarter. United Services Automobile Association now owns 434,757 shares of the financial services provider’s stock worth $29,733,000 after acquiring an additional 4,387 shares during the period. Jarislowsky Fraser Ltd grew its position in Discover Financial Services by 1.1% in the first quarter. Jarislowsky Fraser Ltd now owns 31,717 shares of the financial services provider’s stock worth $2,169,000 after acquiring an additional 330 shares during the period. Finally, Stratos Wealth Partners LTD. grew its position in Discover Financial Services by 30.9% in the first quarter. Stratos Wealth Partners LTD. now owns 7,282 shares of the financial services provider’s stock worth $498,000 after acquiring an additional 1,717 shares during the period. Institutional investors own 85.45% of the company’s stock.
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Discover Financial Services (NYSE:DFS) last issued its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.05). The company had revenue of $2.42 billion during the quarter, compared to analyst estimates 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 for the quarter was up 9.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.47 EPS.
Discover Financial Services announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $2.23 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 9.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In other news, COO Roger C. Hochschild sold 15,258 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $61.04, for a total value of $931,348.32. Following the sale, the chief operating officer now owns 814,999 shares in the company, valued at approximately $49,747,538.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction of $74,981.68. Following the completion of the sale, the senior vice president now owns 13,085 shares in the company, valued at approximately $798,970.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 157,002 shares of company stock worth $9,694,424. Company insiders own 0.96% of the company’s stock.
Several brokerages recently weighed in on DFS. Zacks Investment Research lowered Discover Financial Services from a “hold” rating to a “sell” rating in a research report on Tuesday. BidaskClub lowered Discover Financial Services from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Jefferies Group LLC reiterated a “buy” rating and issued a $75.00 price objective (down from $82.00) on shares of Discover Financial Services in a research report on Thursday, July 27th. Barclays PLC reiterated an “equal weight” rating and issued a $70.00 price objective (down from $79.00) on shares of Discover Financial Services in a research report on Thursday, July 13th. Finally, Morgan Stanley lowered their price objective on Discover Financial Services from $71.00 to $70.00 and set an “overweight” rating for the company in a research report on Friday, September 8th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $73.58.
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.
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