Wedbush Brokers Cut Earnings Estimates for Discover Financial Services (DFS)
Discover Financial Services (NYSE:DFS) – Stock analysts at Wedbush dropped their FY2017 EPS estimates for Discover Financial Services in a note issued to investors on Monday. Wedbush analyst H. Coffey now forecasts that the financial services provider will earn $5.88 per share for the year, down from their prior estimate of $5.90. Wedbush also issued estimates for Discover Financial Services’ Q4 2017 earnings at $1.46 EPS, Q2 2018 earnings at $1.62 EPS and Q3 2018 earnings at $1.76 EPS.
WARNING: This article was reported by Watch List News and is owned by of Watch List News. If you are accessing this article on another domain, it was illegally stolen and republished in violation of United States and international trademark and copyright laws. The original version of this article can be accessed at https://www.watchlistnews.com/wedbush-brokers-cut-earnings-estimates-for-discover-financial-services-dfs/1675117.html.
Several other research analysts also recently weighed in on the stock. Zacks Investment Research upgraded shares of Discover Financial Services from a “sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Morgan Stanley decreased their price target on shares of Discover Financial Services from $71.00 to $70.00 and set an “overweight” rating on the stock in a research report on Friday, September 8th. BMO Capital Markets decreased their price target on shares of Discover Financial Services from $69.00 to $67.00 and set a “market perform” rating on the stock in a research report on Wednesday, October 25th. William Blair reiterated an “outperform” rating on shares of Discover Financial Services in a research report on Tuesday, July 18th. Finally, Wells Fargo & Company initiated coverage on shares of Discover Financial Services in a research report on Tuesday, October 10th. They issued a “market perform” rating and a $69.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $74.45.
Discover Financial Services announced that its Board of Directors has approved a stock repurchase plan on Tuesday, July 25th that allows the company to buyback $2.75 billion in shares. This buyback authorization allows the financial services provider to purchase up to 11.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 7th. Shareholders of record on Wednesday, November 22nd will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Tuesday, November 21st. Discover Financial Services’s dividend payout ratio (DPR) is 24.05%.
In other news, CFO R. Mark Graf sold 16,503 shares of Discover Financial Services stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $66.67, for a total value of $1,100,255.01. Following the transaction, the chief financial officer now owns 82,402 shares of the company’s stock, valued at approximately $5,493,741.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Roger C. Hochschild sold 15,258 shares of Discover Financial Services stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $64.87, for a total transaction of $989,786.46. The disclosure for this sale can be found here. Insiders have sold a total of 119,019 shares of company stock worth $7,464,129 in the last three months. Insiders own 0.96% of the company’s stock.
Institutional investors have recently modified their holdings of the company. V Wealth Management LLC purchased a new position in shares of Discover Financial Services in the 2nd quarter worth approximately $101,000. FNY Managed Accounts LLC purchased a new stake in Discover Financial Services during the 1st quarter worth approximately $124,000. Orrstown Financial Services Inc. grew its position in Discover Financial Services by 16.7% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,002 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 286 shares during the last quarter. Perigon Wealth Management LLC grew its position in Discover Financial Services by 2.3% during the 1st quarter. Perigon Wealth Management LLC now owns 2,146 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 48 shares during the last quarter. Finally, Chicago Partners Investment Group LLC purchased a new stake in Discover Financial Services during the 2nd quarter worth approximately $168,000. 86.40% of the stock is currently owned by hedge funds and other institutional investors.
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.
Receive News & Ratings for Discover Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Discover Financial Services and related companies with Analyst Ratings Network's FREE daily email newsletter.