Wedbush Securities Inc. reduced its stake in shares of Discover Financial Services (NYSE:DFS) by 2.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,205 shares of the financial services provider’s stock after selling 246 shares during the period. Wedbush Securities Inc.’s holdings in Discover Financial Services were worth $510,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of DFS. V Wealth Management LLC bought a new stake in shares of Discover Financial Services during the second quarter valued at about $101,000. FNY Managed Accounts LLC bought a new stake in shares of Discover Financial Services during the first quarter valued at about $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 valued at $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 valued at $147,000 after buying an additional 48 shares in the last quarter. Finally, Chicago Partners Investment Group LLC bought a new stake in shares of Discover Financial Services during the second quarter valued at about $168,000. Institutional investors and hedge funds own 86.20% of the company’s stock.

Shares of Discover Financial Services (NYSE:DFS) opened at 61.87 on Wednesday. The firm’s 50-day moving average price is $61.33 and its 200-day moving average price is $64.33. The firm has a market cap of $23.04 billion, a price-to-earnings ratio of 10.67 and a beta of 1.46. 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 announced its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share 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 analyst estimates of $2.40 billion. Discover Financial Services’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.47 EPS. Equities research analysts expect that Discover Financial Services will post $5.93 EPS for the current fiscal year.

The firm also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, August 22nd. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.26%. Discover Financial Services’s payout ratio is presently 20.73%.

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

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Several analysts have recently issued reports on the company. Barclays PLC restated 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. 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. Bank of America Corporation downgraded Discover Financial Services from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $67.00 to $63.00 in a research report on Thursday, July 27th. Zacks Investment Research downgraded Discover Financial Services from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, BidaskClub upgraded Discover Financial Services from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 10th. 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 company. The stock currently 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 Discover Financial Services 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 transaction, the chief executive officer now directly owns 1,559,912 shares in the company, valued at $95,357,420.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Edward W. Mcgrogan sold 1,228 shares of Discover Financial Services stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $61.06, for a total value of $74,981.68. Following the completion of the transaction, the senior vice president now owns 13,085 shares in the company, valued at $798,970.10. The disclosure for this sale can be found here. Insiders sold 107,744 shares of company stock worth $6,658,830 over the last quarter. 0.96% of the stock is currently owned by corporate insiders.

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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