Wells Fargo & Company Initiates Coverage on Discover Financial Services (DFS)
Wells Fargo & Company began coverage on shares of Discover Financial Services (NYSE:DFS) in a research note issued to investors on Tuesday, MarketBeat reports. The firm issued a market perform rating and a $69.00 target price on the financial services provider’s stock.
A number of other analysts have also recently weighed in on the company. Buckingham Research assumed coverage on Discover Financial Services in a research report on Monday, October 2nd. They issued a buy rating and a $74.00 price target for the company. ValuEngine raised Discover Financial Services from a hold rating to a buy rating in a research report on Tuesday, September 26th. Zacks Investment Research cut Discover Financial Services from a hold rating to a sell rating in a research report on Tuesday, September 26th. Morgan Stanley reduced their price target 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. Finally, BidaskClub cut Discover Financial Services from a hold rating to a sell rating in a research report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $73.58.
Discover Financial Services (NYSE:DFS) opened at 63.88 on Tuesday. The stock has a market capitalization of $23.79 billion, a P/E ratio of 11.02 and a beta of 1.47. Discover Financial Services has a 12-month low of $54.45 and a 12-month high of $74.33. The stock has a 50 day moving average price of $61.52 and a 200-day moving average price of $61.76.
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. During the same period in the prior year, the firm earned $1.47 EPS. Discover Financial Services’s quarterly revenue was up 9.2% on a year-over-year basis. Equities research analysts expect that Discover Financial Services will post $5.91 EPS for the current year.
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Discover Financial Services announced that its board has authorized a stock 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 purchase up to 9.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
In other news, SVP Edward W. Mcgrogan sold 1,228 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $61.06, for a total value of $74,981.68. Following the sale, the senior vice president now directly owns 13,085 shares in the company, valued at approximately $798,970.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO David W. Nelms sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $61.13, for a total value of $1,833,900.00. Following the completion of the sale, the chief executive officer now owns 1,559,912 shares in the company, valued at $95,357,420.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 157,002 shares of company stock worth $9,694,424. Corporate insiders own 0.96% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Osborn Williams & Donohoe LLC bought a new stake in shares of Discover Financial Services in the 3rd quarter valued at approximately $310,000. Beacon Financial Group grew its stake in shares of Discover Financial Services by 75.6% in the 3rd quarter. Beacon Financial Group now owns 7,972 shares of the financial services provider’s stock valued at $514,000 after purchasing an additional 3,432 shares during the period. Perpetual Ltd bought a new stake in shares of Discover Financial Services in the 2nd quarter valued at approximately $1,891,000. Sentry Investment Management LLC grew its stake in shares of Discover Financial Services by 32.7% in the 2nd quarter. Sentry Investment Management LLC now owns 28,414 shares of the financial services provider’s stock valued at $1,767,000 after purchasing an additional 7,000 shares during the period. Finally, Toronto Dominion Bank grew its stake in shares of Discover Financial Services by 22.3% in the 2nd quarter. Toronto Dominion Bank now owns 135,459 shares of the financial services provider’s stock valued at $8,424,000 after purchasing an additional 24,725 shares during the period. Institutional investors own 85.45% 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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