Wetherby Asset Management Inc. lowered its position in shares of Discover Financial Services (NYSE:DFS) by 2.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,476 shares of the financial services provider’s stock after selling 229 shares during the period. Wetherby Asset Management Inc.’s holdings in Discover Financial Services were worth $527,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Canada Pension Plan Investment Board increased its position in shares of Discover Financial Services by 1.2% in the second quarter. Canada Pension Plan Investment Board now owns 542,244 shares of the financial services provider’s stock worth $33,722,000 after buying an additional 6,200 shares in the last quarter. Global X Management Co. LLC increased its position in shares of Discover Financial Services by 13.5% in the second quarter. Global X Management Co. LLC now owns 5,123 shares of the financial services provider’s stock worth $319,000 after buying an additional 611 shares in the last quarter. Advisor Partners LLC increased its position in shares of Discover Financial Services by 0.4% in the second quarter. Advisor Partners LLC now owns 7,159 shares of the financial services provider’s stock worth $445,000 after buying an additional 27 shares in the last quarter. Alley Co LLC increased its position in shares of Discover Financial Services by 2.1% in the second quarter. Alley Co LLC now owns 38,630 shares of the financial services provider’s stock worth $2,402,000 after buying an additional 785 shares in the last quarter. Finally, Tdam USA Inc. increased its position in shares of Discover Financial Services by 41.8% in the second quarter. Tdam USA Inc. now owns 144,386 shares of the financial services provider’s stock worth $8,881,000 after buying an additional 42,590 shares in the last quarter. 86.76% of the stock is owned by institutional investors and hedge funds.

Shares of Discover Financial Services (NYSE:DFS) opened at 59.64 on Friday. The company has a 50-day moving average of $61.28 and a 200 day moving average of $64.52. The stock has a market cap of $22.21 billion, a PE ratio of 10.29 and a beta of 1.46. Discover Financial Services has a one year low of $53.91 and a one year high of $74.33.

Discover Financial Services (NYSE:DFS) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.45 by $0.05. Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same quarter in the previous year, the company posted $1.47 EPS. The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, analysts predict that Discover Financial Services will post $5.93 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th will be paid a dividend of $0.35 per share. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $1.40 dividend on an annualized basis and a yield of 2.35%. Discover Financial Services’s dividend payout ratio is presently 20.73%.

Discover Financial Services announced that its board has authorized a share buyback 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 reacquire up to 9.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

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A number of equities analysts have weighed in on the stock. BidaskClub downgraded shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Zacks Investment Research downgraded shares of Discover Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Jefferies Group LLC reaffirmed a “buy” rating and set a $75.00 target price (down previously from $82.00) on shares of Discover Financial Services in a research note on Thursday, July 27th. Bank of America Corporation downgraded shares of Discover Financial Services from a “buy” rating to a “neutral” rating and decreased their target price for the company from $67.00 to $63.00 in a research note on Thursday, July 27th. Finally, Oppenheimer Holdings, Inc. set a $69.00 target price on shares of Discover Financial Services and gave the company a “buy” rating in a research note on Wednesday, July 26th. Three research 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’s stock. Discover Financial Services presently has an average rating of “Buy” and a consensus target price of $74.21.

In other Discover Financial Services news, EVP Carlos Minetti sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $61.29, for a total transaction of $490,320.00. Following the transaction, the executive vice president now owns 197,149 shares in the company, valued at approximately $12,083,262.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 Monday, July 3rd. The shares were sold at an average price of $62.52, for a total transaction of $1,875,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 107,744 shares of company stock worth $6,658,830 in the last 90 days. 0.96% of the stock is currently owned by company 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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