Investment analysts at Wells Fargo & Company started coverage on shares of Discover Financial Services (NYSE:DFS) in a research note issued to investors on Tuesday. The firm set a “market perform” rating on the financial services provider’s stock.
Several other analysts have also recently issued reports on DFS. Jefferies Group LLC reissued a “buy” rating and set a $82.00 price objective on shares of Discover Financial Services in a research note on Friday, June 16th. BidaskClub raised shares of Discover Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. Morgan Stanley reissued an “overweight” rating and set a $75.00 price objective (down from $81.00) on shares of Discover Financial Services in a research note on Thursday, July 6th. Instinet restated a “buy” rating and set a $81.00 target price (down previously from $86.00) on shares of Discover Financial Services in a report on Wednesday, July 12th. Finally, Barclays PLC restated an “equal weight” rating and set a $70.00 target price (down previously from $79.00) on shares of Discover Financial Services in a report on Thursday, July 13th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $73.63.
Discover Financial Services (DFS) traded down 0.06% on Tuesday, reaching $65.34. The company’s stock had a trading volume of 1,698,207 shares. The stock has a market capitalization of $24.33 billion, a P/E ratio of 11.27 and a beta of 1.47. Discover Financial Services has a 52 week low of $53.91 and a 52 week high of $74.33. The firm has a 50 day moving average price of $60.94 and a 200 day moving average price of $61.76.
Discover Financial Services (NYSE:DFS) last announced its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 analysts’ expectations of $2.40 billion. During the same period in the prior year, the firm earned $1.47 earnings per share. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. On average, equities analysts anticipate that Discover Financial Services will post $5.91 EPS for the current year.
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, 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 value of $74,981.68. Following the sale, the senior vice president now owns 13,085 shares in the company, valued at approximately $798,970.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction of $931,348.32. Following the completion of the sale, the chief operating officer now owns 814,999 shares in the company, valued at approximately $49,747,538.96. 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 institutional investors have recently modified their holdings of DFS. V Wealth Management LLC acquired a new stake in shares of Discover Financial Services in the 2nd quarter valued at about $101,000. FNY Managed Accounts LLC bought a new stake in shares of Discover Financial Services during the 1st quarter valued at about $124,000. Orrstown Financial Services Inc. grew its position in shares of 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 valued at $125,000 after buying an additional 286 shares during the last quarter. Perigon Wealth Management LLC grew its position in shares of 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 valued at $147,000 after buying an additional 48 shares during the last quarter. Finally, Capstone Investment Advisors Netherlands B.V. bought a new stake in shares of Discover Financial Services during the 2nd quarter valued at about $157,000. Institutional investors and hedge funds 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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