Discover Financial Services (NYSE:DFS) Shares Sold by Reliance Trust Co. of Delaware
Reliance Trust Co. of Delaware lowered its position in Discover Financial Services (NYSE:DFS) by 16.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,784 shares of the financial services provider’s stock after selling 1,323 shares during the period. Reliance Trust Co. of Delaware’s holdings in Discover Financial Services were worth $422,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Steinberg Global Asset Management increased its stake in shares of Discover Financial Services by 1.9% in the second quarter. Steinberg Global Asset Management now owns 8,441 shares of the financial services provider’s stock valued at $525,000 after buying an additional 161 shares during the last quarter. Shell Asset Management Co. boosted its position in shares of Discover Financial Services by 0.6% in the second quarter. Shell Asset Management Co. now owns 111,174 shares of the financial services provider’s stock valued at $6,914,000 after buying an additional 658 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in shares of Discover Financial Services during the second quarter valued at about $677,000. Parkwood LLC boosted its position in shares of Discover Financial Services by 595.6% in the second quarter. Parkwood LLC now owns 30,022 shares of the financial services provider’s stock valued at $1,867,000 after buying an additional 25,706 shares during the period. Finally, Clear Harbor Asset Management LLC purchased a new position in shares of Discover Financial Services during the second quarter valued at about $3,310,000. 86.76% of the stock is currently owned by institutional investors and hedge funds.
Shares of Discover Financial Services (NYSE:DFS) traded down 0.77% during mid-day trading on Friday, hitting $59.64. 2,164,189 shares of the company’s stock traded hands. Discover Financial Services has a 52 week low of $53.91 and a 52 week high of $74.33. The company has a market cap of $22.21 billion, a PE ratio of 10.29 and a beta of 1.46. The firm has a 50-day moving average of $61.28 and a 200 day moving average of $64.52.
Discover Financial Services (NYSE:DFS) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $1.40 EPS for the quarter, missing the Zacks’ consensus estimate of $1.45 by $0.05. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.40 billion. Discover Financial Services had a return on equity of 21.28% and a net margin of 20.91%. Discover Financial Services’s quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.47 EPS. Equities research analysts predict that Discover Financial Services will post $5.93 EPS for the current year.
Discover Financial Services announced that its board has approved a stock buyback program on Wednesday, June 28th that authorizes the company to repurchase $2.23 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 9.5% of its shares through open market purchases. Shares repurchase programs 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, September 7th. Investors of record on Thursday, August 24th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Tuesday, August 22nd. This represents a $1.40 annualized dividend and a dividend yield of 2.35%. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s dividend payout ratio (DPR) is currently 20.73%.
DFS has been the topic of a number of recent research reports. Zacks Investment Research cut Discover Financial Services from a “hold” rating to a “sell” rating in a report on Monday, July 31st. William Blair reaffirmed an “outperform” rating on shares of Discover Financial Services in a research report on Tuesday, July 18th. Deutsche Bank AG cut Discover Financial Services from a “buy” rating to a “hold” rating and decreased their target price for the stock from $87.00 to $71.00 in a research report on Monday, May 1st. Instinet reissued a “buy” rating and set a $81.00 price objective (down previously from $86.00) on shares of Discover Financial Services in a research report on Wednesday, July 12th. Finally, Wells Fargo & Company cut Discover Financial Services to a “buy” rating and set a $70.00 price objective for the company. in a research report on Friday, May 19th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and seventeen have assigned a buy rating to the company. Discover Financial Services 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 stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $62.42, for a total transaction of $499,360.00. Following the completion of the sale, the executive vice president now owns 205,149 shares of the company’s stock, valued at approximately $12,805,400.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David W. Nelms sold 30,000 shares of the stock in a transaction 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. In the last ninety days, insiders have sold 107,744 shares of company stock worth $6,658,830. 0.96% of the stock is owned by 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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