Wright Investors Service Inc. increased its stake in shares of Discover Financial Services (NYSE:DFS) by 10.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 36,598 shares of the financial services provider’s stock after purchasing an additional 3,553 shares during the quarter. Discover Financial Services makes up 1.1% of Wright Investors Service Inc.’s holdings, making the stock its 28th biggest position. Wright Investors Service Inc.’s holdings in Discover Financial Services were worth $2,840,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Icon Wealth Partners LLC bought a new position in shares of Discover Financial Services during the 1st quarter valued at approximately $26,000. Weaver Consulting Group bought a new position in shares of Discover Financial Services during the 1st quarter valued at approximately $28,000. IMA Wealth Inc. increased its position in shares of Discover Financial Services by 1,448.3% during the 1st quarter. IMA Wealth Inc. now owns 449 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 420 shares during the last quarter. Essex Savings Bank increased its position in shares of Discover Financial Services by 66.7% during the 1st quarter. Essex Savings Bank now owns 500 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 200 shares during the last quarter. Finally, Farmers National Bank bought a new position in shares of Discover Financial Services during the 1st quarter valued at approximately $45,000. 85.87% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Mary K. Bush sold 993 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $83.27, for a total transaction of $82,687.11. Following the transaction, the director now directly owns 52,075 shares of the company’s stock, valued at approximately $4,336,285.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Edward W. Mcgrogan sold 1,894 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $92.35, for a total value of $174,910.90. Following the transaction, the senior vice president now directly owns 11,272 shares in the company, valued at $1,040,969.20. The disclosure for this sale can be found here. Insiders sold a total of 27,663 shares of company stock valued at $2,534,291 over the last quarter. Company insiders own 0.81% of the company’s stock.

Several brokerages have commented on DFS. Barclays upped their price objective on Discover Financial Services from $87.00 to $91.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. BMO Capital Markets upped their price objective on Discover Financial Services to $92.00 and gave the company a “market perform” rating in a research report on Monday, April 29th. UBS Group upped their price objective on Discover Financial Services from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. JMP Securities raised Discover Financial Services from an “outperform” rating to a “buy” rating in a research report on Thursday, July 25th. Finally, Nomura upped their price objective on Discover Financial Services from $86.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Twelve equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Discover Financial Services currently has an average rating of “Hold” and an average target price of $84.35.

Discover Financial Services stock traded down $0.05 during mid-day trading on Thursday, hitting $79.37. The company’s stock had a trading volume of 45,960 shares, compared to its average volume of 2,649,337. Discover Financial Services has a one year low of $54.36 and a one year high of $92.98. The company has a market capitalization of $25.27 billion, a PE ratio of 10.18, a PEG ratio of 1.19 and a beta of 1.55. The company has a 50 day simple moving average of $83.26. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 2.30.

Discover Financial Services (NYSE:DFS) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $2.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.11 by $0.21. Discover Financial Services had a return on equity of 26.76% and a net margin of 21.00%. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.81 billion. During the same period in the prior year, the business earned $1.91 EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. Analysts expect that Discover Financial Services will post 9 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.22%. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.40. The ex-dividend date is Wednesday, August 21st. Discover Financial Services’s dividend payout ratio is currently 20.54%.

About Discover Financial Services

Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.

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Institutional Ownership by Quarter for Discover Financial Services (NYSE:DFS)

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