Orrstown Financial Services Inc. increased its position in Discover Financial Services (NYSE:DFS) by 16.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,002 shares of the financial services provider’s stock after buying an additional 286 shares during the period. Orrstown Financial Services Inc.’s holdings in Discover Financial Services were worth $125,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in DFS. BlackRock Inc. boosted its stake in shares of Discover Financial Services by 3,280.4% in the first quarter. BlackRock Inc. now owns 30,704,582 shares of the financial services provider’s stock worth $2,099,886,000 after buying an additional 29,796,268 shares in the last quarter. Primecap Management Co. CA boosted its stake in shares of Discover Financial Services by 19.5% in the first quarter. Primecap Management Co. CA now owns 6,681,700 shares of the financial services provider’s stock worth $456,961,000 after buying an additional 1,088,500 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Discover Financial Services by 42.9% in the first quarter. AQR Capital Management LLC now owns 3,539,440 shares of the financial services provider’s stock worth $242,063,000 after buying an additional 1,062,007 shares in the last quarter. Janus Capital Management LLC boosted its stake in shares of Discover Financial Services by 85.4% in the first quarter. Janus Capital Management LLC now owns 1,609,893 shares of the financial services provider’s stock worth $110,101,000 after buying an additional 741,786 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Discover Financial Services during the first quarter worth $39,741,000. 84.46% of the stock is owned by institutional investors.

Discover Financial Services (DFS) traded down 0.31% during mid-day trading on Monday, hitting $61.07. 2,510,075 shares of the company were exchanged. Discover Financial Services has a 12-month low of $53.91 and a 12-month high of $74.33. The company’s 50-day moving average is $60.07 and its 200 day moving average is $66.69. The company has a market capitalization of $23.22 billion, a P/E ratio of 10.43 and a beta of 1.47.

Discover Financial Services (NYSE:DFS) last released its earnings results on Tuesday, April 25th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.01. The business had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.36 billion. Discover Financial Services had a net margin of 22.08% and a return on equity of 21.86%. Discover Financial Services’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.35 earnings per share. Analysts expect that Discover Financial Services will post $5.99 EPS for the current year.

Discover Financial Services declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $2.23 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 9.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

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DFS has been the subject of several research analyst reports. Jefferies Group LLC reissued a “buy” rating and set a $82.00 price objective on shares of Discover Financial Services in a research report on Friday, April 7th. Instinet reissued a “buy” rating and set a $86.00 price objective (down previously from $88.00) on shares of Discover Financial Services in a research report on Saturday, April 29th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $84.00 price objective on shares of Discover Financial Services in a research report on Monday, April 10th. Wells Fargo & Company reissued an “outperform” rating and set a $70.00 price objective (down previously from $80.00) on shares of Discover Financial Services in a research report on Sunday, May 21st. Finally, Deutsche Bank AG cut Discover Financial Services from a “buy” rating to a “hold” rating and cut their price objective for the stock from $87.00 to $71.00 in a research report on Monday, May 1st. Two equities 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 a consensus rating of “Buy” and an average target price of $74.58.

In other news, EVP James V. Panzarino sold 9,500 shares of the company’s stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $64.34, for a total transaction of $611,230.00. Following the transaction, the executive vice president now owns 78,215 shares in the company, valued at $5,032,353.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO R. Mark Graf sold 29,584 shares of the company’s stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $64.50, for a total transaction of $1,908,168.00. Following the transaction, the chief financial officer now owns 98,905 shares in the company, valued at approximately $6,379,372.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 142,600 shares of company stock worth $8,976,046. 0.96% of the stock is 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.

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

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