First Citizens Bank & Trust Co. Has $492,000 Position in Discover Financial Services (DFS)
First Citizens Bank & Trust Co. cut its stake in Discover Financial Services (NYSE:DFS) by 16.8% during the second quarter, according to its most recent filing with the SEC. The fund owned 7,900 shares of the financial services provider’s stock after selling 1,594 shares during the period. First Citizens Bank & Trust Co.’s holdings in Discover Financial Services were worth $492,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of DFS. Meag Munich Ergo Kapitalanlagegesellschaft MBH raised its stake in Discover Financial Services by 86.7% in the second quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 44,101 shares of the financial services provider’s stock valued at $2,708,000 after buying an additional 20,478 shares in the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in Discover Financial Services during the second quarter valued at about $561,000. Duncker Streett & Co. Inc. raised its stake in Discover Financial Services by 0.7% in the second quarter. Duncker Streett & Co. Inc. now owns 15,352 shares of the financial services provider’s stock valued at $955,000 after buying an additional 112 shares in the last quarter. Huntington National Bank raised its stake in Discover Financial Services by 14.2% in the second quarter. Huntington National Bank now owns 6,006 shares of the financial services provider’s stock valued at $374,000 after buying an additional 749 shares in the last quarter. Finally, Hermes Investment Management Ltd. purchased a new stake in Discover Financial Services during the second quarter valued at about $330,000. Hedge funds and other institutional investors own 86.76% of the company’s stock.
Shares of Discover Financial Services (NYSE DFS) traded up 0.57% during mid-day trading on Monday, reaching $61.39. The company had a trading volume of 2,020,497 shares. The company has a market capitalization of $22.86 billion, a PE ratio of 10.59 and a beta of 1.46. Discover Financial Services has a 1-year low of $53.91 and a 1-year high of $74.33. The stock’s 50-day moving average price is $61.27 and its 200 day moving average price is $64.93.
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 Thomson Reuters’ consensus estimate of $1.45 by $0.05. Discover Financial Services had a return on equity of 21.28% and a net margin of 20.91%. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the previous year, the firm posted $1.47 earnings per share. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. Equities analysts expect that Discover Financial Services will post $5.93 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th will be issued a $0.35 dividend. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 2.28%. The ex-dividend date is Tuesday, August 22nd. Discover Financial Services’s dividend payout ratio is presently 20.73%.
Discover Financial Services announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $2.23 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 9.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.
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Several equities research analysts recently issued reports on the stock. CIBC reduced their target price on shares of Discover Financial Services from $85.00 to $75.00 and set an “outperform” rating for the company in a report on Wednesday, April 26th. Barclays PLC reissued an “equal weight” rating and issued a $70.00 target price (down from $79.00) on shares of Discover Financial Services in a report on Thursday, July 13th. Jefferies Group LLC reissued a “buy” rating and issued a $75.00 target price (down from $82.00) on shares of Discover Financial Services in a report on Thursday, July 27th. Zacks Investment Research lowered shares of Discover Financial Services from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Finally, BidaskClub lowered shares of Discover Financial Services from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and seventeen have given a buy rating to the company’s stock. The stock 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 on Monday, July 3rd. The stock was sold at an average price of $62.42, for a total value of $499,360.00. Following the completion of the sale, the executive vice president now directly owns 205,149 shares in the company, valued at approximately $12,805,400.58. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Roger C. Hochschild sold 15,258 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $62.48, for a total value of $953,319.84. Following the completion of the sale, the chief operating officer now owns 830,257 shares of the company’s stock, valued at $51,874,457.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 107,744 shares of company stock valued at $6,658,830. 0.96% of the stock is owned by company insiders.
About Discover Financial Services
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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