Discover Financial Services (DFS) To Go Ex-Dividend on August 22nd
Discover Financial Services (NYSE:DFS) declared a quarterly dividend on Tuesday, July 25th, RTT News reports. Stockholders of record on Thursday, August 24th will be given a dividend of 0.35 per share by the financial services provider on Thursday, September 7th. This represents a $1.40 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Tuesday, August 22nd. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.30.
Discover Financial Services has raised its dividend by an average of 16.2% per year over the last three years and has increased its dividend every year for the last 6 years. Discover Financial Services has a payout ratio of 23.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Discover Financial Services to earn $6.54 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 21.4%.
Discover Financial Services (DFS) opened at 59.43 on Monday. The firm has a market capitalization of $22.13 billion, a PE ratio of 10.25 and a beta of 1.46. The stock’s 50 day moving average price is $61.23 and its 200 day moving average price is $64.20. Discover Financial Services has a 52-week low of $53.91 and a 52-week high of $74.33.
Discover Financial Services (NYSE:DFS) last issued its 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. The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.40 billion. Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The business’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.47 earnings per share. On average, analysts predict that Discover Financial Services will post $5.93 EPS for the current fiscal year.
A number of research firms have issued reports on DFS. Barclays PLC reiterated an “equal weight” rating and set a $70.00 price target (down previously from $79.00) on shares of Discover Financial Services in a research note on Thursday, July 13th. Oppenheimer Holdings, Inc. set a $69.00 price target on Discover Financial Services and gave the company a “buy” rating in a research note on Wednesday, July 26th. Zacks Investment Research downgraded Discover Financial Services from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. BidaskClub upgraded Discover Financial Services from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 10th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Discover Financial Services in a research note on Friday, May 12th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and seventeen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $74.21.
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In related news, CEO David W. Nelms sold 30,000 shares of Discover Financial Services stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $61.13, for a total value of $1,833,900.00. Following the sale, the chief executive officer now owns 1,559,912 shares of the company’s stock, valued at approximately $95,357,420.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Roger C. Hochschild sold 15,258 shares of Discover Financial Services stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $62.48, for a total transaction of $953,319.84. Following the completion of the sale, the chief operating officer now directly owns 830,257 shares in the company, valued at approximately $51,874,457.36. The disclosure for this sale can be found here. Insiders sold a total of 107,744 shares of company stock worth $6,658,830 in the last ninety days. 0.96% of the stock is currently owned by insiders.
Discover Financial Services announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that permits the company to repurchase $2.23 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 9.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
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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