Global X Management Co. LLC increased its position in Discover Financial Services (NYSE:DFS) by 13.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,123 shares of the financial services provider’s stock after buying an additional 611 shares during the period. Global X Management Co. LLC’s holdings in Discover Financial Services were worth $319,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of DFS. V Wealth Management LLC bought a new stake in Discover Financial Services during the second quarter worth $101,000. FNY Managed Accounts LLC bought a new stake in Discover Financial Services during the first quarter worth $124,000. Orrstown Financial Services Inc. raised its stake in Discover Financial Services by 16.7% in the second quarter. Orrstown Financial Services Inc. now owns 2,002 shares of the financial services provider’s stock worth $125,000 after buying an additional 286 shares in the last quarter. Perigon Wealth Management LLC raised its stake in Discover Financial Services by 2.3% in the first quarter. Perigon Wealth Management LLC now owns 2,146 shares of the financial services provider’s stock worth $147,000 after buying an additional 48 shares in the last quarter. Finally, Financial Architects Inc raised its stake in Discover Financial Services by 65.1% in the second quarter. Financial Architects Inc now owns 2,600 shares of the financial services provider’s stock worth $162,000 after buying an additional 1,025 shares in the last quarter. 86.20% of the stock is currently owned by institutional investors and hedge funds.

Discover Financial Services (NYSE:DFS) opened at 59.43 on Monday. The stock has a market cap of $22.13 billion, a price-to-earnings ratio of 10.25 and a beta of 1.46. The firm’s 50 day moving average price is $61.23 and its 200 day moving average price is $64.20. Discover Financial Services has a one year low of $53.91 and a one year high of $74.33.

Discover Financial Services (NYSE:DFS) last announced its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.45 by $0.05. Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the prior year, the company earned $1.47 EPS. Discover Financial Services’s quarterly revenue was up 9.2% on a year-over-year basis. Equities analysts forecast that Discover Financial Services will post $5.93 earnings per share for the current year.

Discover Financial Services declared that its board has approved a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $2.23 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 9.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 7th. Investors of record on Thursday, August 24th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Tuesday, August 22nd. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s dividend payout ratio is currently 20.73%.

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DFS has been the topic of a number of recent research reports. Instinet reaffirmed 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. Wells Fargo & Company lowered Discover Financial Services to a “buy” rating and set a $70.00 price objective on the stock. in a research report on Friday, May 19th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $82.00 price objective on shares of Discover Financial Services in a research report on Tuesday, May 16th. Keefe, Bruyette & Woods reaffirmed a “buy” rating on shares of Discover Financial Services in a research report on Friday, May 12th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $82.00 price objective on shares of Discover Financial Services in a research report on Friday, May 12th. 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 currently has an average rating of “Buy” and an average target price of $74.21.

In other Discover Financial Services news, SVP Edward W. Mcgrogan sold 1,228 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $61.06, for a total value of $74,981.68. Following the completion of the transaction, the senior vice president now owns 13,085 shares in the company, valued at approximately $798,970.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO David W. Nelms sold 30,000 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was 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 valued at $6,658,830. Insiders own 0.96% of the company’s stock.

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.

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

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