Discover Financial Services (DFS) Shares Bought by Fjarde AP Fonden Fourth Swedish National Pension Fund
Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in Discover Financial Services (NYSE:DFS) by 15.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,214 shares of the financial services provider’s stock after buying an additional 12,148 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Discover Financial Services were worth $5,797,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. V Wealth Management LLC bought a new position in shares of Discover Financial Services during the second quarter worth approximately $101,000. FNY Managed Accounts LLC bought a new position in shares of Discover Financial Services during the first quarter worth approximately $124,000. Orrstown Financial Services Inc. raised its position in shares of 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 during the last quarter. Perigon Wealth Management LLC raised its position in shares of 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 during the last quarter. Finally, Financial Architects Inc raised its position in shares of 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 during the last quarter. 86.20% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Discover Financial Services (NYSE:DFS) opened at 59.69 on Friday. Discover Financial Services has a 52-week low of $53.91 and a 52-week high of $74.33. The stock has a market capitalization of $22.23 billion, a PE ratio of 10.30 and a beta of 1.46. The stock has a 50 day moving average of $60.92 and a 200 day moving average of $63.87.
Discover Financial Services (NYSE:DFS) last issued its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.45 by $0.05. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.40 billion. Discover Financial Services had a return on equity of 19.94% and a net margin of 22.57%. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.47 earnings per share. Analysts forecast that Discover Financial Services will post $5.93 earnings per share for the current year.
Discover Financial Services declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to buyback $2.23 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 9.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is 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 2.35%. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, August 22nd. Discover Financial Services’s dividend payout ratio (DPR) is presently 24.18%.
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DFS has been the topic of a number of research analyst reports. Jefferies Group LLC reissued a “buy” rating and issued a $82.00 price target on shares of Discover Financial Services in a report on Friday, June 16th. ValuEngine lowered shares of Discover Financial Services from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Wells Fargo & Company lowered shares of Discover Financial Services to a “buy” rating and set a $70.00 price target on the stock. in a report on Friday, May 19th. Royal Bank Of Canada reissued a “buy” rating and issued a $82.00 price target on shares of Discover Financial Services in a report on Tuesday, May 16th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating on shares of Discover Financial Services in a report on Friday, May 12th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $74.21.
In related news, COO Roger C. Hochschild sold 15,258 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $51,874,457.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Edward W. Mcgrogan sold 1,228 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $61.06, for a total value of $74,981.68. Following the sale, the senior vice president now directly owns 13,085 shares of the company’s stock, valued at $798,970.10. The disclosure for this sale can be found here. Insiders have sold a total of 107,744 shares of company stock valued at $6,658,830 over the last three months. Corporate 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.
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