Todd Asset Management LLC Sells 18,753 Shares of Discover Financial Services (DFS)
Todd Asset Management LLC cut its stake in shares of Discover Financial Services (NYSE:DFS) by 3.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 459,761 shares of the financial services provider’s stock after selling 18,753 shares during the period. Todd Asset Management LLC owned about 0.12% of Discover Financial Services worth $28,592,000 as of its most recent filing with the SEC.
A number of other hedge funds have also bought and sold shares of the stock. Jaffetilchin Investment Partners LLC boosted its stake in Discover Financial Services by 0.7% in the first quarter. Jaffetilchin Investment Partners LLC now owns 3,230 shares of the financial services provider’s stock valued at $221,000 after buying an additional 24 shares during the period. Advisor Partners LLC boosted its stake in Discover Financial Services by 0.4% in the second quarter. Advisor Partners LLC now owns 7,159 shares of the financial services provider’s stock valued at $445,000 after buying an additional 27 shares during the period. First Bank & Trust boosted its stake in Discover Financial Services by 1.4% in the second quarter. First Bank & Trust now owns 3,135 shares of the financial services provider’s stock valued at $195,000 after buying an additional 42 shares during the period. Perigon Wealth Management LLC boosted 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 valued at $147,000 after buying an additional 48 shares during the period. Finally, Stratos Wealth Partners LTD. boosted its stake in Discover Financial Services by 0.8% in the second quarter. Stratos Wealth Partners LTD. now owns 7,339 shares of the financial services provider’s stock valued at $456,000 after buying an additional 57 shares during the period. Institutional investors own 86.19% of the company’s stock.
Discover Financial Services (DFS) traded up 1.27% during trading on Friday, reaching $59.70. The company had a trading volume of 353,815 shares. The stock has a 50 day moving average of $60.67 and a 200-day moving average of $63.59. The company has a market capitalization of $22.23 billion, a P/E ratio of 10.30 and a beta of 1.46. Discover Financial Services has a 12 month low of $53.91 and a 12 month high of $74.33.
Discover Financial Services (NYSE:DFS) last issued its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $1.40 EPS for the quarter, missing the Zacks’ consensus estimate of $1.45 by $0.05. The company had revenue of $2.42 billion for 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 revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.47 EPS. Equities research analysts expect that Discover Financial Services will post $5.92 EPS for the current fiscal year.
Discover Financial Services announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $2.23 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 9.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Investors of record on Thursday, August 24th will be paid a dividend of $0.35 per share. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, August 22nd. This represents a $1.40 annualized dividend and a yield of 2.37%. Discover Financial Services’s dividend payout ratio is presently 24.18%.
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Several analysts have commented on the company. Jefferies Group LLC restated a “buy” rating and issued a $75.00 price target (down previously from $82.00) on shares of Discover Financial Services in a report on Thursday, July 27th. Zacks Investment Research cut Discover Financial Services from a “hold” rating to a “sell” rating in a report on Monday, July 31st. BidaskClub cut Discover Financial Services from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Wells Fargo & Company cut Discover Financial Services to a “buy” rating and set a $70.00 price target for the company. in a report on Friday, May 19th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $82.00 price target on shares of Discover Financial Services in a report on Tuesday, May 16th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $74.21.
In related news, EVP Carlos Minetti sold 8,000 shares of the stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $62.42, for a total transaction of $499,360.00. Following the completion of the sale, the executive vice president now owns 205,149 shares in the company, valued at approximately $12,805,400.58. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO David W. Nelms sold 30,000 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $62.52, for a total value of $1,875,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,744 shares of company stock valued at $6,658,830. 0.96% of the stock is owned by corporate 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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