Old Mutual Global Investors UK Ltd. Decreases Holdings in Discover Financial Services (DFS)
Old Mutual Global Investors UK Ltd. decreased its position in Discover Financial Services (NYSE:DFS) by 37.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 911,001 shares of the financial services provider’s stock after selling 542,452 shares during the quarter. Old Mutual Global Investors UK Ltd. owned approximately 0.24% of Discover Financial Services worth $56,655,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. V Wealth Management LLC bought a new position in Discover Financial Services in the second quarter worth $101,000. FNY Managed Accounts LLC bought a new position in Discover Financial Services in the first quarter worth $124,000. Orrstown Financial Services Inc. raised its holdings 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 purchasing an additional 286 shares in the last quarter. Perigon Wealth Management LLC raised its holdings 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 purchasing an additional 48 shares in the last quarter. Finally, Chicago Partners Investment Group LLC bought a new position in Discover Financial Services in the second quarter worth $168,000. Institutional investors and hedge funds own 86.21% of the company’s stock.
In other Discover Financial Services news, COO Roger C. Hochschild sold 15,258 shares of the business’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 sale, the chief operating officer now owns 830,257 shares in the company, valued at approximately $51,874,457.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction dated 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 quarter, insiders have sold 157,002 shares of company stock worth $9,580,337. Company insiders own 0.96% of the company’s stock.
Discover Financial Services (NYSE DFS) traded up 0.436% during midday trading on Wednesday, hitting $58.695. The company had a trading volume of 410,736 shares. The stock has a market capitalization of $21.86 billion, a PE ratio of 10.127 and a beta of 1.45. Discover Financial Services has a 52 week low of $53.91 and a 52 week high of $74.33. The stock has a 50 day moving average price of $60.53 and a 200-day moving average price of $63.26.
Discover Financial Services (NYSE:DFS) last posted its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by $0.05. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.40 billion. Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.47 EPS. On average, equities analysts predict that Discover Financial Services will post $5.92 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.40%. The ex-dividend date is Tuesday, August 22nd. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s payout ratio is presently 24.18%.
Discover Financial Services announced that its board has authorized a stock buyback plan on Wednesday, June 28th that permits the company to buyback $2.23 billion in outstanding shares. This buyback authorization permits 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 board believes its shares are undervalued.
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DFS has been the subject of a number of research reports. Zacks Investment Research downgraded Discover Financial Services from a “hold” rating to a “sell” rating in a report on Monday, July 31st. William Blair reiterated an “outperform” rating on shares of Discover Financial Services in a report on Tuesday, July 18th. Instinet reiterated a “buy” rating and issued a $81.00 price objective (down previously from $86.00) on shares of Discover Financial Services in a report on Wednesday, July 12th. Wells Fargo & Company downgraded Discover Financial Services to a “buy” rating and set a $70.00 price objective for the company. in a report on Friday, May 19th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $75.00 price objective (down previously from $82.00) on shares of Discover Financial Services in a report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the stock. Discover Financial Services currently has a consensus rating of “Buy” and an average price target of $74.21.
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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