Commerzbank Aktiengesellschaft FI decreased its holdings in shares of Discover Financial Services (NYSE:DFS) by 34.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,921 shares of the financial services provider’s stock after selling 4,779 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in Discover Financial Services were worth $555,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Pinnacle Associates Ltd. boosted its stake in Discover Financial Services by 9.7% during the 2nd quarter. Pinnacle Associates Ltd. now owns 95,041 shares of the financial services provider’s stock valued at $5,911,000 after purchasing an additional 8,380 shares during the period. Sawtooth Solutions LLC boosted its stake in Discover Financial Services by 9.9% during the 2nd quarter. Sawtooth Solutions LLC now owns 11,286 shares of the financial services provider’s stock valued at $702,000 after purchasing an additional 1,017 shares during the period. Oppenheimer & Co. Inc. boosted its stake in Discover Financial Services by 3.8% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 69,013 shares of the financial services provider’s stock valued at $4,292,000 after purchasing an additional 2,547 shares during the period. Cipher Capital LP bought a new stake in Discover Financial Services during the 2nd quarter valued at approximately $6,020,000. Finally, Delta Lloyd Asset Management N.V. bought a new stake in Discover Financial Services during the 2nd quarter valued at approximately $3,247,000. Hedge funds and other institutional investors own 86.21% of the company’s stock.

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Shares of Discover Financial Services (NYSE DFS) opened at 57.66 on Friday. The firm has a market cap of $21.47 billion, a P/E ratio of 9.95 and a beta of 1.45. Discover Financial Services has a 1-year low of $53.91 and a 1-year high of $74.33. The firm has a 50 day moving average price of $60.27 and a 200 day moving average price of $63.15.

Discover Financial Services (NYSE:DFS) last released its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (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 the consensus estimate of $2.40 billion. Discover Financial Services had a return on equity of 21.28% and a net margin of 20.91%. Discover Financial Services’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period last year, the company earned $1.47 EPS. Analysts anticipate that Discover Financial Services will post $5.92 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Thursday, August 24th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date was Tuesday, August 22nd. This is a boost from Discover Financial Services’s previous quarterly dividend of $0.30. Discover Financial Services’s dividend payout ratio is 24.18%.

Discover Financial Services declared that its board has initiated a share buyback program on Wednesday, June 28th that authorizes the company to buyback $2.23 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 9.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

In other news, SVP Edward W. Mcgrogan sold 1,228 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $61.06, for a total transaction of $74,981.68. Following the transaction, the senior vice president now owns 13,085 shares of the company’s stock, valued at approximately $798,970.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Roger C. Hochschild sold 15,258 shares of the 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 transaction, 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 have sold a total of 157,002 shares of company stock worth $9,580,337 in the last three months. Insiders own 0.96% of the company’s stock.

Several analysts recently weighed in on DFS shares. Zacks Investment Research upgraded Discover Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, August 29th. BidaskClub upgraded Discover Financial Services from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 10th. Jefferies Group LLC reiterated a “buy” rating and issued a $82.00 price objective on shares of Discover Financial Services in a research report on Friday, June 16th. 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 research report on Wednesday, July 12th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $75.00 price objective (down previously from $81.00) on shares of Discover Financial Services in a research report on Thursday, July 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $73.95.

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

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