Signet Financial Management LLC Sells 506 Shares of Discover Financial Services (DFS)
Signet Financial Management LLC reduced its stake in shares of Discover Financial Services (NYSE:DFS) by 0.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,565 shares of the financial services provider’s stock after selling 506 shares during the quarter. Signet Financial Management LLC’s holdings in Discover Financial Services were worth $4,140,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of DFS. V Wealth Management LLC bought a new stake in Discover Financial Services in the second quarter valued at $101,000. FNY Managed Accounts LLC acquired a new position in shares of Discover Financial Services during the first quarter valued at $124,000. Orrstown Financial Services Inc. boosted its holdings in shares of Discover Financial Services by 16.7% during the second quarter. Orrstown Financial Services Inc. now owns 2,002 shares of the financial services provider’s stock valued at $125,000 after acquiring an additional 286 shares during the period. Perigon Wealth Management LLC boosted its holdings in shares of Discover Financial Services by 2.3% during the first quarter. Perigon Wealth Management LLC now owns 2,146 shares of the financial services provider’s stock valued at $147,000 after acquiring an additional 48 shares during the period. Finally, Capstone Investment Advisors Netherlands B.V. acquired a new position in shares of Discover Financial Services during the second quarter valued at $157,000. 85.45% of the stock is currently owned by hedge funds and other institutional investors.
In other Discover Financial Services news, SVP Edward W. Mcgrogan sold 1,228 shares of the business’s stock in a transaction that occurred on 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 owns 13,085 shares in the company, valued at approximately $798,970.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kathryn Mcnamara Corley sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $59.63, for a total value of $238,520.00. Following the completion of the sale, the executive vice president now owns 150,744 shares in the company, valued at approximately $8,988,864.72. The disclosure for this sale can be found here. Insiders have sold 103,744 shares of company stock valued at $6,252,057 over the last ninety days. 0.96% of the stock is owned by insiders.
Several analysts recently weighed in on DFS shares. BidaskClub upgraded shares of Discover Financial Services from a “sell” rating to a “hold” rating in a research report on Tuesday, June 20th. Oppenheimer Holdings, Inc. set a $69.00 target price on shares of Discover Financial Services and gave the stock a “buy” rating in a research report on Wednesday, July 26th. Barclays PLC restated an “equal weight” rating and issued a $70.00 target price (down previously from $79.00) on shares of Discover Financial Services in a research report on Thursday, July 13th. Buckingham Research started coverage on shares of Discover Financial Services in a research note on Monday. They issued a “buy” rating and a $74.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of Discover Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, August 29th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seventeen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $73.95.
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Shares of Discover Financial Services (NYSE:DFS) traded up 0.30% during midday trading on Wednesday, hitting $65.94. The stock had a trading volume of 1,108,147 shares. The stock has a 50 day moving average price of $60.38 and a 200-day moving average price of $61.83. The stock has a market capitalization of $24.55 billion, a price-to-earnings ratio of 11.38 and a beta of 1.47. Discover Financial Services has a 52 week low of $53.91 and a 52 week high of $74.33.
Discover Financial Services (NYSE:DFS) last released its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by ($0.05). The firm had revenue of $2.42 billion during 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 for the quarter was up 9.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.47 EPS. Equities research analysts anticipate that Discover Financial Services will post $5.92 earnings per share for the current year.
Discover Financial Services announced that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to repurchase $2.23 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 9.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
The company 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 is a boost from Discover Financial Services’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend was Tuesday, August 22nd. Discover Financial Services’s dividend payout ratio is currently 24.18%.
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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