Macquarie Group Ltd. Reduces Position in Discover Financial Services (DFS)
Macquarie Group Ltd. reduced its position in shares of Discover Financial Services (NYSE:DFS) by 1.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 156,227 shares of the financial services provider’s stock after selling 2,096 shares during the period. Macquarie Group Ltd.’s holdings in Discover Financial Services were worth $9,717,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. V Wealth Management LLC acquired a new stake in Discover Financial Services during the 2nd quarter worth approximately $101,000. FNY Managed Accounts LLC acquired a new stake in Discover Financial Services during the 1st quarter worth approximately $124,000. Orrstown Financial Services Inc. lifted its holdings in Discover Financial Services by 16.7% during the 2nd 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 during the last quarter. Perigon Wealth Management LLC lifted its holdings in Discover Financial Services by 2.3% during the 1st 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 during the last quarter. Finally, Chicago Partners Investment Group LLC acquired a new stake in Discover Financial Services during the 2nd quarter worth approximately $168,000. 85.45% of the stock is owned by institutional investors and hedge funds.
In other Discover Financial Services news, COO Roger C. Hochschild sold 15,258 shares of Discover Financial Services stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $64.87, for a total value of $989,786.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David W. Nelms sold 30,000 shares of Discover Financial Services stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $64.55, for a total transaction of $1,936,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 157,002 shares of company stock valued at $9,694,424. 0.96% of the stock is currently owned by insiders.
Several research firms recently weighed in on DFS. Barclays PLC reissued an “equal weight” rating and set a $70.00 price target (down from $79.00) on shares of Discover Financial Services in a report on Thursday, July 13th. Wells Fargo & Company began coverage on Discover Financial Services in a report on Tuesday, October 10th. They set a “market perform” rating and a $69.00 price target for the company. Oppenheimer Holdings, Inc. set a $69.00 price target on Discover Financial Services and gave the stock a “buy” rating in a report on Wednesday, July 26th. Buckingham Research started coverage on Discover Financial Services in a research note on Monday, October 2nd. They set a “buy” rating and a $74.00 price objective on the stock. Finally, ValuEngine upgraded Discover Financial Services from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company. Discover Financial Services has a consensus rating of “Hold” and a consensus price target of $73.58.
Discover Financial Services (NYSE DFS) opened at 63.88 on Monday. Discover Financial Services has a 1-year low of $54.45 and a 1-year high of $74.33. The stock has a market cap of $23.79 billion, a P/E ratio of 11.02 and a beta of 1.47. The company has a 50-day moving average price of $61.57 and a 200 day moving average price of $61.67.
Discover Financial Services (NYSE:DFS) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.05). Discover Financial Services had a return on equity of 21.28% and a net margin of 20.91%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same period last year, the firm posted $1.47 EPS. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. Equities analysts expect that Discover Financial Services will post $5.91 earnings per share for the current fiscal year.
Discover Financial Services announced that its board has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $2.23 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 9.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
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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