Greenleaf Trust Invests $314,000 in Discover Financial Services (DFS) Stock

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Greenleaf Trust acquired a new position in Discover Financial Services (NYSE:DFS) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 4,461 shares of the financial services provider’s stock, valued at approximately $314,000.

Other institutional investors have also recently bought and sold shares of the company. Sandy Spring Bank boosted its stake in shares of Discover Financial Services by 181.5% during the 2nd quarter. Sandy Spring Bank now owns 1,689 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,089 shares during the period. Signaturefd LLC acquired a new stake in shares of Discover Financial Services during the 1st quarter valued at $143,000. Private Capital Group LLC boosted its stake in shares of Discover Financial Services by 8,258.3% during the 1st quarter. Private Capital Group LLC now owns 2,006 shares of the financial services provider’s stock valued at $144,000 after buying an additional 1,982 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of Discover Financial Services by 8,341.7% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,026 shares of the financial services provider’s stock valued at $143,000 after buying an additional 2,002 shares during the period. Finally, Edge Wealth Management LLC acquired a new stake in shares of Discover Financial Services during the 2nd quarter valued at $155,000. 87.89% of the stock is owned by hedge funds and other institutional investors.

A number of equities research analysts have issued reports on the stock. UBS Group raised shares of Discover Financial Services from a “sell” rating to a “neutral” rating and set a $81.93 target price for the company in a research note on Monday, May 7th. Zacks Investment Research raised shares of Discover Financial Services from a “hold” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Tuesday, July 24th. Sandler O’Neill reissued a “buy” rating and set a $87.00 target price on shares of Discover Financial Services in a research note on Friday, July 27th. BMO Capital Markets decreased their target price on shares of Discover Financial Services from $93.00 to $91.00 and set a “market perform” rating for the company in a research note on Monday, April 30th. Finally, Morgan Stanley decreased their target price on shares of Discover Financial Services from $93.00 to $90.00 and set an “overweight” rating for the company in a research note on Monday, April 30th. Nine equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $85.27.

In related news, CEO David W. Nelms sold 30,000 shares of Discover Financial Services stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $71.79, for a total value of $2,153,700.00. Following the transaction, the chief executive officer now owns 1,240,798 shares in the company, valued at approximately $89,076,888.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Carlos Minetti sold 3,750 shares of Discover Financial Services stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $71.60, for a total transaction of $268,500.00. Following the completion of the transaction, the executive vice president now owns 137,602 shares in the company, valued at approximately $9,852,303.20. The disclosure for this sale can be found here. Insiders have sold a total of 67,500 shares of company stock worth $4,782,225 in the last 90 days. 0.81% of the stock is owned by insiders.

Discover Financial Services stock opened at $77.92 on Friday. The firm has a market cap of $25.53 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 0.87 and a beta of 1.49. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 2.54. Discover Financial Services has a 1-year low of $57.50 and a 1-year high of $81.93.

Discover Financial Services (NYSE:DFS) last released its quarterly earnings results on Thursday, July 26th. The financial services provider reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.88 by $0.03. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.63 billion. Discover Financial Services had a net margin of 19.07% and a return on equity of 24.25%. Discover Financial Services’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.40 EPS. research analysts expect that Discover Financial Services will post 7.79 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 6th. Stockholders of record on Thursday, August 23rd will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, August 22nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.05%. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.35. Discover Financial Services’s dividend payout ratio (DPR) is currently 23.41%.

Discover Financial Services declared that its Board of Directors has approved a stock repurchase program on Thursday, July 19th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 11.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Discover Financial Services Company Profile

Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.

See Also: Diversification

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

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