Chemical Bank Sells 673 Shares of Discover Financial Services (DFS)

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Chemical Bank trimmed its holdings in Discover Financial Services (NYSE:DFS) by 5.5% during the second quarter, HoldingsChannel reports. The institutional investor owned 11,597 shares of the financial services provider’s stock after selling 673 shares during the quarter. Chemical Bank’s holdings in Discover Financial Services were worth $817,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in DFS. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Discover Financial Services by 46.4% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 3,674,623 shares of the financial services provider’s stock valued at $264,318,000 after buying an additional 1,165,130 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Discover Financial Services by 474.9% in the second quarter. American Century Companies Inc. now owns 1,183,341 shares of the financial services provider’s stock valued at $83,319,000 after buying an additional 977,501 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its stake in shares of Discover Financial Services by 6.3% in the first quarter. Diamond Hill Capital Management Inc. now owns 7,712,071 shares of the financial services provider’s stock valued at $554,729,000 after buying an additional 454,282 shares in the last quarter. FIL Ltd lifted its stake in shares of Discover Financial Services by 46.8% in the first quarter. FIL Ltd now owns 1,361,759 shares of the financial services provider’s stock valued at $97,951,000 after buying an additional 434,076 shares in the last quarter. Finally, Natixis lifted its stake in shares of Discover Financial Services by 4,391.5% in the first quarter. Natixis now owns 434,871 shares of the financial services provider’s stock valued at $31,280,000 after buying an additional 425,189 shares in the last quarter. 86.22% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms have weighed in on DFS. Zacks Investment Research lowered shares of Discover Financial Services from a “buy” rating to a “hold” rating in a research note on Monday, July 16th. BMO Capital Markets dropped their price objective on shares of Discover Financial Services from $93.00 to $91.00 and set a “market perform” rating on the stock in a research note on Monday, April 30th. JMP Securities dropped their price objective on shares of Discover Financial Services from $91.00 to $84.00 and set a “market outperform” rating on the stock in a research note on Friday, April 27th. Morgan Stanley dropped their price objective on shares of Discover Financial Services from $93.00 to $90.00 and set an “overweight” rating on the stock in a research note on Monday, April 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Discover Financial Services from $78.00 to $81.00 and gave the company a “neutral” rating in a research note on Friday, July 27th. Nine investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $85.27.

Shares of DFS stock opened at $79.24 on Wednesday. The stock has a market capitalization of $26.70 billion, a price-to-earnings ratio of 11.34, a P/E/G ratio of 0.91 and a beta of 1.49. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.49 and a current ratio of 1.49. Discover Financial Services has a 52 week low of $57.50 and a 52 week high of $81.93.

Discover Financial Services (NYSE:DFS) last announced its quarterly earnings data on Thursday, July 26th. The financial services provider reported $1.91 EPS for the quarter, topping the consensus estimate of $1.88 by $0.03. The business had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.63 billion. Discover Financial Services had a net margin of 19.07% and a return on equity of 24.25%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.40 earnings per share. research analysts predict that Discover Financial Services will post 7.8 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 6th. Shareholders of record on Thursday, August 23rd will be given a $0.40 dividend. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Wednesday, August 22nd. This represents a $1.60 annualized dividend and a yield of 2.02%. Discover Financial Services’s payout ratio is currently 23.41%.

Discover Financial Services announced that its Board of Directors has approved a stock repurchase program on Thursday, July 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

In other Discover Financial Services news, CEO David W. Nelms sold 30,000 shares of Discover Financial Services stock in a transaction dated Monday, July 2nd. The shares were sold at an average price of $69.93, for a total value of $2,097,900.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Carlos Minetti sold 3,750 shares of Discover Financial Services stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $69.90, for a total transaction of $262,125.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,500 shares of company stock worth $4,782,225. Insiders own 0.81% of the company’s stock.

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.

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

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