Discover Financial Services (DFS) Shares Sold by Northern Trust Corp

Northern Trust Corp lessened its position in Discover Financial Services (NYSE:DFS) by 3.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,255,714 shares of the financial services provider’s stock after selling 135,557 shares during the quarter. Northern Trust Corp owned 1.14% of Discover Financial Services worth $264,664,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Prudential Financial Inc. increased its stake in Discover Financial Services by 6.5% in the second quarter. Prudential Financial Inc. now owns 921,150 shares of the financial services provider’s stock valued at $57,286,000 after acquiring an additional 56,046 shares during the last quarter. Calamos Advisors LLC increased its stake in Discover Financial Services by 120.3% in the second quarter. Calamos Advisors LLC now owns 634,391 shares of the financial services provider’s stock valued at $39,453,000 after acquiring an additional 346,406 shares during the last quarter. Annex Advisory Services LLC increased its stake in Discover Financial Services by 23.9% in the second quarter. Annex Advisory Services LLC now owns 15,686 shares of the financial services provider’s stock valued at $975,000 after acquiring an additional 3,027 shares during the last quarter. Bank of Nova Scotia increased its stake in Discover Financial Services by 171.5% in the first quarter. Bank of Nova Scotia now owns 88,397 shares of the financial services provider’s stock valued at $6,045,000 after acquiring an additional 55,840 shares during the last quarter. Finally, Pacer Advisors Inc. increased its stake in Discover Financial Services by 3.2% in the first quarter. Pacer Advisors Inc. now owns 8,406 shares of the financial services provider’s stock valued at $575,000 after acquiring an additional 264 shares during the last quarter. 85.45% of the stock is currently owned by institutional investors and hedge funds.

Shares of Discover Financial Services (NYSE DFS) opened at 61.41 on Friday. Discover Financial Services has a one year low of $53.91 and a one year high of $74.33. The stock has a market capitalization of $22.87 billion, a price-to-earnings ratio of 10.60 and a beta of 1.45. The firm has a 50-day moving average of $59.72 and a 200 day moving average of $62.41.

Discover Financial Services (NYSE:DFS) last issued its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $1.40 EPS for the quarter, missing the consensus estimate of $1.45 by ($0.05). The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.47 earnings per share. On average, equities research analysts predict that Discover Financial Services will post $5.92 EPS for the current year.

Discover Financial Services announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $2.23 billion in shares. This repurchase authorization allows the financial services provider to buy up to 9.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th were paid a $0.35 dividend. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend was Tuesday, August 22nd. Discover Financial Services’s dividend payout ratio is currently 24.18%.

DFS has been the topic of a number of research analyst reports. Zacks Investment Research raised Discover Financial Services from a “sell” rating to a “hold” rating in a research note on Tuesday, August 29th. BidaskClub raised Discover Financial Services from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 10th. Jefferies Group LLC reissued a “buy” rating and issued a $82.00 target price on shares of Discover Financial Services in a research note on Friday, June 16th. Instinet reissued a “buy” rating and issued a $81.00 target price (down previously from $86.00) on shares of Discover Financial Services in a research note on Wednesday, July 12th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $75.00 target price (down previously from $81.00) on shares of Discover Financial Services in a research note on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $73.95.

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In other Discover Financial Services news, COO Roger C. Hochschild sold 15,258 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $62.48, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David W. Nelms sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $59.10, for a total transaction of $1,773,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,529,912 shares of the company’s stock, valued at approximately $90,417,799.20. The disclosure for this sale can be found here. Insiders sold a total of 157,002 shares of company stock worth $9,580,337 over the last 90 days. Insiders own 0.96% of the company’s stock.

Discover Financial Services Company Profile

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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