Westpac Banking Corp increased its stake in shares of Discover Financial Services (NYSE:DFS) by 41.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 33,372 shares of the financial services provider’s stock after buying an additional 9,710 shares during the period. Westpac Banking Corp’s holdings in Discover Financial Services were worth $2,400,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. DnB Asset Management AS raised its position in shares of Discover Financial Services by 1.7% in the 4th quarter. DnB Asset Management AS now owns 40,715 shares of the financial services provider’s stock valued at $3,132,000 after buying an additional 700 shares in the last quarter. Arbor Investment Advisors LLC bought a new stake in Discover Financial Services during the 4th quarter worth approximately $203,000. LVM Capital Management Ltd. MI grew its holdings in Discover Financial Services by 6.4% during the 4th quarter. LVM Capital Management Ltd. MI now owns 94,437 shares of the financial services provider’s stock worth $7,264,000 after acquiring an additional 5,710 shares during the last quarter. Nadler Financial Group Inc. bought a new stake in Discover Financial Services during the 4th quarter worth approximately $393,000. Finally, Gofen & Glossberg LLC IL bought a new stake in Discover Financial Services during the 4th quarter worth approximately $224,000. 87.57% of the stock is owned by institutional investors and hedge funds.
In other Discover Financial Services news, CEO David W. Nelms sold 30,000 shares of the business’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $78.66, for a total value of $2,359,800.00. Following the completion of the transaction, the chief executive officer now owns 1,390,449 shares of the company’s stock, valued at approximately $109,372,718.34. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mary K. Bush sold 4,674 shares of the business’s stock in a transaction dated Tuesday, May 15th. The stock was sold at an average price of $76.17, for a total value of $356,018.58. Following the completion of the transaction, the director now directly owns 54,060 shares of the company’s stock, valued at approximately $4,117,750.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 161,266 shares of company stock worth $11,823,080. 0.81% of the stock is currently owned by company insiders.
A number of equities research analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of Discover Financial Services from $91.00 to $93.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Instinet cut their target price on shares of Discover Financial Services from $96.00 to $94.00 and set a “buy” rating on the stock in a research note on Thursday, January 25th. Argus upgraded shares of Discover Financial Services from an “average” rating to a “buy” rating and set a $90.00 price objective on the stock in a report on Friday, January 26th. Royal Bank of Canada lowered their price objective on shares of Discover Financial Services to $100.00 and set a “top pick” rating on the stock in a report on Thursday, January 25th. Finally, Barclays lowered their target price on shares of Discover Financial Services from $95.00 to $94.00 and set an “overweight” rating for the company in a report on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $85.43.
Shares of NYSE DFS traded up $0.43 during mid-day trading on Thursday, hitting $77.86. The stock had a trading volume of 35,587 shares, compared to its average volume of 2,237,119. The company has a market cap of $26.63 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.94 and a beta of 1.47. Discover Financial Services has a 1 year low of $76.11 and a 1 year high of $77.17. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 2.55.
Discover Financial Services (NYSE:DFS) last released its quarterly earnings results on Thursday, April 26th. The financial services provider reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.05. Discover Financial Services had a net margin of 18.43% and a return on equity of 22.79%. The business had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter in the previous year, the business posted $1.43 earnings per share. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. equities research analysts anticipate that Discover Financial Services will post 7.67 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 7th. Investors of record on Thursday, May 24th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date is Wednesday, May 23rd. Discover Financial Services’s payout ratio is 23.41%.
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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