River Street Advisors LLC purchased a new position in Discover Financial Services (NYSE: DFS – Get Rating) in the fourth quarter, according to the latest Form 13F filed with the Securities and Exchange Commission. Institutional investors purchased 9,298 shares of the financial services provider worth approximately $910,000.
Several other institutional investors and hedge funds have also recently changed their holdings in DFS. Cullen Frost Bankers Inc. increased its stake in Discover Financial Services by 155.1% in the third quarter. Cullen Frost Bankers Inc. now owns 301 shares of the financial services provider worth $27,000 after purchasing an additional 183 shares last quarter. Tsfg LLC increased its stake in Discover Financial Services by 151.2% in the fourth quarter. Tsfg LLC now owns 309 shares of the financial services provider worth $30,000 after purchasing an additional 186 shares last quarter. CI Investments Inc. increased its stake in Discover Financial Services by 982.4% in the third quarter. CI Investments Inc. now owns 368 shares of the financial services provider worth $33,000 after purchasing an additional 334 shares last quarter. Armstrong Advisory Group Inc. purchased a new position in Discover Financial Services for approximately $38,000 in the fourth quarter. Finally, Old North State Trust LLC purchased a new position in Discover Financial Services in the third quarter for approximately $39,000. Institutional investors own 81.74% of the company’s shares.
Analyst sets new price target
Recently, many research firms have looked into DFS. Wells Fargo & Company lowered its price target for Discover Financial Services from $105.00 to $103.00 and gave the company an “equal weight” rating in its research report on Friday, March 31. Goldman Sachs Group Inc. raised its price target for Discover Financial Services to $132.00 from $120.00, giving the stock a Buy rating in its research notes on Friday, March 3. JPMorgan Chase & Co lowered its price target for Discover Financial Services to $102.00 from $111.00 in a research note on Monday, April 17, setting the company’s rating to “neutral.” Credit Suisse Group reissued an “outperform” rating and issued his $120.00 price target on shares of Discover Financial Services in a research note on Friday, April 21. Finally, Bank of America upgraded Discover Financial Services from an “underperforming” rating to a “neutral” rating in a research note on Wednesday, March 15, setting a price target for the company at $107.00. Eleven analysts have placed a hold rating on the stock and four have issued a buy rating on the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $117.63.
Watch the performance of Financial Services Stocks
DFS shares climbed $2.60 in Friday trading to reach $95.04. The company’s trading volume was 402,515 shares for him, with an average trading volume of 2,353,311 shares for him. The company has a 50-day simple moving average of $101.32 and a 200-day simple moving average of $103.96. The company has a debt to equity ratio of 1.37, a current ratio of 1.14 and a quick ratio of 1.14. On Discover Financial Services, his one-year low is $87.64 and his one-year high is $119.91. The company has a market capitalization of $24.14 billion, a PE ratio of 6.39, a PEG ratio of 1.26 and a beta of 1.43.
Discover Financial Services (NYSE:DFS – Get Rating) last published quarterly earnings data on Wednesday, April 19. The financial services provider reported earnings of $3.58 per share for the quarter, missing analyst consensus expectations of $3.84 ($0.26). Discover Financial Services had a net profit margin of 24.65% and a return on equity of 31.30%. The company’s revenue for the quarter was $3.75 billion, compared to consensus expectations of $3.71 billion. Earnings per share in the year-ago quarter were $4.22. The company’s revenue increased by 29.3% year-on-year. Sell-side analysts expect Discover Financial Services to post his 13.48 earnings per share this year.
Discover Financial Services Increases Dividend
The company recently announced a quarterly dividend payable on Thursday, June 8. Dividends of $0.70 will be issued to shareholders of record on Thursday, May 25. The ex-dividend date is Wednesday, May 24. This represents his $2.80 dividend and his 2.95% yield on an annual basis. This is a positive change from Discover Financial Services’ previous quarterly dividend of $0.60. Discover Financial Services has a dividend payout ratio (DPR) of 16.16%.
Discover Financial Services announced that its board of directors initiated a share buyback plan on Wednesday, April 19th. This repurchase authorization allows financial services providers to reacquire up to 9.8% of their shares through open market purchases. Share buyback plans often indicate that a company’s management thinks its stock is undervalued.
Insider trading with Discover Financial Services
In other news from Discover Financial Services, EVP Robert Andrew Eichfeld sold 13,477 shares in the company in a transaction that took place on Friday, March 3rd. The shares were sold at an average price of $114.18, giving him a total of $1,538,803.86. After the sale, the Executive Vice President now owns 31,509 shares of the company, valued at approximately $3,597,697.62. The transaction was disclosed in legal filings with the Securities and Exchange Commission which can be accessed at this link. The insider owns his 0.69% of the company’s shares.
About Discover Financial Services
Discover Financial Services is a holding company. It operates under the Digital Banking and Payment Services segment. The Digital Banking segment comprises consumer banking and lending products, in particular Discover branded credit cards issued to individuals on the Discover Network and other consumer banking products, including personal student loans, personal loans, mortgages and deposit products. and service focused.
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