Stanley Laman Group Ltd. raised its holdings in shares of Discover Financial Services (NYSE:DFS) by 12.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,629 shares of the financial services provider’s stock after purchasing an additional 1,421 shares during the period. Stanley Laman Group Ltd.’s holdings in Discover Financial Services were worth $980,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the business. Icon Wealth Partners LLC bought a new position in shares of Discover Financial Services during the first quarter worth about $26,000. Weaver Consulting Group bought a new position in shares of Discover Financial Services during the first quarter worth about $28,000. IMA Wealth Inc. grew its position in shares of Discover Financial Services by 1,448.3% during the first quarter. IMA Wealth Inc. now owns 449 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 420 shares during the last quarter. Essex Savings Bank grew its position in shares of Discover Financial Services by 66.7% during the first quarter. Essex Savings Bank now owns 500 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 200 shares during the last quarter. Finally, Farmers National Bank bought a new position in shares of Discover Financial Services during the first quarter worth about $45,000. Hedge funds and other institutional investors own 85.87% of the company’s stock.
In other Discover Financial Services news, EVP Diane E. Offereins sold 20,000 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $91.76, for a total value of $1,835,200.00. Following the completion of the sale, the executive vice president now directly owns 120,874 shares of the company’s stock, valued at approximately $11,091,398.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Edward W. Mcgrogan sold 1,894 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $92.35, for a total transaction of $174,910.90. Following the completion of the sale, the senior vice president now directly owns 11,272 shares of the company’s stock, valued at $1,040,969.20. The disclosure for this sale can be found here. Insiders sold a total of 27,663 shares of company stock valued at $2,534,291 over the last three months. 0.81% of the stock is owned by corporate insiders.
Discover Financial Services (NYSE:DFS) last issued its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $2.32 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.11 by $0.21. Discover Financial Services had a net margin of 21.00% and a return on equity of 26.76%. The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same period in the prior year, the company earned $1.91 EPS. Discover Financial Services’s revenue was up 12.9% on a year-over-year basis. As a group, equities analysts predict that Discover Financial Services will post 9 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.21%. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.40. The ex-dividend date is Wednesday, August 21st. Discover Financial Services’s dividend payout ratio is presently 20.54%.
Several research firms have recently commented on DFS. Nomura upped their price target on shares of Discover Financial Services from $86.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Goldman Sachs Group raised shares of Discover Financial Services from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $51.00 to $56.00 in a report on Friday, May 3rd. JPMorgan Chase & Co. upped their price objective on shares of Discover Financial Services from $91.00 to $93.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. BMO Capital Markets upped their price objective on shares of Discover Financial Services to $92.00 and gave the stock a “market perform” rating in a report on Monday, April 29th. Finally, Deutsche Bank reaffirmed a “hold” rating and issued a $87.00 price objective on shares of Discover Financial Services in a report on Monday, July 8th. Twelve research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $84.35.
Discover Financial Services 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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