Toronto Dominion Bank lowered its stake in shares of Discover Financial Services (NYSE:DFS) by 4.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 179,000 shares of the financial services provider’s stock after selling 7,577 shares during the quarter. Toronto Dominion Bank owned 0.06% of Discover Financial Services worth $8,967,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the business. Neuberger Berman Group LLC grew its position in Discover Financial Services by 34.9% in the 2nd quarter. Neuberger Berman Group LLC now owns 85,808 shares of the financial services provider’s stock valued at $4,288,000 after acquiring an additional 22,201 shares during the last quarter. AdvisorNet Financial Inc grew its position in Discover Financial Services by 34.6% in the 2nd quarter. AdvisorNet Financial Inc now owns 3,040 shares of the financial services provider’s stock valued at $152,000 after acquiring an additional 782 shares during the last quarter. Quadrature Capital Ltd grew its position in Discover Financial Services by 951.0% in the 2nd quarter. Quadrature Capital Ltd now owns 85,856 shares of the financial services provider’s stock valued at $4,301,000 after acquiring an additional 77,687 shares during the last quarter. Handelsbanken Fonder AB bought a new position in Discover Financial Services in the 2nd quarter valued at $3,397,000. Finally, Nuveen Asset Management LLC grew its position in Discover Financial Services by 58.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 6,481,744 shares of the financial services provider’s stock valued at $324,671,000 after acquiring an additional 2,385,355 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors.
Shares of NYSE DFS opened at $59.03 on Friday. The company has a debt-to-equity ratio of 2.70, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market capitalization of $18.09 billion, a P/E ratio of 18.68 and a beta of 1.88. Discover Financial Services has a 1-year low of $23.25 and a 1-year high of $87.43. The business has a fifty day moving average price of $53.32 and a 200 day moving average price of $47.39.
Discover Financial Services (NYSE:DFS) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($1.25). Discover Financial Services had a net margin of 7.65% and a return on equity of 10.45%. The business had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.63 billion. As a group, equities research analysts anticipate that Discover Financial Services will post 1.01 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date was Wednesday, August 19th. Discover Financial Services’s dividend payout ratio (DPR) is presently 19.38%.
In other Discover Financial Services news, Director Mary K. Bush sold 1,920 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $49.23, for a total value of $94,521.60. Following the completion of the sale, the director now directly owns 55,899 shares in the company, valued at $2,751,907.77. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.55% of the company’s stock.
DFS has been the topic of several research analyst reports. JMP Securities upped their price objective on Discover Financial Services from $48.00 to $58.00 and gave the company a “market outperform” rating in a research report on Friday, July 24th. Morgan Stanley increased their price target on Discover Financial Services from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, June 8th. Bank of America increased their price target on Discover Financial Services from $54.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, August 17th. Royal Bank of Canada increased their price target on Discover Financial Services from $42.00 to $61.00 in a research report on Wednesday, June 3rd. Finally, Wolfe Research started coverage on Discover Financial Services in a research report on Friday, July 31st. They set an “outperform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company’s stock. Discover Financial Services currently has a consensus rating of “Hold” and a consensus price target of $62.50.
About Discover Financial Services
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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