Bank of Montreal Can boosted its stake in Discover Financial Services (NYSE:DFS) by 3.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 2,315,912 shares of the financial services provider’s stock after acquiring an additional 85,508 shares during the quarter. Bank of Montreal Can’s holdings in Discover Financial Services were worth $177,053,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Sandy Spring Bank grew its position in Discover Financial Services by 181.5% in the 2nd quarter. Sandy Spring Bank now owns 1,689 shares of the financial services provider’s stock valued at $119,000 after buying an additional 1,089 shares in the last quarter. Private Capital Group LLC grew its position in Discover Financial Services by 8,258.3% in the 1st quarter. Private Capital Group LLC now owns 2,006 shares of the financial services provider’s stock valued at $144,000 after buying an additional 1,982 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its position in Discover Financial Services by 8,341.7% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,026 shares of the financial services provider’s stock valued at $143,000 after buying an additional 2,002 shares in the last quarter. Edge Wealth Management LLC bought a new position in Discover Financial Services in the 2nd quarter valued at about $155,000. Finally, Manning & Napier Group LLC bought a new position in Discover Financial Services in the 2nd quarter valued at about $209,000. Hedge funds and other institutional investors own 85.80% of the company’s stock.
In other Discover Financial Services news, EVP Carlos Minetti sold 3,750 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $71.60, for a total value of $268,500.00. Following the completion of the transaction, the executive vice president now directly owns 137,602 shares in the company, valued at $9,852,303.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO David W. Nelms sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $71.79, for a total transaction of $2,153,700.00. Following the completion of the transaction, the chief executive officer now owns 1,240,798 shares of the company’s stock, valued at $89,076,888.42. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,250 shares of company stock valued at $7,663,313. Corporate insiders own 0.81% of the company’s stock.
Several equities analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Discover Financial Services from a “hold” rating to a “buy” rating and set a $82.00 price objective for the company in a research report on Tuesday, July 24th. Sandler O’Neill restated a “buy” rating and set a $87.00 price objective on shares of Discover Financial Services in a research report on Friday, July 27th. Wells Fargo & Co raised their price objective on shares of Discover Financial Services from $76.00 to $82.00 and gave the company a “market perform” rating in a research report on Monday, October 1st. Bank of America raised their price objective on shares of Discover Financial Services from $86.00 to $92.00 and gave the company a “buy” rating in a research report on Friday, September 21st. Finally, JPMorgan Chase & Co. upgraded shares of Discover Financial Services from a “neutral” rating to an “overweight” rating in a research report on Tuesday, October 2nd. Eight analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Discover Financial Services presently has an average rating of “Buy” and a consensus price target of $86.76.
Shares of DFS opened at $74.54 on Friday. Discover Financial Services has a one year low of $63.31 and a one year high of $81.93. The stock has a market capitalization of $26.20 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 0.79 and a beta of 1.51. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 2.54.
Discover Financial Services (NYSE:DFS) last announced its earnings results on Thursday, July 26th. The financial services provider reported $1.91 EPS for the quarter, topping the consensus estimate of $1.88 by $0.03. Discover Financial Services had a net margin of 19.07% and a return on equity of 24.25%. The company had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.63 billion. During the same period last year, the company posted $1.40 earnings per share. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, analysts anticipate that Discover Financial Services will post 7.81 earnings per share for the current fiscal year.
Discover Financial Services declared that its Board of Directors has approved a stock repurchase program on Thursday, July 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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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