Avantax Planning Partners Inc. Acquires Shares of 1,915 Discover Financial Services (NYSE:DFS)

Avantax Planning Partners Inc. acquired a new stake in Discover Financial Services (NYSE:DFS) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,915 shares of the financial services provider’s stock, valued at approximately $227,000.

Other large investors have also recently made changes to their positions in the company. Dai Ichi Life Insurance Company Ltd increased its position in shares of Discover Financial Services by 742.0% in the 1st quarter. Dai Ichi Life Insurance Company Ltd now owns 28,545 shares of the financial services provider’s stock valued at $2,711,000 after purchasing an additional 25,155 shares during the last quarter. Great West Life Assurance Co. Can increased its position in shares of Discover Financial Services by 4.8% in the 1st quarter. Great West Life Assurance Co. Can now owns 287,054 shares of the financial services provider’s stock valued at $27,106,000 after purchasing an additional 13,144 shares during the last quarter. Amundi Asset Management US Inc. increased its position in shares of Discover Financial Services by 14.5% in the 1st quarter. Amundi Asset Management US Inc. now owns 467,854 shares of the financial services provider’s stock valued at $44,442,000 after purchasing an additional 59,169 shares during the last quarter. Wealthfront Advisers LLC increased its position in shares of Discover Financial Services by 8.0% in the 1st quarter. Wealthfront Advisers LLC now owns 25,452 shares of the financial services provider’s stock valued at $2,418,000 after purchasing an additional 1,896 shares during the last quarter. Finally, Veracity Capital LLC increased its position in shares of Discover Financial Services by 1.4% in the 2nd quarter. Veracity Capital LLC now owns 18,282 shares of the financial services provider’s stock valued at $58,000 after purchasing an additional 250 shares during the last quarter. 85.28% of the stock is currently owned by institutional investors.

Shares of DFS opened at $120.34 on Wednesday. The company has a 50-day simple moving average of $125.62 and a 200-day simple moving average of $114.97. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.60. The company has a market capitalization of $36.04 billion, a PE ratio of 7.70, a P/E/G ratio of 0.13 and a beta of 1.84. Discover Financial Services has a 52-week low of $51.74 and a 52-week high of $135.69.

Discover Financial Services (NYSE:DFS) last announced its quarterly earnings results on Tuesday, July 20th. The financial services provider reported $5.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.68 by $1.87. The business had revenue of $3.58 billion during the quarter, compared to the consensus estimate of $3.01 billion. Discover Financial Services had a net margin of 36.50% and a return on equity of 46.03%. The business’s revenue was up 34.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.20) EPS. On average, research analysts anticipate that Discover Financial Services will post 16.9 EPS for the current year.

Discover Financial Services announced that its board has initiated a stock buyback program on Wednesday, July 21st that authorizes the company to repurchase $2.40 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 2nd. Shareholders of record on Thursday, August 19th were issued a dividend of $0.50 per share. This is an increase from Discover Financial Services’s previous quarterly dividend of $0.44. This represents a $2.00 annualized dividend and a yield of 1.66%. The ex-dividend date was Wednesday, August 18th. Discover Financial Services’s dividend payout ratio (DPR) is 55.56%.

In other Discover Financial Services news, CAO Shifra Kolsky sold 800 shares of the firm’s stock in a transaction dated Wednesday, August 4th. The shares were sold at an average price of $127.11, for a total transaction of $101,688.00. Following the completion of the transaction, the chief accounting officer now directly owns 3,610 shares in the company, valued at approximately $458,867.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mary K. Bush sold 3,824 shares of the firm’s stock in a transaction dated Wednesday, July 28th. The shares were sold at an average price of $123.21, for a total transaction of $471,155.04. Following the transaction, the director now owns 53,366 shares of the company’s stock, valued at $6,575,224.86. The disclosure for this sale can be found here. Insiders have sold a total of 19,624 shares of company stock valued at $2,477,843 over the last 90 days. 0.54% of the stock is currently owned by insiders.

Several brokerages have recently issued reports on DFS. Deutsche Bank Aktiengesellschaft upped their target price on shares of Discover Financial Services from $120.00 to $130.00 and gave the company a “hold” rating in a report on Monday, July 12th. Piper Sandler lowered their target price on shares of Discover Financial Services from $122.00 to $118.00 and set a “neutral” rating for the company in a report on Friday, July 2nd. upgraded shares of Discover Financial Services from a “neutral” rating to a “buy” rating and upped their target price for the company from $101.00 to $150.00 in a report on Friday, July 9th. upgraded shares of Discover Financial Services from a “neutral” rating to a “buy” rating and increased their price target for the stock from $101.00 to $150.00 in a research note on Friday, July 9th. Finally, Seaport Global Securities began coverage on shares of Discover Financial Services in a research note on Monday, August 30th. They set a “neutral” rating for the company. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $123.41.

Discover Financial Services Profile

Discover Financial Services is a holding company, which engages in the provision of direct banking and payment services. It operates through the Direct Banking and Payment Services segments. The Direct Banking segment offers Discover-branded credit cards issued to individuals on the Discover Network and other consumer products and services, including private student loans, personal loans, home loans, and other consumer lending and deposit products.

Further Reading: Penny Stocks, What You Need To Know

Institutional Ownership by Quarter for Discover Financial Services (NYSE:DFS)

Receive News & Ratings for Discover Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Discover Financial Services and related companies with MarketBeat.com's FREE daily email newsletter.