Trust Co. of Vermont raised its holdings in Discover Financial Services (NYSE:DFS – Get Rating) by 80.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 2,723 shares of the financial services provider’s stock after acquiring an additional 1,215 shares during the period. Trust Co. of Vermont’s holdings in Discover Financial Services were worth $269,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in DFS. Norges Bank purchased a new stake in Discover Financial Services in the fourth quarter valued at approximately $340,672,000. First Trust Advisors LP grew its stake in shares of Discover Financial Services by 489.5% during the 1st quarter. First Trust Advisors LP now owns 1,999,341 shares of the financial services provider’s stock valued at $220,307,000 after buying an additional 1,660,180 shares during the period. Morgan Stanley increased its holdings in shares of Discover Financial Services by 35.6% during the 4th quarter. Morgan Stanley now owns 4,927,342 shares of the financial services provider’s stock worth $482,042,000 after buying an additional 1,293,260 shares during the last quarter. Eminence Capital LP purchased a new position in shares of Discover Financial Services in the 4th quarter worth $101,642,000. Finally, Goldman Sachs Group Inc. boosted its holdings in Discover Financial Services by 51.2% in the second quarter. Goldman Sachs Group Inc. now owns 1,636,711 shares of the financial services provider’s stock valued at $154,801,000 after acquiring an additional 554,438 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on the company. Morgan Stanley cut their price objective on Discover Financial Services from $115.00 to $112.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 5th. Credit Suisse Group reissued an “outperform” rating and issued a $120.00 price objective on shares of Discover Financial Services in a research report on Friday, April 21st. Royal Bank of Canada restated an “outperform” rating and set a $125.00 target price on shares of Discover Financial Services in a report on Friday, April 21st. The Goldman Sachs Group increased their price target on Discover Financial Services from $120.00 to $132.00 and gave the company a “buy” rating in a report on Friday, March 3rd. Finally, JPMorgan Chase & Co. decreased their target price on Discover Financial Services from $111.00 to $102.00 and set a “neutral” rating for the company in a research report on Monday, April 17th. Ten analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Discover Financial Services has a consensus rating of “Hold” and an average price target of $119.67.
Discover Financial Services Trading Up 0.2 %
Discover Financial Services (NYSE:DFS – Get Rating) last released its quarterly earnings data on Wednesday, April 19th. The financial services provider reported $3.58 EPS for the quarter, missing analysts’ consensus estimates of $3.84 by ($0.26). The business had revenue of $3.75 billion during the quarter, compared to analyst estimates of $3.71 billion. Discover Financial Services had a return on equity of 31.30% and a net margin of 24.65%. The business’s revenue for the quarter was up 29.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.22 EPS. On average, analysts predict that Discover Financial Services will post 13.41 EPS for the current year.
Discover Financial Services Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 8th. Investors of record on Thursday, May 25th were paid a dividend of $0.70 per share. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.60. The ex-dividend date was Wednesday, May 24th. This represents a $2.80 annualized dividend and a yield of 2.42%. Discover Financial Services’s dividend payout ratio is 18.86%.
Discover Financial Services announced that its Board of Directors has authorized a share repurchase program on Wednesday, April 19th that authorizes the company to buyback $2.70 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 9.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
Discover Financial Services Profile
Discover Financial Services, through its subsidiaries, provides digital banking products and services, and payment services in the United States. It operates in two segments, Digital Banking and Payment Services. The Digital Banking segment offers Discover-branded credit cards to individuals; private student loans, personal loans, home loans, and other consumer lending; and direct-to-consumer deposit products comprising savings accounts, certificates of deposit, money market accounts, IRA certificates of deposit, IRA savings accounts and checking accounts, and sweep accounts.
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