MGO One Seven LLC Takes $239,000 Position in Discover Financial Services (NYSE:DFS)

Posted by Defense World Staff on Aug 17th, 2023

MGO One Seven LLC purchased a new stake in Discover Financial Services (NYSE:DFS) during the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 2,418 shares of the financial services provider’s stock, valued at approximately $239,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Prudential PLC lifted its stake in shares of Discover Financial Services by 127.4% during the first quarter. Prudential PLC now owns 16,749 shares of the financial services provider’s stock worth $1,846,000 after purchasing an additional 9,382 shares in the last quarter. Cetera Investment Advisers lifted its position in Discover Financial Services by 8.8% during the 1st quarter. Cetera Investment Advisers now owns 14,977 shares of the financial services provider’s stock worth $1,650,000 after acquiring an additional 1,216 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in Discover Financial Services by 33.8% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,372 shares of the financial services provider’s stock worth $482,000 after acquiring an additional 1,104 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in Discover Financial Services by 0.8% in the 1st quarter. Baird Financial Group Inc. now owns 27,565 shares of the financial services provider’s stock worth $3,038,000 after acquiring an additional 206 shares during the period. Finally, Loomis Sayles & Co. L P grew its position in Discover Financial Services by 5.2% in the first quarter. Loomis Sayles & Co. L P now owns 2,961 shares of the financial services provider’s stock valued at $326,000 after acquiring an additional 146 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Discover Financial Services Price Performance

NYSE DFS opened at $90.26 on Thursday. Discover Financial Services has a 12 month low of $87.64 and a 12 month high of $122.50. The firm has a market capitalization of $22.56 billion, a PE ratio of 6.26, a P/E/G ratio of 1.43 and a beta of 1.43. The company’s 50 day simple moving average is $111.61 and its 200 day simple moving average is $106.66. The company has a debt-to-equity ratio of 1.58, a current ratio of 1.14 and a quick ratio of 1.14.

Discover Financial Services (NYSE:DFS – Get Free Report) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $3.54 earnings per share for the quarter, missing analysts’ consensus estimates of $3.70 by ($0.16). Discover Financial Services had a net margin of 21.51% and a return on equity of 29.65%. The business had revenue of $3.88 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the company posted $3.96 earnings per share. Discover Financial Services’s revenue was up 20.7% compared to the same quarter last year. As a group, equities research analysts forecast that Discover Financial Services will post 13.2 EPS for the current fiscal year.

Discover Financial Services declared that its board has approved a share buyback plan on Wednesday, April 19th that permits the company to repurchase $2.70 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 9.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Discover Financial Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 7th. Shareholders of record on Thursday, August 24th will be given a $0.70 dividend. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.10%. Discover Financial Services’s dividend payout ratio is currently 19.40%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Jefferies Financial Group upped their target price on shares of Discover Financial Services from $125.00 to $135.00 in a research note on Tuesday, July 11th. Royal Bank of Canada decreased their price target on shares of Discover Financial Services from $142.00 to $130.00 and set an “outperform” rating for the company in a research report on Friday, July 21st. Morgan Stanley cut their target price on shares of Discover Financial Services from $117.00 to $107.00 and set an “equal weight” rating on the stock in a research note on Friday, July 21st. Bank of America boosted their price objective on Discover Financial Services from $114.00 to $119.00 in a report on Thursday, June 15th. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $120.00 price target on shares of Discover Financial Services in a report on Friday, April 21st. Eleven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $115.93.

Get Our Latest Stock Analysis on DFS

About Discover Financial Services

(Free Report)

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.