American Trust boosted its stake in shares of Discover Financial Services (NYSE:DFS) by 95.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,423 shares of the financial services provider’s stock after purchasing an additional 2,157 shares during the period. American Trust’s holdings in Discover Financial Services were worth $487,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently bought and sold shares of DFS. Norges Bank purchased a new position in Discover Financial Services during the fourth quarter valued at $354,824,000. First Trust Advisors LP lifted its position in Discover Financial Services by 489.5% during the first quarter. First Trust Advisors LP now owns 1,999,341 shares of the financial services provider’s stock valued at $220,307,000 after purchasing an additional 1,660,180 shares in the last quarter. Invesco Ltd. lifted its position in Discover Financial Services by 43.8% during the fourth quarter. Invesco Ltd. now owns 2,099,589 shares of the financial services provider’s stock valued at $242,629,000 after purchasing an additional 639,624 shares in the last quarter. BlackRock Inc. lifted its position in shares of Discover Financial Services by 2.3% in the fourth quarter. BlackRock Inc. now owns 20,610,036 shares of the financial services provider’s stock valued at $2,381,696,000 after acquiring an additional 457,067 shares in the last quarter. Finally, Polaris Wealth Advisory Group LLC purchased a new position in shares of Discover Financial Services in the first quarter valued at about $39,524,000. 83.92% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several brokerages have recently commented on DFS. Barclays lowered their price objective on Discover Financial Services from $140.00 to $133.00 and set an “overweight” rating on the stock in a research report on Friday, July 22nd. Citigroup downgraded Discover Financial Services from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $140.00 to $115.00 in a research report on Friday, July 22nd. Piper Sandler boosted their price objective on Discover Financial Services to $132.00 in a research report on Friday, July 22nd. Keefe, Bruyette & Woods lowered their price objective on Discover Financial Services from $150.00 to $135.00 in a research report on Monday, July 11th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Discover Financial Services from $150.00 to $140.00 in a research report on Friday, July 22nd. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $125.75.
Discover Financial Services Stock Performance
Discover Financial Services (NYSE:DFS – Get Rating) last issued its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $3.96 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.19. Discover Financial Services had a return on equity of 36.35% and a net margin of 34.89%. The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.18 billion. During the same period in the previous year, the firm posted $5.55 earnings per share. The firm’s revenue for the quarter was down 9.9% on a year-over-year basis. As a group, research analysts expect that Discover Financial Services will post 15.35 EPS for the current year.
Discover Financial Services Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 8th. Shareholders of record on Thursday, August 25th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Wednesday, August 24th. This represents a $2.40 annualized dividend and a dividend yield of 2.38%. Discover Financial Services’s dividend payout ratio (DPR) is presently 15.63%.
Discover Financial Services Company 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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