Oppenheimer Weighs in on Discover Financial Services’ Q2 2023 Earnings (NYSE:DFS)

Discover Financial Services (NYSE:DFSGet Rating) – Analysts at Oppenheimer dropped their Q2 2023 earnings estimates for shares of Discover Financial Services in a report issued on Wednesday, January 18th. Oppenheimer analyst D. Gabriele now expects that the financial services provider will post earnings per share of $4.18 for the quarter, down from their previous forecast of $4.49. The consensus estimate for Discover Financial Services’ current full-year earnings is $14.06 per share. Oppenheimer also issued estimates for Discover Financial Services’ Q3 2023 earnings at $2.67 EPS, Q4 2023 earnings at $2.93 EPS and FY2023 earnings at $14.21 EPS.

A number of other equities analysts also recently commented on DFS. JPMorgan Chase & Co. reduced their price objective on shares of Discover Financial Services from $113.00 to $109.00 and set a “neutral” rating for the company in a report on Tuesday, October 18th. Piper Sandler raised their price objective on shares of Discover Financial Services from $124.00 to $133.00 and gave the stock an “overweight” rating in a report on Wednesday, October 26th. StockNews.com started coverage on shares of Discover Financial Services in a report on Wednesday, October 12th. They set a “hold” rating for the company. Citigroup reduced their price objective on shares of Discover Financial Services from $115.00 to $103.00 and set a “neutral” rating for the company in a report on Thursday, October 13th. Finally, Wells Fargo & Company lifted their price target on shares of Discover Financial Services from $103.00 to $115.00 and gave the company an “equal weight” rating in a report on Thursday, December 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $117.50.

Discover Financial Services Price Performance

NYSE:DFS opened at $106.14 on Monday. The company has a 50-day moving average of $103.13 and a 200-day moving average of $101.27. The company has a market capitalization of $29.00 billion, a price-to-earnings ratio of 6.85, a PEG ratio of 1.87 and a beta of 1.41. Discover Financial Services has a 52 week low of $87.64 and a 52 week high of $129.12. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.26 and a current ratio of 1.08.

Discover Financial Services (NYSE:DFSGet Rating) last posted its quarterly earnings results on Thursday, January 19th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.58 by $0.19. The company had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.68 billion. Discover Financial Services had a net margin of 28.89% and a return on equity of 33.21%. The business’s quarterly revenue was up 27.1% on a year-over-year basis. During the same period last year, the business posted $3.64 EPS.

Institutional Investors Weigh In On Discover Financial Services

Several institutional investors have recently modified their holdings of the business. Lincoln National Corp grew its holdings in Discover Financial Services by 6.5% during the second quarter. Lincoln National Corp now owns 12,186 shares of the financial services provider’s stock valued at $1,153,000 after purchasing an additional 747 shares during the period. Shell Asset Management Co. grew its holdings in Discover Financial Services by 1.8% during the second quarter. Shell Asset Management Co. now owns 26,866 shares of the financial services provider’s stock valued at $2,541,000 after purchasing an additional 478 shares during the period. Louisiana State Employees Retirement System acquired a new position in Discover Financial Services during the third quarter valued at approximately $1,591,000. Handelsbanken Fonder AB grew its holdings in Discover Financial Services by 3.8% during the third quarter. Handelsbanken Fonder AB now owns 78,971 shares of the financial services provider’s stock valued at $7,180,000 after purchasing an additional 2,914 shares during the period. Finally, Assetmark Inc. grew its holdings in Discover Financial Services by 82.6% during the second quarter. Assetmark Inc. now owns 12,539 shares of the financial services provider’s stock valued at $1,186,000 after purchasing an additional 5,671 shares during the period. Institutional investors and hedge funds own 81.74% of the company’s stock.

Insiders Place Their Bets

In other Discover Financial Services news, Director Michael H. Moskow sold 1,291 shares of the business’s stock in a transaction dated Wednesday, December 7th. The shares were sold at an average price of $105.10, for a total value of $135,684.10. Following the completion of the transaction, the director now directly owns 51,596 shares of the company’s stock, valued at $5,422,739.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.59% of the company’s stock.

Discover Financial Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 9th. Shareholders of record on Thursday, February 23rd will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Wednesday, February 22nd. Discover Financial Services’s dividend payout ratio is presently 15.49%.

Discover Financial Services Company Profile

(Get Rating)

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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Earnings History and Estimates for Discover Financial Services (NYSE:DFS)

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