Comerica Bank Sells 28,010 Shares of Discover Financial Services (NYSE:DFS)

Comerica Bank reduced its position in shares of Discover Financial Services (NYSE:DFS) by 29.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 68,007 shares of the financial services provider’s stock after selling 28,010 shares during the period. Comerica Bank’s holdings in Discover Financial Services were worth $8,915,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Partnership Wealth Management LLC purchased a new stake in Discover Financial Services during the fourth quarter worth about $25,000. Riverview Trust Co purchased a new stake in Discover Financial Services during the first quarter worth about $34,000. MeadowBrook Investment Advisors LLC purchased a new stake in Discover Financial Services during the fourth quarter worth about $31,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Discover Financial Services during the fourth quarter worth about $35,000. Finally, J.Safra Asset Management Corp increased its holdings in Discover Financial Services by 76.7% during the first quarter. J.Safra Asset Management Corp now owns 311 shares of the financial services provider’s stock worth $41,000 after buying an additional 135 shares during the last quarter. 86.94% of the stock is owned by institutional investors.

Discover Financial Services Trading Down 5.8 %

Discover Financial Services stock traded down $7.84 during trading hours on Friday, reaching $128.33. The company had a trading volume of 747,603 shares, compared to its average volume of 1,796,195. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.07 and a quick ratio of 1.12. The company has a 50-day moving average price of $130.36 and a 200 day moving average price of $123.14. The firm has a market cap of $32.18 billion, a price-to-earnings ratio of 15.53, a P/E/G ratio of 0.96 and a beta of 1.43. Discover Financial Services has a 12-month low of $79.04 and a 12-month high of $147.61.

Discover Financial Services (NYSE:DFS) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $6.06 EPS for the quarter, topping analysts’ consensus estimates of $3.06 by $3.00. Discover Financial Services had a return on equity of 20.53% and a net margin of 12.88%. The business had revenue of $4.54 billion for the quarter, compared to analysts’ expectations of $4.18 billion. During the same period in the previous year, the firm earned $3.54 EPS. The business’s quarterly revenue was up 17.0% on a year-over-year basis. Equities analysts forecast that Discover Financial Services will post 12.23 earnings per share for the current year.

Discover Financial Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $2.80 annualized dividend and a dividend yield of 2.18%. Discover Financial Services’s dividend payout ratio (DPR) is presently 31.93%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DFS. Royal Bank of Canada lifted their target price on shares of Discover Financial Services from $140.00 to $148.00 and gave the stock a “sector perform” rating in a research note on Friday, July 19th. BMO Capital Markets lifted their target price on shares of Discover Financial Services from $115.00 to $119.00 and gave the stock a “market perform” rating in a research note on Friday, July 19th. JPMorgan Chase & Co. lifted their target price on shares of Discover Financial Services from $132.00 to $135.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. BTIG Research initiated coverage on shares of Discover Financial Services in a research note on Friday, June 7th. They issued a “neutral” rating for the company. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Discover Financial Services from $145.00 to $160.00 and gave the company an “outperform” rating in a research report on Monday, July 8th. Thirteen research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Discover Financial Services presently has an average rating of “Hold” and a consensus target price of $131.33.

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.