Royal Bank Of Canada reaffirmed their buy rating on shares of Discover Financial Services (NYSE:DFS) in a research note issued to investors on Wednesday, October 25th. Royal Bank Of Canada currently has a $86.00 price target on the financial services provider’s stock.
DFS has been the subject of several other reports. Zacks Investment Research cut shares of Discover Financial Services from a hold rating to a sell rating in a research note on Monday, October 23rd. Oppenheimer Holdings, Inc. set a $69.00 price target on shares of Discover Financial Services and gave the stock a buy rating in a report on Wednesday, July 26th. Barclays PLC reaffirmed an equal weight rating and set a $70.00 target price (down previously from $79.00) on shares of Discover Financial Services in a report on Thursday, July 13th. Buckingham Research assumed coverage on shares of Discover Financial Services in a report on Monday, October 2nd. They set a buy rating and a $74.00 target price for the company. Finally, ValuEngine cut shares of Discover Financial Services from a buy rating to a hold rating in a research report on Monday, September 11th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $74.45.
Shares of Discover Financial Services (NYSE DFS) opened at $65.00 on Wednesday. The company has a debt-to-equity ratio of 2.52, a quick ratio of 1.55 and a current ratio of 1.55. Discover Financial Services has a 12 month low of $57.50 and a 12 month high of $74.33. The company has a market cap of $23,532.53, a P/E ratio of 11.13, a price-to-earnings-growth ratio of 1.71 and a beta of 1.52.
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Discover Financial Services announced that its Board of Directors has authorized a share buyback plan on Tuesday, July 25th that permits the company to repurchase $2.75 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 11.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Stockholders of record on Wednesday, November 22nd will be issued a $0.35 dividend. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.15%. Discover Financial Services’s dividend payout ratio (DPR) is 24.05%.
In related news, CEO David W. Nelms sold 30,000 shares of the company’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $59.10, for a total transaction of $1,773,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,529,912 shares in the company, valued at approximately $90,417,799.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Carlos Minetti sold 8,000 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $64.51, for a total value of $516,080.00. The disclosure for this sale can be found here. Insiders sold a total of 172,277 shares of company stock valued at $11,020,650 over the last quarter. Company insiders own 0.96% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Grove Bank & Trust lifted its holdings in shares of Discover Financial Services by 2,483.3% in the third quarter. Grove Bank & Trust now owns 1,550 shares of the financial services provider’s stock valued at $100,000 after buying an additional 1,490 shares during the period. V Wealth Management LLC acquired a new stake in shares of Discover Financial Services in the second quarter valued at $101,000. Rational Advisors LLC acquired a new stake in shares of Discover Financial Services in the third quarter valued at $123,000. FNY Managed Accounts LLC acquired a new stake in shares of Discover Financial Services in the first quarter valued at $124,000. Finally, Orrstown Financial Services Inc. lifted its holdings in shares of Discover Financial Services by 16.7% in the second quarter. Orrstown Financial Services Inc. now owns 2,002 shares of the financial services provider’s stock valued at $125,000 after buying an additional 286 shares during the period. Institutional investors and hedge funds own 88.02% of the company’s stock.
About Discover Financial Services
Discover Financial Services (DFS) is a direct banking and payment services company. The Company is a bank holding company, as well as a financial holding company. The Company operates through two segments: Direct Banking and Payment Services. It provides direct banking products and services, and payment services through its subsidiaries.
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