Parsec Financial Management Inc. Reduces Stock Position in Discover Financial Services (NYSE:DFS)
Parsec Financial Management Inc. cut its stake in Discover Financial Services (NYSE:DFS) by 0.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 91,680 shares of the financial services provider’s stock after selling 787 shares during the period. Parsec Financial Management Inc.’s holdings in Discover Financial Services were worth $7,113,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Norges Bank purchased a new position in shares of Discover Financial Services during the 4th quarter worth approximately $162,561,000. BlackRock Inc. increased its stake in shares of Discover Financial Services by 6.2% during the 1st quarter. BlackRock Inc. now owns 23,825,935 shares of the financial services provider’s stock worth $1,695,456,000 after purchasing an additional 1,399,427 shares in the last quarter. Amundi Pioneer Asset Management Inc. increased its stake in shares of Discover Financial Services by 14.7% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 3,174,639 shares of the financial services provider’s stock worth $225,908,000 after purchasing an additional 407,146 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Discover Financial Services by 96.3% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 645,317 shares of the financial services provider’s stock worth $50,350,000 after purchasing an additional 316,647 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Discover Financial Services by 8.6% during the 1st quarter. JPMorgan Chase & Co. now owns 3,986,538 shares of the financial services provider’s stock worth $283,680,000 after purchasing an additional 316,589 shares in the last quarter. 84.95% of the stock is owned by institutional investors.
DFS has been the subject of a number of recent research reports. Deutsche Bank reissued a “buy” rating and set a $80.00 price objective on shares of Bayerische Motoren Werke in a research note on Monday, July 8th. Bank of America dropped their price objective on shares of Canopy Growth from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, June 19th. Wells Fargo & Co raised their price objective on shares of CoStar Group from $550.00 to $650.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. CIBC raised their price objective on shares of Stella-Jones from C$51.00 to C$53.00 in a research note on Tuesday, May 7th. Finally, Nomura raised their price objective on shares of Robert Half International from $69.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Twelve research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $84.12.
NYSE DFS traded down $0.44 during mid-day trading on Tuesday, reaching $91.33. 74,333 shares of the stock were exchanged, compared to its average volume of 2,026,020. Discover Financial Services has a 1-year low of $54.36 and a 1-year high of $92.98. The firm’s fifty day simple moving average is $80.94. The firm has a market capitalization of $30.08 billion, a PE ratio of 11.71, a PEG ratio of 1.36 and a beta of 1.54. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.08 and a quick ratio of 1.38.
Discover Financial Services (NYSE:DFS) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $2.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.11 by $0.21. Discover Financial Services had a net margin of 21.00% and a return on equity of 26.41%. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter last year, the business earned $1.91 earnings per share. Discover Financial Services’s revenue was up 12.9% compared to the same quarter last year. On average, analysts forecast that Discover Financial Services will post 9 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $1.76 dividend on an annualized basis and a yield of 1.93%. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.40. Discover Financial Services’s dividend payout ratio (DPR) is 20.54%.
Discover Financial Services Company Profile
Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
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