2,508 Shares in Discover Financial Services (NYSE:DFS) Acquired by Legacy Capital Wealth Partners LLC

Legacy Capital Wealth Partners LLC bought a new position in Discover Financial Services (NYSE:DFS) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,508 shares of the financial services provider’s stock, valued at approximately $328,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Axxcess Wealth Management LLC lifted its holdings in Discover Financial Services by 135.1% in the 1st quarter. Axxcess Wealth Management LLC now owns 7,793 shares of the financial services provider’s stock worth $1,022,000 after purchasing an additional 4,478 shares during the last quarter. D.A. Davidson & CO. lifted its holdings in Discover Financial Services by 238.7% in the 4th quarter. D.A. Davidson & CO. now owns 14,783 shares of the financial services provider’s stock worth $1,662,000 after purchasing an additional 10,418 shares during the last quarter. Principal Securities Inc. acquired a new stake in Discover Financial Services in the 4th quarter worth approximately $1,073,000. Scotia Capital Inc. lifted its holdings in Discover Financial Services by 57.6% in the 4th quarter. Scotia Capital Inc. now owns 25,404 shares of the financial services provider’s stock worth $2,855,000 after purchasing an additional 9,287 shares during the last quarter. Finally, Gabelli Funds LLC acquired a new position in shares of Discover Financial Services during the first quarter worth approximately $983,000. 86.94% of the stock is currently owned by institutional investors and hedge funds.

Discover Financial Services Stock Performance

Shares of NYSE:DFS opened at $135.08 on Thursday. The business’s fifty day moving average price is $133.92 and its two-hundred day moving average price is $127.51. Discover Financial Services has a fifty-two week low of $79.04 and a fifty-two week high of $147.61. The stock has a market capitalization of $33.88 billion, a price-to-earnings ratio of 15.40, a price-to-earnings-growth ratio of 0.96 and a beta of 1.43. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.12 and a quick ratio of 1.04.

Discover Financial Services (NYSE:DFS) last announced its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $6.06 earnings per share for the quarter, beating analysts’ consensus estimates of $3.06 by $3.00. Discover Financial Services had a return on equity of 20.92% and a net margin of 12.88%. The firm had revenue of $4.54 billion for the quarter, compared to analysts’ expectations of $4.18 billion. During the same period in the prior year, the business posted $3.54 earnings per share. The business’s revenue was up 17.0% compared to the same quarter last year. As a group, analysts predict that Discover Financial Services will post 12.75 EPS for the current fiscal 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 issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Thursday, August 22nd. Discover Financial Services’s payout ratio is presently 31.93%.

Analysts Set New Price Targets

A number of brokerages have recently commented on DFS. Jefferies Financial Group upped their price target on Discover Financial Services from $145.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. BTIG Research began coverage on Discover Financial Services in a report on Friday, June 7th. They set a “neutral” rating for the company. BMO Capital Markets upped their price target on Discover Financial Services from $115.00 to $119.00 and gave the stock a “market perform” rating in a report on Friday, July 19th. Keefe, Bruyette & Woods upped their price target on Discover Financial Services from $145.00 to $160.00 and gave the stock an “outperform” rating in a report on Monday, July 8th. Finally, StockNews.com began coverage on Discover Financial Services in a report on Sunday. They set a “hold” rating for the company. Thirteen analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Discover Financial Services has an average rating of “Hold” and an average price target of $132.94.

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.