Meritage Portfolio Management Sells 10,181 Shares of Discover Financial Services (NYSE:DFS)

Meritage Portfolio Management reduced its position in Discover Financial Services (NYSE:DFS) by 14.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 60,656 shares of the financial services provider’s stock after selling 10,181 shares during the quarter. Meritage Portfolio Management’s holdings in Discover Financial Services were worth $4,706,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Hanseatic Management Services Inc. bought a new position in Discover Financial Services during the second quarter worth $157,000. BTIM Corp. boosted its stake in Discover Financial Services by 7.1% during the first quarter. BTIM Corp. now owns 463,240 shares of the financial services provider’s stock worth $32,964,000 after acquiring an additional 30,550 shares in the last quarter. Huntington National Bank boosted its stake in Discover Financial Services by 41.7% during the first quarter. Huntington National Bank now owns 7,639 shares of the financial services provider’s stock worth $543,000 after acquiring an additional 2,247 shares in the last quarter. Bruni J V & Co. Co. boosted its stake in Discover Financial Services by 1.0% during the first quarter. Bruni J V & Co. Co. now owns 482,685 shares of the financial services provider’s stock worth $34,348,000 after acquiring an additional 4,911 shares in the last quarter. Finally, Glassman Wealth Services boosted its stake in Discover Financial Services by 10.2% during the first quarter. Glassman Wealth Services now owns 3,873 shares of the financial services provider’s stock worth $276,000 after acquiring an additional 359 shares in the last quarter. 84.93% of the stock is currently owned by institutional investors.

NYSE DFS traded down $0.64 during trading hours on Friday, reaching $83.99. 1,199,445 shares of the company were exchanged, compared to its average volume of 2,604,063. Discover Financial Services has a 1 year low of $54.36 and a 1 year high of $92.98. The firm has a 50 day simple moving average of $82.82. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 2.30. The company has a market cap of $26.73 billion, a PE ratio of 10.78, a P/E/G ratio of 1.22 and a beta of 1.55.

Discover Financial Services (NYSE:DFS) last posted its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $2.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.11 by $0.21. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.81 billion. Discover Financial Services had a net margin of 21.00% and a return on equity of 26.76%. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.91 earnings per share. As a group, equities analysts predict that Discover Financial Services will post 9 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Wednesday, August 21st. 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 currently 20.54%.

In other Discover Financial Services news, SVP Edward W. Mcgrogan sold 1,894 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $92.35, for a total transaction of $174,910.90. Following the completion of the transaction, the senior vice president now owns 11,272 shares in the company, valued at $1,040,969.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary K. Bush sold 496 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $77.53, for a total transaction of $38,454.88. Following the transaction, the director now owns 53,564 shares of the company’s stock, valued at approximately $4,152,816.92. The disclosure for this sale can be found here. Insiders have sold 28,159 shares of company stock valued at $2,572,746 in the last quarter. Company insiders own 0.81% of the company’s stock.

Several research analysts recently issued reports on the stock. Oppenheimer lowered shares of Discover Financial Services from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 7th. Morgan Stanley increased their target price on shares of Discover Financial Services from $91.00 to $93.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Wells Fargo & Co increased their target price on shares of Discover Financial Services from $82.00 to $88.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. increased their target price on shares of Discover Financial Services from $91.00 to $93.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, Barclays increased their target price on shares of Discover Financial Services from $87.00 to $91.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Twelve investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $84.12.

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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Institutional Ownership by Quarter for Discover Financial Services (NYSE:DFS)

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