Ajo LP Buys 812,574 Shares of Discover Financial Services (DFS)

Ajo LP increased its stake in shares of Discover Financial Services (NYSE:DFS) by 4,041.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 832,681 shares of the financial services provider’s stock after purchasing an additional 812,574 shares during the quarter. Ajo LP owned 0.22% of Discover Financial Services worth $51,784,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. V Wealth Management LLC acquired a new stake in shares of Discover Financial Services during the second quarter worth $101,000. FNY Managed Accounts LLC acquired a new stake in shares of Discover Financial Services during the first quarter worth $124,000. Orrstown Financial Services Inc. lifted its holdings in shares of Discover Financial Services by 16.7% during the second quarter. Orrstown Financial Services Inc. now owns 2,002 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 286 shares during the period. Perigon Wealth Management LLC lifted its holdings in shares of Discover Financial Services by 2.3% during the first quarter. Perigon Wealth Management LLC now owns 2,146 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 48 shares during the period. Finally, Financial Architects Inc lifted its holdings in shares of Discover Financial Services by 65.1% during the second quarter. Financial Architects Inc now owns 2,600 shares of the financial services provider’s stock worth $162,000 after purchasing an additional 1,025 shares during the period. 86.21% of the stock is owned by hedge funds and other institutional investors.

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Several brokerages recently weighed in on DFS. Jefferies Group LLC reaffirmed a “buy” rating and set a $75.00 price target (down from $82.00) on shares of Discover Financial Services in a report on Thursday, July 27th. Zacks Investment Research downgraded Discover Financial Services from a “hold” rating to a “sell” rating in a report on Monday, July 31st. BidaskClub downgraded Discover Financial Services from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Barclays PLC reaffirmed an “equal weight” rating and set a $70.00 price target (down from $79.00) on shares of Discover Financial Services in a report on Thursday, July 13th. Finally, Wells Fargo & Company downgraded Discover Financial Services to a “buy” rating and set a $70.00 price target for the company. in a report on Friday, May 19th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. Discover Financial Services has an average rating of “Buy” and an average price target of $73.95.

In other news, COO Roger C. Hochschild sold 15,258 shares of the business’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $62.48, for a total transaction of $953,319.84. Following the sale, the chief operating officer now directly owns 830,257 shares of the company’s stock, valued at $51,874,457.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Carlos Minetti sold 8,000 shares of the business’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $62.42, for a total value of $499,360.00. Following the sale, the executive vice president now directly owns 205,149 shares in the company, valued at $12,805,400.58. The disclosure for this sale can be found here. Insiders have sold 157,002 shares of company stock worth $9,580,337 over the last ninety days. 0.96% of the stock is owned by insiders.

Shares of Discover Financial Services (NYSE:DFS) opened at 57.99 on Wednesday. The stock has a market cap of $21.59 billion, a PE ratio of 10.01 and a beta of 1.45. Discover Financial Services has a 52-week low of $53.91 and a 52-week high of $74.33. The company’s 50-day moving average price is $60.15 and its 200-day moving average price is $62.94.

Discover Financial Services (NYSE:DFS) last announced its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $1.40 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by ($0.05). The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.40 billion. Discover Financial Services had a net margin of 20.91% and a return on equity of 21.28%. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.47 EPS. Analysts expect that Discover Financial Services will post $5.92 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Thursday, August 24th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Tuesday, August 22nd. This is a positive change from Discover Financial Services’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.41%. Discover Financial Services’s payout ratio is 24.18%.

Discover Financial Services declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $2.23 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 9.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

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.

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

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