Discover Financial Services (NYSE:DFS) Shares Acquired by State of Michigan Retirement System

State of Michigan Retirement System raised its stake in Discover Financial Services (NYSE:DFS) by 0.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,601 shares of the financial services provider’s stock after acquiring an additional 100 shares during the period. State of Michigan Retirement System’s holdings in Discover Financial Services were worth $8,974,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Partnership Wealth Management LLC acquired a new position in Discover Financial Services in the fourth quarter valued at approximately $25,000. Opal Wealth Advisors LLC bought a new stake in shares of Discover Financial Services during the second quarter valued at approximately $26,000. MeadowBrook Investment Advisors LLC bought a new stake in shares of Discover Financial Services during the fourth quarter valued at approximately $31,000. Riverview Trust Co bought a new stake in shares of Discover Financial Services during the first quarter valued at approximately $34,000. Finally, New Covenant Trust Company N.A. bought a new stake in shares of Discover Financial Services during the first quarter valued at approximately $34,000. 86.94% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on DFS shares. Barclays boosted their target price on Discover Financial Services from $135.00 to $137.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. StockNews.com started coverage on Discover Financial Services in a report on Saturday. They set a “hold” rating on the stock. BTIG Research started coverage on Discover Financial Services in a report on Friday, June 7th. They set a “neutral” rating on the stock. Keefe, Bruyette & Woods boosted their target price 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, BMO Capital Markets boosted their target price 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. Thirteen research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $132.94.

Discover Financial Services Trading Up 0.5 %

Discover Financial Services stock opened at $133.35 on Wednesday. The company’s fifty day simple moving average is $132.53 and its 200-day simple moving average is $126.30. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.28. Discover Financial Services has a 12 month low of $79.04 and a 12 month high of $147.61. The stock has a market cap of $33.44 billion, a P/E ratio of 15.21, a P/E/G ratio of 0.90 and a beta of 1.43.

Discover Financial Services (NYSE:DFS) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.06 by $3.00. Discover Financial Services had a net margin of 12.88% and a return on equity of 20.92%. The business had revenue of $4.54 billion during the quarter, compared to analyst estimates of $4.18 billion. During the same quarter in the previous year, the business earned $3.54 EPS. Discover Financial Services’s quarterly revenue was up 17.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Discover Financial Services will post 12.23 EPS for the current fiscal year.

Discover Financial Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Thursday, August 22nd. Discover Financial Services’s payout ratio is presently 31.93%.

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.