Legacy Capital Wealth Partners LLC Invests $328,000 in Discover Financial Services (NYSE:DFS)

Legacy Capital Wealth Partners LLC bought a new position in shares of Discover Financial Services (NYSE:DFS) during the 2nd quarter, Holdings Channel reports. The firm bought 2,508 shares of the financial services provider’s stock, valued at approximately $328,000.

Several other large investors also recently made changes to their positions in the business. Boston Partners grew its holdings in shares of Discover Financial Services by 5.5% during the fourth quarter. Boston Partners now owns 9,072,829 shares of the financial services provider’s stock worth $1,017,046,000 after purchasing an additional 475,579 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Discover Financial Services by 6.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,655,558 shares of the financial services provider’s stock valued at $410,891,000 after acquiring an additional 217,475 shares during the period. Norges Bank acquired a new position in shares of Discover Financial Services during the fourth quarter valued at $322,199,000. Brave Warrior Advisors LLC lifted its stake in shares of Discover Financial Services by 10.6% during the fourth quarter. Brave Warrior Advisors LLC now owns 2,633,167 shares of the financial services provider’s stock valued at $295,968,000 after acquiring an additional 251,909 shares during the period. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Discover Financial Services by 60.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 2,122,824 shares of the financial services provider’s stock valued at $238,605,000 after acquiring an additional 803,738 shares during the period. Institutional investors own 86.94% of the company’s stock.

Discover Financial Services Stock Down 2.2 %

Shares of Discover Financial Services stock opened at $135.08 on Thursday. Discover Financial Services has a 1 year low of $79.04 and a 1 year high of $147.61. The business has a 50-day moving average of $133.92 and a two-hundred day moving average of $127.51. The company has a market capitalization of $33.88 billion, a P/E 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 (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $4.54 billion during the quarter, compared to the consensus estimate of $4.18 billion. During the same period in the prior year, the company earned $3.54 earnings per share. The company’s revenue for the quarter was up 17.0% compared to the same quarter last year. As a group, equities analysts predict that Discover Financial Services will post 12.75 EPS for the current year.

Discover Financial Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.07%. Discover Financial Services’s payout ratio is presently 31.93%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. BMO Capital Markets upped their price target on Discover Financial Services from $115.00 to $119.00 and gave the company a “market perform” rating in a research note on Friday, July 19th. Royal Bank of Canada upped their price target on Discover Financial Services from $140.00 to $148.00 and gave the company a “sector perform” rating in a research note on Friday, July 19th. Keefe, Bruyette & Woods upped their price target on Discover Financial Services from $145.00 to $160.00 and gave the company an “outperform” rating in a research note on Monday, July 8th. StockNews.com initiated coverage on Discover Financial Services in a research note on Sunday. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. increased their target price on Discover Financial Services from $132.00 to $135.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Thirteen research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $132.94.

Discover Financial Services 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.