Bank of America cuts Discover Financial Services (NYSE:DFS) target price to $120.00


Discover Financial Services (NYSE: DFS) had its price target lowered by Bank of America from $128.00 to $120.00 in a report released on Sunday morning, reports The Fly.

Several other analysts have also recently published reports on DFS. Credit Suisse Group lowered its price target on Discover Financial Services to $134.00 in a research note on Friday. Wells Fargo & Company lowered its target price on Discover Financial Services from $130.00 to $103.00 and set an equal weight rating on the stock in a Wednesday, July 13 research report. Piper Sandler raised her price target on Discover Financial Services to $132.00 in a research report on Friday. Barclays cut its price target on Discover Financial Services from $140.00 to $133.00 and set an overweight rating for the company in a research note on Friday. Finally, StockNews.com began covering Discover Financial Services in a report on Thursday, March 31. They have set a holding rating on the stock. Seven analysts gave the stock a hold rating and nine gave the stock a buy rating. According to MarketBeat.com, Discover Financial Services currently has a moderate buy consensus rating and an average target price of $127.56.

Discover the price performance of financial services

NYSE DFS opened at $100.00 on Friday. The company has a debt ratio of 1.38, a quick ratio of 1.26 and a current ratio of 1.09. The stock has a market capitalization of $28.10 billion, a price-earnings ratio of 6.51, a PEG ratio of 0.23 and a beta of 1.48. The company has a 50-day simple moving average of $102.15 and a 200-day simple moving average of $110.83. Discover Financial Services has a 52-week low of $88.02 and a 52-week high of $135.69.

Discover Financial Services (NYSE:DFS – Get Rating) last released its quarterly results on Wednesday, July 20. The financial services provider reported earnings per share of $3.96 for the quarter, beating the consensus estimate of $3.77 by $0.19. Discover Financial Services posted a net margin of 34.89% and a return on equity of 35.59%. The company posted revenue of $3.22 billion in the quarter, versus $3.18 billion expected by analysts. In the same quarter of the previous year, the company had earned earnings per share of $5.55. The company’s quarterly revenue fell 9.9% from the same quarter last year. Analysts expect Discover Financial Services to post earnings per share of 14.93 for the current fiscal year.

Discover Financial Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 8. Shareholders of record on Thursday, August 25 will receive a dividend of $0.60. The ex-dividend date is Wednesday, August 24. This represents a dividend of $2.40 on an annualized basis and a dividend yield of 2.40%. Discover Financial Services’ dividend payout ratio (DPR) is currently 15.63%.

Institutional entries and exits

Institutional investors and hedge funds have recently changed their positions in the stock. Oppenheimer Asset Management Inc. increased its holdings of Discover Financial Services shares by 7.3% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 30,565 shares of the financial services provider worth $3,532,000 after acquiring 2,091 additional shares in the last quarter. Greenleaf Trust increased its holdings of Discover Financial Services shares by 15.4% in the first quarter. Greenleaf Trust now owns 4,334 shares of the financial services provider worth $478,000 after acquiring 579 additional shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Discover Financial Services by 0.8% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,299,737 shares of the financial services provider valued at $150,197,000 after purchasing an additional 10,603 shares during the period. AlphaCentric Advisors LLC acquired a new position in shares of Discover Financial Services in the fourth quarter worth approximately $85,000. Finally, Nomura Asset Management Co. Ltd. increased its stake in shares of Discover Financial Services by 1.9% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 64,836 shares of the financial services provider valued at $7,492,000 after purchasing an additional 1,224 shares during the period. Institutional investors hold 85.53% of the company’s shares.

About Explore Financial Services

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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 loans; and direct-to-consumer deposit products including savings accounts, certificates of deposit, money market accounts, IRA certificates of deposit, IRA savings and checking accounts, and money transfer accounts.

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Analyst Recommendations for Discover Financial Services (NYSE: DFS)



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