Discover Financial Services (NYSE:DFS – Get Rating) – Oppenheimer cut its third quarter 2022 earnings per share estimate for Discover Financial Services in a report released Wednesday, July 20. Oppenheimer analyst D. Gabriele now expects the financial services provider to post earnings of $3.15 per share for the quarter, down from its previous estimate of $3.39. . Discover Financial Services’ current annual earnings consensus estimate is $14.93 per share. Oppenheimer also released Discover Financial Services earnings estimates for the fourth quarter of 2022 at $3.30 EPS.
Other analysts have also recently released reports on the company. Morgan Stanley lowered its target price on Discover Financial Services from $111.00 to $104.00 and set an “equal weight” rating for the company in a report on Friday. Wells Fargo & Company lowered its price target on Discover Financial Services from $130.00 to $103.00 and set an “equal weight” rating for the company in a Wednesday, July 13 report. Bank of America lowered its target price on Discover Financial Services from $128.00 to $120.00 in a report released Sunday. Credit Suisse Group lowered its target price on Discover Financial Services to $134.00 in a report on Friday. Finally, Citigroup upgraded Discover Financial Services from a “buy” rating to a “neutral” rating and lowered its target price for the company from $140.00 to $115.00 in a report released Friday. Seven equity research analysts gave the stock a hold rating and nine gave the company a buy rating. According to MarketBeat.com, Discover Financial Services currently has an average rating of “Moderate Buy” and a consensus target price of $127.56.
Discover the price performance of financial services
NYSE:DFS shares opened at $100.00 on Monday. The company has a quick ratio of 1.26, a current ratio of 1.09 and a debt ratio of 1.38. The company has a fifty-day moving average of $102.15 and a two-hundred-day moving average of $110.83. The stock has a market capitalization of $28.10 billion, a P/E ratio of 6.51, a PEG ratio of 0.23 and a beta of 1.48. 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 EPS of $3.96 for the quarter, beating the consensus estimate of $3.77 by $0.19. Discover Financial Services recorded a return on equity of 35.59% and a net margin of 34.89%. The company posted revenue of $3.22 billion in the quarter, versus $3.18 billion expected by analysts. In the same period a year earlier, the company had earned earnings per share of $5.55. The company’s revenue for the quarter was down 9.9% year over year.
Check out the financial services dividend announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 8. Investors of record on Thursday, August 25 will receive a dividend of $0.60 per share. This represents an annualized dividend of $2.40 and a yield of 2.40%. The ex-dividend date is Wednesday, August 24. The payout ratio of Discover Financial Services is 15.63%.
Hedge funds weigh on Discover Financial Services
Several hedge funds have recently bought and sold shares of DFS. Norges Bank acquired a new position in Discover Financial Services during Q4 for a value of approximately $354,824,000. Allspring Global Investments Holdings LLC acquired a new stake in Discover Financial Services in Q4, valued at approximately $225,394,000. First Trust Advisors LP increased its position in Discover Financial Services by 489.5% in Q1. First Trust Advisors LP now owns 1,999,341 shares of the financial services provider valued at $220,307,000 after buying an additional 1,660,180 shares in the last quarter. Invesco Ltd. raised its position in Discover Financial Services by 43.8% in Q4. Invesco Ltd. now owns 2,099,589 shares of the financial services provider valued at $242,629,000 after purchasing an additional 639,624 shares last quarter. Finally, Boston Partners increased its position in Discover Financial Services by 13.0% in the 4th quarter. Boston Partners now owns 4,347,646 shares of the financial services provider valued at $502,490,000 after buying an additional 501,073 shares last quarter. Institutional investors and hedge funds 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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