Q2 2024 Earnings Estimate for Discover Financial Services Issued By Zacks Research (NYSE:DFS)

Discover Financial Services (NYSE:DFS) – Stock analysts at Zacks Research boosted their Q2 2024 earnings estimates for shares of Discover Financial Services in a report released on Wednesday, May 1st. Zacks Research analyst D. Chatterjee now forecasts that the financial services provider will post earnings of $3.04 per share for the quarter, up from their previous forecast of $2.65. The consensus estimate for Discover Financial Services’ current full-year earnings is $11.86 per share. Zacks Research also issued estimates for Discover Financial Services’ Q3 2024 earnings at $3.22 EPS, Q4 2024 earnings at $2.64 EPS, Q1 2025 earnings at $2.78 EPS, Q2 2025 earnings at $3.49 EPS, Q3 2025 earnings at $2.82 EPS, FY2025 earnings at $11.96 EPS, Q1 2026 earnings at $3.41 EPS and FY2026 earnings at $12.48 EPS.

Other research analysts have also issued research reports about the stock. Morgan Stanley upgraded shares of Discover Financial Services from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $105.00 to $133.00 in a research note on Thursday, February 8th. JPMorgan Chase & Co. boosted their price target on Discover Financial Services from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, April 3rd. Deutsche Bank Aktiengesellschaft dropped their target price on Discover Financial Services from $140.00 to $111.00 and set a “hold” rating for the company in a report on Friday, January 19th. BMO Capital Markets reduced their target price on shares of Discover Financial Services from $116.00 to $104.00 and set a “market perform” rating for the company in a research report on Monday, January 22nd. Finally, StockNews.com started coverage on shares of Discover Financial Services in a research report on Saturday. They set a “hold” rating on the stock. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Discover Financial Services presently has an average rating of “Hold” and a consensus target price of $126.29.

Discover Financial Services Price Performance

NYSE:DFS opened at $125.04 on Monday. The company has a market cap of $31.34 billion, a P/E ratio of 14.26, a P/E/G ratio of 0.74 and a beta of 1.43. The firm’s fifty day moving average price is $124.41 and its two-hundred day moving average price is $108.71. Discover Financial Services has a one year low of $79.04 and a one year high of $131.65. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.12 and a quick ratio of 1.13.

Discover Financial Services (NYSE:DFS) last announced its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $2.98 by ($1.88). Discover Financial Services had a return on equity of 17.07% and a net margin of 10.56%. The business had revenue of $4.21 billion for the quarter, compared to analyst estimates of $4.07 billion. During the same period last year, the firm earned $3.58 EPS.

Discover Financial Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Thursday, May 23rd will be given a $0.70 dividend. The ex-dividend date of this dividend is Wednesday, May 22nd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.24%. Discover Financial Services’s dividend payout ratio (DPR) is currently 31.93%.

Hedge Funds Weigh In On Discover Financial Services

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Boston Partners boosted its holdings in shares of Discover Financial Services by 56.5% during the 3rd quarter. Boston Partners now owns 8,597,250 shares of the financial services provider’s stock worth $743,663,000 after buying an additional 3,102,119 shares in the last quarter. Norges Bank bought a new position in Discover Financial Services during the fourth quarter worth $322,199,000. Truist Financial Corp grew its holdings in Discover Financial Services by 239.6% in the fourth quarter. Truist Financial Corp now owns 2,027,686 shares of the financial services provider’s stock worth $227,912,000 after purchasing an additional 1,430,637 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in Discover Financial Services in the fourth quarter worth $121,113,000. Finally, Palestra Capital Management LLC bought a new stake in Discover Financial Services in the third quarter valued at $81,865,000. Institutional investors and hedge funds own 86.94% of the company’s stock.

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.