Q2 2022 Earnings Forecast for Discover Financial Services Issued By Jefferies Financial Group (NYSE:DFS)
Discover Financial Services (NYSE:DFS) – Jefferies Financial Group cut their Q2 2022 earnings per share estimates for shares of Discover Financial Services in a report issued on Thursday, January 7th. Jefferies Financial Group analyst J. Hecht now forecasts that the financial services provider will post earnings of $2.94 per share for the quarter, down from their previous forecast of $3.00. Jefferies Financial Group also issued estimates for Discover Financial Services’ Q3 2022 earnings at $2.29 EPS, Q4 2022 earnings at $2.02 EPS and FY2022 earnings at $9.45 EPS.
Discover Financial Services (NYSE:DFS) last posted its quarterly earnings results on Wednesday, October 21st. The financial services provider reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.82. The business had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.66 billion. Discover Financial Services had a return on equity of 11.00% and a net margin of 7.89%. The business’s revenue was down 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.36 earnings per share.
A number of other research analysts have also recently commented on DFS. Royal Bank of Canada upped their price objective on Discover Financial Services from $61.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, October 23rd. Piper Sandler upped their price objective on Discover Financial Services from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Tuesday, November 17th. Evercore ISI upgraded Discover Financial Services from an “underperform” rating to an “in-line” rating and set a $86.00 price objective on the stock in a research note on Monday, December 7th. BMO Capital Markets increased their price objective on Discover Financial Services from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, October 23rd. Finally, TheStreet upgraded Discover Financial Services from a “c” rating to a “b-” rating in a research note on Friday, October 23rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $75.35.
DFS stock opened at $97.11 on Friday. Discover Financial Services has a 1 year low of $23.25 and a 1 year high of $98.62. The firm has a market capitalization of $29.76 billion, a PE ratio of 29.88, a price-to-earnings-growth ratio of 14.58 and a beta of 1.78. The business has a 50 day simple moving average of $84.43 and a 200-day simple moving average of $63.95. The company has a debt-to-equity ratio of 2.38, a current ratio of 0.98 and a quick ratio of 0.98.
In related news, EVP Robert Andrew Eichfeld sold 1,519 shares of the firm’s stock in a transaction dated Friday, November 6th. The shares were sold at an average price of $67.77, for a total value of $102,942.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.55% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in DFS. TD Asset Management Inc. increased its stake in shares of Discover Financial Services by 1.9% during the 2nd quarter. TD Asset Management Inc. now owns 80,810 shares of the financial services provider’s stock worth $4,048,000 after purchasing an additional 1,529 shares in the last quarter. FMR LLC increased its stake in shares of Discover Financial Services by 47.2% during the 2nd quarter. FMR LLC now owns 24,456,424 shares of the financial services provider’s stock worth $1,225,022,000 after purchasing an additional 7,836,633 shares in the last quarter. Advisor Group Holdings Inc. increased its stake in shares of Discover Financial Services by 14.0% during the 2nd quarter. Advisor Group Holdings Inc. now owns 107,237 shares of the financial services provider’s stock worth $5,376,000 after purchasing an additional 13,209 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Discover Financial Services by 19.5% during the 2nd quarter. Vanguard Group Inc. now owns 30,108,121 shares of the financial services provider’s stock worth $1,508,116,000 after purchasing an additional 4,914,896 shares in the last quarter. Finally, Alyeska Investment Group L.P. purchased a new position in shares of Discover Financial Services during the 2nd quarter worth approximately $4,508,000. Hedge funds and other institutional investors own 78.81% of the company’s stock.
About Discover Financial Services
Discover Financial Services, through its subsidiaries, operates as a direct banking and payment services company in the United States. It operates in two segments, Direct Banking and Payment Services. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
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