에 대한 최신 뉴스 Discover Finl (NYSE:DFS) 주식

Discover Finl

Discover Financial Services is a bank operating in two distinct segments: direct banking and payment services. The company issues credit and debit cards and provides other consumer banking products including deposit accounts, students loans, and other personal loans. It also operates the Discover, Pulse, and Diners Club networks. The Discover network is the fourth-largest payment network in the United States as ranked by overall purchase volume, and Pulse is one of the largest ATM networks in the country.

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ALLY

미국 연방준비제도(연준)의 연례 은행 스트레스 테스트는 수요일에 대형 은행들이 경기 침체 시나리오에서 작년보다 더 큰 예상 손실에 직면하고 있지만, 여전히 심각한 경기 침체를 견디고 최소 자본 요건을 유지할 수 있는 좋은 위치에 있음을 보여준다.

2024년 연준 스트레스 테스트: 대형 은행들은 심각한 불황에 큰 손실을 겪지만 강한 자본력 유지(정정)

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은행 및 신용카드 회사 디스커버 파이낸셜 서비스(NYSE:DFS)은 수요일 뉴욕 시장 마감 후 첫 분기 재무 결과를 발표했다. 주요 하이라이트는 다음과 같다. 무슨 일이 있었나 (What Happened): 디스커버 파이낸셜은 1분기 매출이 42억 1천만 달러로 전년 동기 대비 13% 증가했다고 보고했다. Benzinga Pro의 데이터에 따르면 이는 월가 추정치인 40억 7천만 달러를 능가했다.

디스커버 파이낸셜: 1분기 매출 예상 상회 및 합병 업데이트에 주가 상승

iShares Trust Dow Jones US Financial Services Index Fund

소비자들이 신용카드 청구서를 지불하는 데 어려움을 겪고 있다. 현황 (What Happened): 필라델피아 연방준비은행(연준)의 최근 보고서에 따르면, 2023년 4분기 기준 신용카드 연체율이 사상 최고치에 도달했다. 이 기관은 2012년부터 신용카드 관련 데이터를 분석해 왔다. 그 이후 지난해 4분기는 신용카드 회사들에게는 최악의 결과를 가져왔다.

미국 신용 카드 침체: 연체율이 12년만에 최고, 발급사들이 신용 한도 하향 조정

Discover Financial Services

Dimensional ETF Trust Dimensional Global Sustainability Fixed Income ETF

Dimensional ETF Trust Dimensional Short-Duration Fixed Income ETF

Dimensional ETF Trust Dimensional Emerging Markets Sustainability Core 1 ETF

Dimensional ETF Trust Dimensional International Sustainability Core 1 ETF

Dimensional ETF Trust Dimensional US Sustainability Core 1 ETF

Dimensional ETF Trust Dimensional US Small Cap Value ETF

The U.S. Supreme Court on Monday ruled that <a href="https://www.benzinga.com/markets/equities/24/06/39502281/judge-tosses-the-card-visa-mastercard-swipe-fee-settlement-reportedly-rejected">merchants may challenge</a> debt-card swipe fees outside a six-year statute, sending a shock to the power of federal agencies.
The justices voted 6-3 on their ruling, determining that a North Dakota convenience store and truck stop may sue over a 2011 rule on charges that banks imposed on merchants because the six-year statute to sue doesn&#8217;t apply to the store as it did not open until 2018, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-07-01/supreme-court-allows-swipe-fee-challenge-in-blow-to-regulators?sref=TBDibEcD">reported</a>.
The decision may boost the effect of a blockbuster ruling issued last week that overturned <a href="https://www.benzinga.com/government/24/06/39555003/supreme-court-overturns-chevron-ruling-biden-administration-warns-of-convulsive-shock">a 1984 preceden</a>t requiring judges to defer to an agency's reasonable interpretation of an unclear statute.
Also Read:<a href="https://www.benzinga.com/news/24/03/37968072/visa-and-mastercard-reach-deal-to-lower-swipe-fees-a-win-for-merchants-and-potential-boost-for-consu"> Visa and Mastercard Reach Deal to Lower Swipe Fees, A Win for Merchants and Potential Boost for Consumer Choices: Analyst</a>
Justices Ketanji Brown Jackson, Sonia Sotomayor and Elena Kagan gave the dissenting votes on the swipe-fee decision and said that both rulings mean that judges can rule if "any new objection to any old rule&#8221; merits voiding the rule, according to Bloomberg.
 "The tsunami of lawsuits against agencies that the court's holdings in this case and Loper Bright have authorized has the potential to devastate the functioning of the federal government," Jackson wrote, joined by Sotomayor and Kagan.
The Fed rule came out of the 2010 Dodd-Frank Act, which included a provision responding to higher swipe-fee rates that said fees must be "reasonable and proportional,&#8221; Bloomberg reported.
Price Action: Debit-card stocks and exchange-trade funds gave a mixed reaction to the Supreme Court ruling by Monday&#8217;s mid-day trading. Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) rose 1.38% to $132.62, while Nu Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>) dipped 4.32% to $12.35 and CPI Card Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PMTS#NASDAQ">PMTS</a>) declined 2.53% to $26.56.
Renaissance IPO ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IPO#NYSE">IPO</a>) was up slightly 0.12%, FMQQ The Next Frontier Internet &amp; Ecommerce ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMQQ#NYSE">FMQQ</a>) slid 0.69%.
Read Now:
<ul>
<li><a href="https://www.benzinga.com/news/24/04/38090169/mastercard-set-to-increase-credit-card-fees-adding-millions-in-costs-for-retailers-after-visa-settle">Mastercard Set to Increase Credit Card Fees, Adding Millions in Costs for Retailers After Visa Settlement</a></li>
</ul>
Photo: Shutterstock

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FMQQ The Next Frontier Internet & Ecommerce ETF

FMQQ

PMTS

Supreme Court Allows Merchants To Challenge Debit-Card Swipe Fees Beyond Six-Year Statute

JMP Securities analyst David Scharf initiated coverage on Affirm Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) with a <a target="_blank" href="https://www.benzinga.com/quote/AFRM/analyst-ratings" rel="noreferrer noopener">Market Perform rating</a>.
The company is a &#8220;founding father&#8221; of the Buy Now Pay Later (BNPL) industry, having underwritten $73 billion of consumer loans since its founding in 2012 and issued $8 billion of securitizations, as per Scharf. 
Over the past few years, the analyst noted Affirm&#8217;s business model has diversified and strengthened to create a more balanced revenue, credit, and customer mix. He also appreciated the advantages of operating a closed-loop payment network where the owner can capture more proprietary transaction-level data to feed its underwriting engine.
Shares are currently trading at 40x Scharf&#8217;s fiscal 2026 adjusted EPS estimate, compared to 15x and 10x, respectively, for its two closest comparable businesses, American Express Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) and Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>); accordingly, he noted the shares as fairly valued given the higher valuation and regulatory risks balancing out the strong growth and the value of Affirm&#8217;s proprietary closed-loop network.
Notwithstanding the attractive growth dynamics at AFRM and Scharf&#8217;s conviction that BNPL is &#8220;here to stay,&#8221; the analyst noted that Affirm is an unsecured consumer lender with the same credit, funding, interest rate, and macro risks as other non-prime lenders in his coverage.
Scharf projected second-quarter revenue and adjusted EPS of $591.1 million and $0.13.
Price Action: AFRM shares were trading lower by 2.13% at $29.81 at the last check Friday.
Photo: Shutterstock

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AFRM

BNPL Company Affirm Holdings Exhibits Strong Growth And Fair Valuation Amid Regulatory Risks, Says Analyst

Editor&#8217;s note: This story erroneously included stock information for Citizens Inc. rather than Citizens Financial Group Inc, which is the company mentioned in the Federal Reserve&#8217;s stress test report, and has been corrected.
The Federal Reserve Board&#8217;s annual bank stress test Wednesday reveals that while large banks face greater projected losses than last year in a downturn scenario, they remain well-positioned to endure a severe recession and maintain their capital <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39461418/us-bank-stress-tests-this-week-analyst-expects-improvement-8-stocks-3-etfs-to-watch">requirements above minimum thresholds. </a>
&#8220;This year&#8217;s stress test shows that large banks have sufficient capital to withstand a highly stressful scenario and meet their minimum capital ratios,&#8221; said the Fed&#8217;s vice chair for supervision Michael S. Barr.
Although this year&#8217;s stress test adverse scenario is as severe as last year&#8217;s, it resulted in greater losses due to slightly riskier bank balance sheets and increased expenses, he said. 
Reflecting on the 2023 regional bank crisis, Barr emphasized that important lessons have been learned.
The Fed stated that &#8220;large banks are generally well-positioned to withstand a sudden funding shock in the form of shifting deposits.&#8221; Additionally, bank net interest income remains resilient in a high-rate environment, even when factoring in the funding shock assumptions.
<h3 class="wp-block-heading">2024 Bank Stress Test Details, Results</h3>
This year&#8217;s test showed that all 31 banks remained above their minimum common equity tier 1 (CET1) capital requirements despite total projected hypothetical losses nearing $685 billion.
The hypothetical scenario for this year&#8217;s test mirrors last year&#8217;s severe global recession test, including a 40% decline in commercial real estate prices, a significant rise in office vacancies and a 36% drop in house prices. The unemployment rate peaks at 10% in the stress test, with a corresponding decline in economic output.
Under the stress scenario, the aggregate CET1 capital ratio is expected to decline by 2.8 percentage points, from 12.7% to 9.9%. Although this is a greater decline than last year&#8217;s test, it remains within the range of recent tests.
Three main factors contribute to the larger capital decline in this year&#8217;s test:
<ol>
<li>Increased Credit Card Losses: A substantial rise in credit card balances and higher delinquency rates lead to greater projected credit card losses. The banks most exposed to credit card losses were Ally Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>), Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) and Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>).</li>
<li>Riskier Corporate Credit Portfolios: Banks have downgraded their corporate loans, reflecting increased risk and resulting in higher projected corporate losses. Banks set to face the largest impact on their corporate loan balances are Discover Financial Services, Barclays plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>) and Citizens Financial Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>).</li>
<li>Higher Expenses and Lower Fee Income: Reduced projected income from higher expenses and lower fee income exacerbates the capital decline.</li>
</ol>
The projected losses include $175 billion in credit card losses, $142 billion from commercial and industrial loans and $77 billion from commercial real estate.
&#8220;Large bank exposure to commercial real estate (CRE) debt remains an area of focus for Federal Reserve supervisors,&#8221; the report says. 
The 2024 supervisory severely adverse scenario includes increased stress in commercial real estate (CRE), with a 40% drop in CRE prices.
Although projected losses on loans to office properties have risen due to worsening fundamentals in the office segment, the Fed said these losses are balanced by a decrease in projected losses on loans to hotels and retail properties, as market fundamentals for these sectors have improved over the last year.
Market Reactions: Capital One Financial Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), Citizens Financial Group and Goldman Sachs were among the worst performers of the Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) components in after-market trading as of 5:05 p.m. ET. The top performer was Truist Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>), up 1.7%
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39506069/yen-plummets-to-160-against-dollar-lowest-since-december-1986-is-bank-of-japan-inte">Yen Plummets To 160 Against Dollar, Lowest Since December 1986: Is Bank Of Japan Intervention Imminent?</a>
Photo via Shutterstock.

Fed Stress Test 2024: Large Banks Face Greater Losses But Maintain Strong Capital Positions In Severe Recession Scenario (CORRECTED)

Shares of U.S.-listed mortgage lenders have risen on the heels of U.S. regulators allowing the Federal Home Loan Mortgage Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FMCC#OTC">FMCC</a>), aka Freddie Mac, to <a href="https://www.benzinga.com/real-estate/24/05/38647920/homebuyers-get-mixed-news-from-freddie-mac-and-the-federal-reserve">buy second mortgages</a>, a move that could lower the cost of borrowing against home equity.
The Federal Housing Finance Authority (FHFA) said Freddie Mac could buy up to $2.5 billion of second mortgages over an 18-month trial period, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-06-24/us-approves-freddie-mac-pilot-program-to-buy-second-mortgages?srnd=homepage-americas&amp;sref=TBDibEcD">reported</a>. FHFA will then decide whether the pilot program helps borrowers in rural and underserved communities obtain them, among other criteria.
Freddie Mac proposed backing second mortgages in April after the steep jump in home loan rates over the past two years. When rates were lower, a homeowner who wanted to borrow for renovations might have used a cash-out refinancing that allowed them to take out a new loan bigger than their prior mortgage.
Also Read: <a href="https://www.benzinga.com/top-stories/24/06/39464529/us-needs-1-5-million-more-homes-to-tame-record-prices">US Needs 1.5 Million More Homes To Tame Record Prices</a>
But cash-out refinancings are no longer practical for many borrowers because today&#8217;s higher interest rates would result in bigger, higher-rate loans.
Meanwhile, the steep rise in housing prices since 2020 has led to U.S. households having more than $32 trillion in equity. About $18 trillion of that is possibly available for equity extraction through private channels, according to Bloomberg.
Freddie Mac's proposal to back second mortgages has faced opposition from industry groups and politicians who argue the initiative could boost inflation and crowd out private lending, but other public comments on the proposal said it would help boost the scale of the market for home-equity lending.
Sandra Thompson, FHFA director, said capping the program at $2.5 billion would mitigate the risk of it boosting inflation. She also said requiring Freddie Mac to buy loans of $78,277 or less would ensure that it stays focused on borrowers who may be underserved, such as rural and low-income homeowners, rather than higher-income borrowers who may be better served by private lenders.
Price action: UWM Holdings Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UWMC#NYSE">UWMC</a>) gained 1.15% on Monday, while Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) improved 1.38% and PennyMac Financial Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFSI#NYSE">PFSI</a>) picked up 0.76%. Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) ticked up 0.55%.
Read now: <a href="https://www.benzinga.com/real-estate/23/11/36028788/fannie-mae-and-freddie-mac-will-make-home-loans-over-1-million-in-some-regions">Fannie Mae And Freddie Mac Will Make Home Loans Over $1 Million In Some Regions</a>
Photo: Shutterstock

FMCC

PFSI

UWMC

Mortgage Stocks Tick Up As Freddie Mac Is Allowed To Buy Second Mortgages

<a href="https://www.ft.com/content/ac32e3da-b4dd-426f-903f-45495c6fc29c" title="https://www.ft.com/content/ac32e3da-b4dd-426f-903f-45495c6fc29c">https://www.ft.com/content/ac32e3da-b4dd-426f-903f-45495c6fc29c</a>

Financial Times Reported Earlier: Carlyle, KKR Are Top Bidders For Discover's $10B U.S. Student Loan Portfolio

Discover Financial Services Reports Credit Card Delinquency Rate 1.64% At May End vs 1.68% At April End; Credit Card Charge-Off Rate 2.40% At May End vs 2.35% At April End

Discover Finl's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) short percent of float has risen 8.7% since its last report. The company recently reported that it has 2.19 million shares sold short, which is 1.0% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.57 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Discover Finl Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1718208017_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Discover Finl has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Discover Finl's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Discover Finl's peer group average for short interest as a percentage of float is 7.36%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Peering Into Discover Finl's Recent Short Interest

Capital One Exec Says In Conversation With U.S. Federal Reserve And Office Of Comptroller Of Currency On Discover Deal; Continue To Aim To Close Deal For Discover Financial In Late 2024 To Early 2025, In Line With Previous Expectations; On Returning Capital To Shareholders Says Watching Out For Basel III Endgame Implementation

Throughout the last three months, 6 analysts have evaluated Discover Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), offering a diverse set of opinions from bullish to bearish.
The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Insights from analysts' 12-month price targets are revealed, presenting an average target of $131.17, a high estimate of $145.00, and a low estimate of $120.00. This upward trend is evident, with the current average reflecting a 13.89% increase from the previous average price target of $115.17.
<img src="https://www.benzinga.com/files/images/story/2024/1717765229_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
An in-depth analysis of recent analyst actions unveils how financial experts perceive Discover Finl. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>John Hecht</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Buy</td>
<td>$145.00</td>
<td>$137.00</td>
</tr>
<tr>
<td>Mark Devries</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$123.00</td>
<td>$120.00</td>
</tr>
<tr>
<td>Donald Fandetti</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$135.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Terry Ma</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$120.00</td>
<td>$112.00</td>
</tr>
<tr>
<td>Richard Shane</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$120.00</td>
<td>$110.00</td>
</tr>
<tr>
<td>Saul Martinez</td>
<td>HSBC</td>
<td>Raises</td>
<td>Hold</td>
<td>$144.00</td>
<td>$107.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Discover Finl. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Discover Finl compared to the broader market.</li>
<li>Price Targets: Analysts provide insights into price targets, offering estimates for the future value of Discover Finl's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
To gain a panoramic view of Discover Finl's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/DFS/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Discover Finl analyst ratings.</a>
<h2>Get to Know Discover Finl Better</h2>
Discover Financial Services is a bank operating in two distinct segments: direct banking and payment services. The company issues credit and debit cards and provides other consumer banking products including deposit accounts, students loans, and other personal loans. It also operates the Discover, Pulse, and Diners Club networks. The Discover network is the fourth-largest payment network in the United States as ranked by overall purchase volume, and Pulse is one of the largest ATM networks in the country.
<h3>A Deep Dive into Discover Finl's Financials</h3>
Market Capitalization: Exceeding industry standards, the company's market capitalization places it above industry average in size relative to peers. This emphasizes its significant scale and robust market position.
Positive Revenue Trend: Examining Discover Finl's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 12.51% as of 31 March, 2024, showcasing a substantial increase in top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Financials sector.
Net Margin: The company's net margin is below industry benchmarks, signaling potential difficulties in achieving strong profitability. With a net margin of 6.51%, the company may need to address challenges in effective cost control.
Return on Equity (ROE): Discover Finl's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of 2.0%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): Discover Finl's ROA is below industry averages, indicating potential challenges in efficiently utilizing assets. With an ROA of 0.18%, the company may face hurdles in achieving optimal financial returns.
Debt Management: With a below-average debt-to-equity ratio of 1.5, Discover Finl adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>Understanding the Relevance of Analyst Ratings</h2>
Benzinga tracks 150 analyst firms and reports on their stock expectations. Analysts typically arrive at their conclusions by predicting how much money a company will make in the future, usually the upcoming five years, and how risky or predictable that company's revenue streams are.
Analysts attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish their ratings on stocks. Analysts typically rate each stock once per quarter or whenever the company has a major update.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings For Discover Finl

BTIG analyst Vincent Caintic initiates coverage on Discover Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) with a Neutral rating.

BTIG Initiates Coverage On Discover Finl with Neutral Rating

Discover Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) has outperformed the market over the past 15 years by 6.13% on an annualized basis producing an average annual return of 18.3%. Currently, Discover Finl has a market capitalization of $30.35 billion. 
Buying $1000 In DFS: If an investor had bought $1000 of DFS stock 15 years ago, it would be worth $12,523.27 today based on a price of $121.10 for DFS at the time of writing.
<h3>Discover Finl's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1717533020_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In This Stock 15 Years Ago Would Be Worth $13,000 Today

Discover Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) has outperformed the market over the past 15 years by 6.81% on an annualized basis producing an average annual return of 19.25%. Currently, Discover Finl has a market capitalization of $31.23 billion. 
Buying $100 In DFS: If an investor had bought $100 of DFS stock 15 years ago, it would be worth $1,401.69 today based on a price of $124.61 for DFS at the time of writing.
<h3>Discover Finl's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1716238819_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In This Stock 15 Years Ago Would Be Worth $1,400 Today

Macro Economic Events

Economics

Durbin Writes Fed's Powell On Card Network Interchange Fees

Discover Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) has outperformed the market over the past 15 years by 6.85% on an annualized basis producing an average annual return of 19.09%. Currently, Discover Finl has a market capitalization of $31.33 billion. 
Buying $1000 In DFS: If an investor had bought $1000 of DFS stock 15 years ago, it would be worth $12,990.70 today based on a price of $125.04 for DFS at the time of writing.
<h3>Discover Finl's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1715009415_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In Discover Finl 15 Years Ago Would Be Worth This Much Today

Visa Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), will be reporting its second-quarter earnings on Tuesday. Wall Street expects $2.44 in EPS and $8.62 billion in revenues as the company reports <a href="https://www.benzinga.com/calendars/earnings?tickers=V">after market hours</a>.
The company has been delivering an earnings beat over the last four quarters. The stock experienced significant gains from October 2023 to March 2024. However, it has fallen more than 7% since March 21, which has reduced its year-to-date performance to just 3.62%.
The stock appears to have been impacted by:
<ol>
<li>Capital One Financial Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) ongoing acquisition of Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) for $35.3 billion, with the goal is to challenge the dominance of Visa and Mastercard.</li>
<li>The settlement of the <a href="https://www.benzinga.com/markets/equities/24/03/37939460/visa-and-mastercard-settle-historic-antitrust-suit-with-us-merchants-whats-on-the-cards">class action suit</a> against Visa and Mastercard Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>), which resulted in both companies agreeing to reduce swipe fees for merchants by at least four basis points for three years. Additionally, they agreed to not increase swipe fees above the rates set as of December 31, 2023, for five years.</li>
</ol>
Consequently, Mastercard, Visa&#8217;s rival and peer, has also witnessed its stock slide by 6.80% since March 21. Mastercard is set to report its Q1 earnings on May 1, before the market open.
Also Read: <a href="https://www.benzinga.com/insights/news/24/04/38273612/understanding-visas-position-in-financial-services-industry-compared-to-competitors">Understanding Visa&#8217;s Position In Financial Services Industry Compared To Competitors</a>
Let&#8217;s look at the technical setup of the stock, as the company heads into reporting Q2 earnings.
<h2 class="wp-block-heading">Visa Stock Technical Setup Ahead Of Q2 Earnings&nbsp;</h2>
Visa&#8217;s stock is currently experiencing a strongly bearish trend as it sits below its 5, 20, and 50-day simple moving averages, indicating slight selling pressure.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="626" height="456" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/22034948/Screenshot-2024-04-22-at-1.19.14-PM.png" alt="" class="wp-image-301693" style="width:800px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/22034948/Screenshot-2024-04-22-at-1.19.14-PM.png 626w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/22034948/Screenshot-2024-04-22-at-1.19.14-PM-300x219.png 300w" sizes="(max-width: 626px) 100vw, 626px" /></figure>
<a target="_blank" href="https://pro.benzinga.com/dashboard" rel="noreferrer noopener">Chart: Benzinga Pro</a>
With a share price of $269.78, below the 8-day simple moving average of $271.29, 20-day SMA of $276.25, and 50-day SMA of $279.46, the technical signals point towards a bearish sentiment. 
However, the stock&#8217;s price exceeding the 200-day simple moving average of $255.79 provides a bullish indication.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="626" height="456" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/22035154/Screenshot-2024-04-22-at-1.18.30-PM.png" alt="" class="wp-image-301694" style="width:800px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/22035154/Screenshot-2024-04-22-at-1.18.30-PM.png 626w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/22035154/Screenshot-2024-04-22-at-1.18.30-PM-300x219.png 300w" sizes="(max-width: 626px) 100vw, 626px" /></figure>
<a target="_blank" href="https://pro.benzinga.com/dashboard" rel="noreferrer noopener">Chart: Benzinga Pro</a>
The Moving Average Convergence Divergence (MACD) indicator stands at -2.54, reinforcing the bearish sentiment, while the Relative Strength Index (RSI) of 34.6 sees the stock nearing oversold conditions (&lt;30). 
The Bollinger Bands also echo the bearish sentiment, with the price trading in the lower band since March 21.
<h2 class="wp-block-heading">Visa Analysts Consensus Ratings</h2>
Ratings &amp; Consensus Estimates: <a href="https://www.benzinga.com/quote/V/analyst-ratings">The consensus analyst rating</a> on Visa stock over the past 100 ratings stands at Outperform with a price target of $265.77. 
However, the last three ratings on the stock from analysts who reviewed the stock on or after March 27, have an average price target of $301.67 between Baird, TD Cowen, and Mizuho. There&#8217;s an implied 12.02% upside for Visa stock from these 3 analyst ratings.
Price Action: Visa stock was up 0.04% to $269.89 during early morning trading on Monday.
Read Next: <a href="https://www.benzinga.com/news/24/04/38289868/visa-to-rally-around-18-here-are-10-top-analyst-forecasts-for-wednesday">Visa To Rally Around 18%? Here Are 10 Top Analyst Forecasts</a>
Photo: Shutterstock

Financing

Technicals

Markets

Visa Stock Chart Suggests Bearish Momentum Ahead Of Q2 Earnings

12 analysts have expressed a variety of opinions on Discover Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) over the past quarter, offering a diverse set of opinions from bullish to bearish.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">8</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $134.75, with a high estimate of $168.00 and a low estimate of $104.00. Observing a 15.5% increase, the current average has risen from the previous average price target of $116.67. 
<img src="https://www.benzinga.com/files/images/story/2024/1713531647_0.png" alt="price target chart" />
<h2>Diving into Analyst Ratings: An In-Depth Exploration</h2>
A clear picture of Discover Finl's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>John Hecht</td>
<td>Jefferies</td>
<td>Raises</td>
<td>Buy</td>
<td>$145.00</td>
<td>$137.00</td>
</tr>
<tr>
<td>Mark Devries</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$123.00</td>
<td>$120.00</td>
</tr>
<tr>
<td>Donald Fandetti</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$135.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>Terry Ma</td>
<td>Barclays</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$120.00</td>
<td>$112.00</td>
</tr>
<tr>
<td>Richard Shane</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$120.00</td>
<td>$110.00</td>
</tr>
<tr>
<td>Saul Martinez</td>
<td>HSBC</td>
<td>Raises</td>
<td>Hold</td>
<td>$144.00</td>
<td>$107.00</td>
</tr>
<tr>
<td>Kevin Barker</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$145.00</td>
<td>$127.00</td>
</tr>
<tr>
<td>Arren Cyganovich</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$168.00</td>
<td>$127.00</td>
</tr>
<tr>
<td>John Pancari</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>In-Line</td>
<td>$140.00</td>
<td>$117.00</td>
</tr>
<tr>
<td>Jon Arfstrom</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$140.00</td>
<td>$117.00</td>
</tr>
<tr>
<td>Betsy Graseck</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$133.00</td>
<td>$105.00</td>
</tr>
<tr>
<td>James Fotheringham</td>
<td>BMO Capital</td>
<td>Lowers</td>
<td>Market Perform</td>
<td>$104.00</td>
<td>$116.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Discover Finl. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Discover Finl compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
Considering these analyst evaluations in conjunction with other financial indicators can offer a comprehensive understanding of Discover Finl's market position. Stay informed and make well-informed decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/DFS/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Discover Finl analyst ratings.</a>
<h2>All You Need to Know About Discover Finl</h2>
Discover Financial Services is a bank operating in two distinct segments: direct banking and payment services. The company issues credit and debit cards and provides other consumer banking products including deposit accounts, students loans, and other personal loans. It also operates the Discover, Pulse, and Diners Club networks. The Discover network is the fourth-largest payment network in the United States as ranked by overall purchase volume, and Pulse is one of the largest ATM networks in the country.
<h3>Key Indicators: Discover Finl's Financial Health</h3>
Market Capitalization Highlights: Above the industry average, the company's market capitalization signifies a significant scale, indicating strong confidence and market prominence.
Positive Revenue Trend: Examining Discover Finl's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 0.33% as of 31 March, 2024, showcasing a substantial increase in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Financials sector.
Net Margin: Discover Finl's net margin is impressive, surpassing industry averages. With a net margin of 6.51%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 1.92%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): The company's ROA is below industry benchmarks, signaling potential difficulties in efficiently utilizing assets. With an ROA of 0.18%, the company may need to address challenges in generating satisfactory returns from its assets.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 1.39.
<h2>Analyst Ratings: Simplified</h2>
Benzinga tracks 150 analyst firms and reports on their stock expectations. Analysts typically arrive at their conclusions by predicting how much money a company will make in the future, usually the upcoming five years, and how risky or predictable that company's revenue streams are.
Analysts attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish their ratings on stocks. Analysts typically rate each stock once per quarter or whenever the company has a major update.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Key Takeaways From Discover Finl Analyst Ratings

Jefferies analyst John Hecht maintains Discover Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) with a Buy and raises the price target from $137 to $145.

Jefferies Maintains Buy on Discover Finl, Raises Price Target to $145

Barclays analyst Mark Devries maintains Discover Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) with a Equal-Weight and raises the price target from $120 to $123.

Barclays Maintains Equal-Weight on Discover Finl, Raises Price Target to $123

Discover Financial Services&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) shares are&nbsp;<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading higher on Thursday.&nbsp;</a>
The company reported first-quarter revenue of $4.21 billion, net of interest expense, which was up 13% year-over-year. The total beat a Street estimate of $4.07 billion, according to<a target="_blank" href="https://www.benzinga.com/pro/feature/newsfeed?gspk=bHVrZWphY29iaTUzNDg&amp;gsxid=tdEE0VrK8Jeg&amp;ref=lukejacobi5348" rel="noreferrer noopener">&nbsp;data from Benzinga Pro.</a>
Read More:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38302779/discover-financial-q1-earnings-highlights-revenue-beat-charge-offs-rise-merger-update-and-more" rel="noreferrer noopener">Discover Financial Q1 Earnings Highlights: Revenue Beat, Charge-Offs Rise, Merger Update And More</a>
Goldman Sachs&nbsp;analyst Ryan M. Nash highlights the company&#8217;s whopping $799 million charge related to the card misclassification remediation reserve in the quarter, which Discover Financial Services has incurred in the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">quarter under review.</a>
In terms of credit, March metrics showed signs of improvement, with card DQs down -18bps month on month, outperforming seasonality by 12 bps while the year-over-year increase fell to +107bps versus +127bps last month (+135bps in Jan), the analyst notes.
Evercore&nbsp;ISI&nbsp;analyst John Pancari also flags Discover Financial Services&#8217; sizable incremental customer remediation reserve.
According to the analyst, this is in addition to the company&#8217;s existing ~$370 million reserve related to the card misclassification/merchant tiering issue.&nbsp;
Pancari reiterated an In Line rating on the stock, with&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/DFS/analyst-ratings" rel="noreferrer noopener">price forecast of $140.</a>
Wells Fargo&nbsp;analyst Donald Fandetti reiterated an Equal Weight rating on Discover Financial Services with a forecast of $135.
While Fandetti applauds the company&#8217;s core beat, he cautions about the company&#8217;s &#8220;large&#8221; remediation reserve.
Overall, an ~10.8x P/E is warranted given the optionality of the pending&nbsp;Capital One Financial Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) acquisition, partially mitigated by the deal regulatory&nbsp;<a target="_blank" href="https://www.benzinga.com//node/37204398" rel="noreferrer noopener">challenges and uncertain macro.&nbsp;</a>
The 10.8x is above the historical ~9-10x for card issuers, the analyst highlights.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38310059/looking-for-affordable-connectivity-and-streaming-comcast-unveils-now-eyes-prepaid-and-month-to-" rel="noreferrer noopener">Looking For Affordable Connectivity And Streaming? Comcast Unveils NOW &#8211; Eyes Prepaid And Month-to-month Internet</a>
Price Action: DFS shares are trading higher by 3.25% to $123.82 on the last check Thursday. 
Photo via Shutterstock

Reiteration

General

Discover Financial Faces Concerns Over Remediation Reserve, Analysts Caution Despite Q1 Sales Growth

Stocks surged higher on Thursday, with the S&amp;P 500 index aiming to snap a four-day losing streak as investors assess the latest wave <a href="https://www.benzinga.com/calendars/earnings">of corporate earnings.</a>
During midday trading in New York, all major indices were in the green. Notably, small caps, as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), outperformed, posting a 1% increase.
Industry-wise, airline stocks continued their upward momentum, with the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) climbing 2.7%, building on Wednesday&#8217;s 3.9% surge.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) had another lackluster session, declining over 3% and on track for its lowest close since January 2023. This decline followed Deutsche Bank&#8217;s downgrade of the EV-maker from Buy to Hold, citing concerns over the strategic pivot to autonomous vehicles.
On the data front, the Philadelphia Fed Manufacturing Index posted a sharp upside surprise, registering at 15.5 compared to the expected 1.5 for April. However, existing home sales disappointed expectations, declining 4.3% year over year.
Commodities experienced a rebound, with copper witnessing strong gains, up over 2% to reach a 22-month high, and gold showing further strength with a 1% increase. Natural gas prices rallied over 3% due to slower than expected inventory builds last week.
Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rallied 4% to reach $63,700 ahead of the highly anticipated halving event.
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,964.69</td>
<td>0.9%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,894.26</td>
<td>0.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,038.47</td>
<td>0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,526.21</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:38 p.m. EDT</figcaption></figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.4% to $502.25, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) also rose 0.4% to $379.08 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.2% up to $426.62, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up 1.2%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) was the major laggard, down 0.4%. 
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Discovery Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) rose 3.6% following the company&#8217;s first quarter results. Peer Capital One Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) mimicked the move ahead of next week&#8217;s earnings release. </li>
<li>Other stocks reacting to earnings were Genuine Parts Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPC#NYSE">GPC</a>), up over 12%, Alaska Air Group, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>), up over 5%, Blackstone Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>), down 2%, Comerica, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>), up over 3%, Ally Financial Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>), up over 8%, D.R. Horton, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>), up over 2%, KeyCorp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>), down 0.4%, and Marsh &amp; McLennan Companies, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>), up over 3%. </li>
<li>Notable names reporting after the close are Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) and Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>).</li>
</ul>
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편집자 주: 이 기사에는 연준의 스트레스 테스트 보고서에 언급된 회사인 Citizens Financial Group Inc.가 아닌 Citizens Inc.의 주식 정보가 잘못 포함되어 수정되었습니다.
미국 연방준비제도(연준)의 연례 은행 스트레스 테스트는 수요일에 대형 은행들이 경기 침체 시나리오에서 작년보다 더 큰 예상 손실에 직면하고 있지만, 여전히 심각한 경기 침체를 견디고 <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39461418/us-bank-stress-tests-this-week-analyst-expects-improvement-8-stocks-3-etfs-to-watch" target="_blank" rel="noopener" data-google-interstitial="false">최소 자본 요건을 유지</a>할 수 있는 좋은 위치에 있음을 보여준다.
"올해의 스트레스 테스트는 대형 은행들이 매우 스트레스가 큰 시나리오에서도 충분한 자본을 보유하고 최소 자본 비율을 충족할 수 있음을 보여준다"고 연준 감독 부문 부의장인 마이클 S. 바(Michael S. Barr)가 말했다.
올해의 스트레스 테스트 부정적 시나리오는 작년과 마찬가지로 심각하지만, 은행 대차대조표의 약간 더 높은 위험과 증가한 비용 때문에 더 큰 손실이 발생했다고 그가 말했다.
2023년 지역 은행 위기를 회상하며, 바는 중요한 교훈이 얻어졌다고 강조했다.
연준은 &#8220;대형 은행들이 일반적으로 예금 이동의 형태로 갑작스러운 자금 충격을 견딜 수 있는 좋은 위치에 있다&#8221;고 밝혔다. 또한, 자금 충격 가정을 감안하더라도 은행의 순이자 수익은 고금리 환경에서 탄력적으로 유지되고 있다.
<h3 class="wp-block-heading">2024년 은행 스트레스 테스트 세부사항, 결과</h3>
올해 테스트에서는 31개 은행 모두 총 예상 가상 손실이 약 6850억 달러에 달함에도 불구하고 최소 보통주 자본 비율 1(CET1) 요건을 초과했다.
올해의 테스트 가상 시나리오는 작년의 심각한 세계적 경기 침체 테스트와 유사하며, 상업용 부동산 가격이 40% 하락하고, 사무실 공실률이 크게 증가하며, 주택 가격이 36% 하락하는 상황을 포함한다. 실업률은 스트레스 테스트에서 10%로 정점에 달하며 경제 생산량도 이에 따라 감소했다.
이 스트레스 시나리오 하에서, 총 보통주 자본 비율(CET1)은 12.7%에서 9.9%로 2.8 퍼센트 포인트 하락할 것으로 예상된다. 이는 작년 테스트보다 더 큰 하락이지만 최근 테스트 범위 내에 있다.
올해 테스트에서 더 큰 자본 감소에 기여한 세 가지 주요 요인은 다음과 같다:
<ol>
<li>신용카드 손실 증가: 신용카드 잔액의 상당한 증가와 높은 연체율로 인해 예상되는 신용카드 손실이 증가했다. 신용카드 손실에 가장 많이 노출된 은행은 앨리 파이낸셜(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>), 디스커버 파이낸셜 서비스(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) 및 골드만삭스(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>)이다.</li>
<li>더 위험한 기업 대출 포트폴리오: 은행들은 기업 대출을 다운그레이드하여 리스크가 증가했음을 반영했고, 이로 인해 예상되는 기업 손실도 증가했다. 기업 대출 잔액에 가장 큰 영향을 받을 것으로 예상되는 은행은 디스커버 파이낸셜 서비스, 바클레이즈(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>) 및 시티즌 파이낸셜 그룹(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>)이다.</li>
<li>높은 비용과 낮은 수수료 수익: 비용 증가와 수수료 수익 감소로 인해 예상되는 수익이 줄어들면서 자본 감소가 악화되었다.</li>
</ol>
이러한 예상 손실에는 신용카드 손실 1,750억 달러, 상업 및 산업 대출에서 1,420억 달러, 상업용 부동산에서 770억 달러가 포함된다.
&#8220;대형 은행의 상업용 부동산(CRE) 부채 노출은 연방 준비 제도 이사회 감독관들의 주요 관심사로 남아있다&#8221;고 이 보고서에서 밝혔다.
2024년 감독관의 심각한 악화 시나리오에는 상업용 부동산(CRE) 스트레스 증가가 포함되며, CRE 가격은 40% 하락할 것으로 예상된다.
사무실 부문에서의 악화된 기본 요인으로 인해 사무실 건물 대출에 대한 예상 손실이 증가했지만, 연준은 호텔 및 소매 부동산 대출에 대한 예상 손실이 감소하면서 이러한 손실이 균형을 이루고 있다고 밝혔다. 이는 지난 해 동안 이들 부문의 시장 기본 요인이 개선되었기 때문이다.
시장 반응: 미 동부 시간 오후 5:05 기준 캐피탈 원 파이낸셜(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), 시티즌 파이낸셜 그룹(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>) 및 골드만삭스는 Financial Select Sector SPDR Fund(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) 구성 주식들 중 가장 많이 하락했다. 최고의 종목은 1.7% 상승한 트루이스트 파이낸셜(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>)이었다.
지금 읽기: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39506069/yen-plummets-to-160-against-dollar-lowest-since-december-1986-is-bank-of-japan-inte">엔화는 1986년 12월 이후 최저치인 달러 대비 160으로 급락: 일본은행의 개입이 임박?</a>
사진 제공: 셔터스톡

은행 및 신용카드 회사 디스커버 파이낸셜 서비스(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>)은 수요일 <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noopener">뉴욕 시장 마감</a> 후 첫 분기 재무 결과를 발표했다.
주요 하이라이트는 다음과 같다.
무슨 일이 있었나 (What Happened): 디스커버 파이낸셜은 1분기 매출이 42억 1천만 달러로 전년 동기 대비 13% 증가했다고 보고했다. <a href="https://www.benzinga.com/pro/feature/newsfeed?gspk=bHVrZWphY29iaTUzNDg&amp;gsxid=tdEE0VrK8Jeg&amp;ref=lukejacobi5348" target="_blank" rel="noopener">Benzinga Pro</a>의 데이터에 따르면 이는 월가 추정치인 40억 7천만 달러를 능가했다.
회사의 주당 순이익은 1.10달러로, 전년 동기 대비 감소한 수치이다.
1분기 총 대출액은 1,266억 달러로 전년 동기 대비 12% 증가했다. 1분기 말 신용카드 대출액은 995억 달러로 전년 동기 대비 11% 증가했다.
임시 최고경영자(CEO)인 마이클 셰퍼드(Michael Shepherd)는 &#8220;1분기 실적은 양호한 대출 증가, 순이자 마진 확대, 연체 안정화를 보여주었지만 카드 오분류 문제 해결을 위한 조치로 인해 비용이 증가했다&#8221;라고 말했다.
이 회사는 1분기 순상각률을 4.92%로 보고했는데, 이는 전년도보다 220bp(베이시스 포인트) 상승한 수치이다. 1분기 신용카드 순상각률은 5.66%로 전년 동기 대비 265bp, 가장 최근 보고된 4분기 대비 98bp 상승했다.
디스커버는 15억 달러의 신용 손실 충당금이 전년도보다 3억 9,500만 달러 증가했으며 이는 순 상각액이 8억 600만 달러 증가한 데 따른 것이라고 밝혔다.
관련 링크: 바이든, 277,000명의 대출자들에게 7백만 달러 이상의 학자금 청산
다음은 (What&#8217;s Next): 디스커버는 2월에 캐피털 원 파이낸셜(NYSE:<a class="items-end ticker-link-wrapper inline-flex" href="https://www.benzinga.com/quote/cof" target="_blank" rel="dofollow noopener" aria-label="Go to Quote Page for COF">COF</a>)과의 <a href="https://www.benzinga.com/m-a/24/02/37204534/capital-one-set-to-acquire-discover-in-landmark-35-3b-deal" target="_blank" rel="noopener">합병</a>을 발표했으며 현재 거래가 진행 중이다. 잠재적인 합병으로 인해 합병된 회사는 은행 부문에서 더 큰 플레이어가 될 것이며 신용 카드 리더인 비자(Visa Inc) 및 마스터카드(Mastercard)에 대한 더 큰 경쟁자가 될 수 있다.
몇몇 의회 의원들은 제안된 합병을 막거나 거래의 잠재적인 반경쟁적 성격에 대해 엄격한 조사를 요구하기 위해 목소리를 냈다.
셰퍼드는 수요일에 &#8220;뛰어난 고객 경험과 우리가 봉사하는 지역 사회에 대한 헌신을 바탕으로 선도적인 은행 및 결제 조직을 탄생시킬 캐피털 원과의 합병을 기대하고 있다&#8221;라고 말했다.
DFS 주가 움직임 : 디스커버 파이낸셜의 주식은 2.05% 상승한 122.35달러에 거래되었다. 52주간의 최고가와 최저가는 각각 79.04달러와 131.65달러이다.
Read Next: <a href="https://www.benzinga.com/24/04/38211955/americas-credit-card-slump-delinquencies-reach-12-year-high-as-issuers-lower-credit-limits">미국의 신용카드 침체: 발행사들이 신용 한도를 줄이면서 채무 불이행이 12년 만에 최고치 도달</a>

소비자들이 <a href="https://www.benzinga.com/topic/credit-cards">신용카드 청구서를</a> 지불하는 데 어려움을 겪고 있다.
현황 (What Happened): 필라델피아 연방준비은행(연준)의 최근 보고서에 따르면, 2023년 4분기 기준 신용카드 연체율이 사상 최고치에 도달했다.
이 기관은 2012년부터 신용카드 관련 데이터를 분석해 왔다. 그 이후 지난해 4분기는 신용카드 회사들에게는 최악의 결과를 가져왔다.
거의 3.5%의 신용 카드 사용자가 만기일로부터 30일이 지나도 잔액을 지불하지 않았으며, 60일 이상 및 90일 이상 범주에서도 기록적이었다.
일부 사용자들의 경우, 잔액이 걱정스러운 수치에 도달했다. 적어도 10%의 차입자들은 5,200달러 이상의 계좌 잔액을 가지고 있으며, 25%는 2,000달러 이상의 잔액을 가지고 있다.
참조: <a href="https://www.benzinga.com/money/best-credit-cards-for-cash-back">2024년 4월 최고의 캐시백 신용카드 상위 10개</a>
중요도 (Why It Matters): 신용카드 이용자들 중 하위 25%의 신용점수가 악화되고 있다. 이에 대응해 신용카드 발급사들은 새로나온 카드의 한도를 낮추고 있다.
2023년 내내 신용카드 새로 발급한 카드의 중위 한도는 3,368달러에서 3,000달러로 떨어졌다.
필라델피아 연은은 카드 사용자들 사이의 스트레스가 결제 행동으로 변화되었다고 밝혔다. 최소 결제액 회수의 비중이 0.34% 상승하여 기록된 데이터 중 새로운 최고치에 이르렀다.
2023년 4분기 신용카드 잔액도 명목상 최고치에 달했지만, 인플레이션 조정을 고려하면 2019년 4분기보다 낮은 수치로 유지되었다. 보통 신용카드 잔액은 연말에 휴가 구매 및 기타 지출로 인해 증가한다.
필라델피아 연은의 이번 보고서는 신용 카드 시장의 최신 동향과 일치한다. 신용카드 회사들이 수수료 구조에 대한 주요 변경 사항을 발표하면서 <a href="https://www.benzinga.com//node/38149540">대부분의 인구가 보다 엄격한 신용 카드 환경에 대비 중</a>이라는 사실도 재차 확인됐다.
지난주에는 마스터카드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>)가 <a href="https://www.benzinga.com/news/24/04/38090169/mastercard-set-to-increase-credit-card-fees-adding-millions-in-costs-for-retailers-after-visa-settle">신용카드 요금을 인상한다고 발표했다</a>. 이는 비자(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>)와 함께 미국 상인들과의 <a href="https://www.benzinga.com/markets/equities/24/03/37939460/visa-and-mastercard-settle-historic-antitrust-suit-with-us-merchants-whats-on-the-cards" target="_blank" rel="noopener">과징금</a>에 따른 손실 보상을 위한 노력의 일환이다.
연체율 상승에 가장 큰 영향을 받을 가능성이 높은 것은 바로 신용카드 발급사들이다.
머니긱(MoneyGeek)에서 <a href="https://www.moneygeek.com/credit-cards/analysis/largest-credit-card-issuers/" target="_blank" rel="noopener">인용한</a> 닐슨(Nilson) 보고서에 따르면 JP모건 체이스 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>)는 거의 1억 5천만 명에 달하는 카드 소지자 수를 보유한 최대 발행사이다.
그 뒤로는 캐피털 원 파이낸셜 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), 씨티그룹 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), 디스커버 파이낸셜 서비스 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), 뱅크 오브 아메리카 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) 및 아메리칸 익스프레스 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>)가 뒤를 따른다.
지난 2월에는 캐피털 원이 <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37218624/why-capital-one-discover-merger-is-a-threat-to-visa-mastercard-creation-of-new-cred">디스커버를 350억 달러에 인수하기로 하는 것을 발표했다</a>. 만약 이 합의가 이루어진다면, 이 합병된 기업은 1억 7천만명의 카드 소지자를 보유한 국내 최대의 신용카드 회사가 될 것이다.
이번 주 초, 미 상원 원내대표인 척 슈머 (Chuck Schumer)는 이번 합병에 대한 <a href="https://www.benzinga.com/m-a/24/02/37230472/democrats-slam-capital-one-discover-merger-this-wall-street-deal-is-dangerous-and-will-harm-working">다른 민주당 의원들의 발언을 반복해 이번 합병이 일반 사용자들에게 미칠 영향에 대해 우려를 표했다</a>.
&#8220;신용카드 시장에서 경쟁력이 줄어들면 카드 소유자에게는 더 높은 이자율, 더 높은 수수료, 더 높은 벌금 및 그 이상이 의미될 수 있다&#8221;고 슈머가 말했다.
iShares US Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>)는 JP모건 체이스, 마스터카드, 비자, 뱅크 오브 어메리카, 웰스 파고 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>)를 포함한 신용카드 기업들과 발급사들에 대한 가장 큰 노출을 지닌 ETF 중 하나다.
Financial Select Sector SPDR Fund(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)는 동일한 기업에 대한 노출이 큰 비슷한 포트폴리오를 가지고 있다.
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