Discover Financial Services Declares Quarterly Dividend for Preferred and Common Stock
July 25 2017 - 4:49PM
Business Wire
Discover Financial Services (NYSE: DFS) announced today that its
Board of Directors has approved a new $2.75 billion share
repurchase program and increased the quarterly common stock
dividend from $0.30 to $0.35 per share. The new share repurchase
program expires on October 31, 2018, and may be terminated at any
time. This is a five quarter share repurchase program and replaces
the prior five-quarter, $2.5 billion program. The company expects
to make share repurchases from time to time subject to the
company’s capital plan, market conditions and other factors,
including legal and regulatory restrictions and required
approvals.
The Board of Directors declared a quarterly cash dividend of
$0.35 per share of common stock payable on September 7, 2017, to
holders of record at the close of business on August 24, 2017.
The Board of Directors of Discover Financial Services also
declared a quarterly cash dividend on its Fixed Rate Non-Cumulative
Perpetual Preferred Stock, Series B, in the amount of $16.25 per
share. The dividend equals $0.40625 per depositary share, each
representing 1/40th interest in a share of the Series B Preferred
Stock. The dividend will be payable on September 1, 2017, to the
holders of record at the close of business on August 15, 2017.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company issues the Discover card, America's cash rewards
pioneer, and offers private student loans, personal loans, home
equity loans, checking and savings accounts and certificates of
deposit through its direct banking business. It operates the
Discover Network, with millions of merchant and cash access
locations; PULSE, one of the nation's leading ATM/debit networks;
and Diners Club International, a global payments network with
acceptance in more than 185 countries and territories. For more
information, visit www.discover.com/company.
This press release contains forward-looking statements. You are
cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date on which they are made,
which reflect management’s estimates, projections, expectations or
beliefs at that time, and which are subject to significant risks
and uncertainties that may cause actual results to differ
materially. The amount and timing of any future dividends and share
repurchases are subject to the discretion of the company’s board of
directors and will depend upon the company’s results of operations,
financial condition, cash requirements, future prospects, market
conditions, capital requirements, applicable law and regulations
(including federal securities laws and federal banking regulations)
and other factors, and may be subject to regulatory approval or
conditions. Additional factors impacting dividends and share
repurchases can be found in "Business - Supervision and
Regulation", “Risk Factors” and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
company's annual report on Form 10-K for the year
ended December 31, 2016, and under “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” in
the company’s Quarterly Report on Form 10-Q for the quarter
ended March 31, 2017, which are filed with
the SEC and available at the SEC's website
(www.sec.gov). The Company does not undertake to update or revise
forward-looking statements as more information becomes
available.
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version on businesswire.com: http://www.businesswire.com/news/home/20170725006528/en/
Discover Financial ServicesInvestor
Contact:Tim SchmidtInvestor
Relations224-405-4996timothyschmidt@discover.comorMedia Contact:Jon DrummondPublic
Relations224-405-1888jondrummond@discover.com
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