Proposed Capital Actions under Discover 2014 Capital Plan
20 Marzo 2014 - 9:09PM
Business Wire
In conjunction with the Federal Reserve’s release of the
Dodd-Frank Act stress test (DFAST) results, Discover Financial
Services (NYSE: DFS) today announced the following proposed capital
actions it included as part of the capital plan the company
submitted to the Federal Reserve under the 2014 Comprehensive
Capital Analysis and Review (CCAR). The proposed capital actions
include an increase in the company’s next quarterly dividend from
$0.20 to $0.24 per share of common stock and share repurchases of
up to $1.6 billion during the four quarters ending March 31,
2015.
The proposed capital actions in Discover’s capital plan are
subject to the receipt of a non-objection from the Federal Reserve
on March 26, 2014. In addition, dividends are subject to approval
of our board of directors and the timing and amount of share
repurchases will be subject to our capital plan, market conditions
and other factors, including legal and regulatory restrictions and
required approvals.
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 home loans, private student loans, personal
loans, home equity loans, checking and savings accounts,
certificates of deposit and money market accounts 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. 2013, which is available at the SEC's internet site
(www.sec.gov).
Discover Financial ServicesInvestors:Bill Franklin,
224-405-1902williamfranklin@discover.comorMedia:Jon
Drummond, 224-405-1888jondrummond@discover.com
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