Discover Financial Services Declares Semi-Annual Dividend for Preferred and Quarterly Dividend for Common Stock
18 Luglio 2019 - 11:00PM
Business Wire
Discover Financial Services (NYSE: DFS) announced today that its
Board of Directors has approved a new $2.2 billion share repurchase
program and increased the quarterly common stock dividend from
$0.40 to $0.44 per share. The new share repurchase program expires
on September 30, 2020, and may be terminated at any time. This is a
five-quarter share repurchase program and replaces the prior
five-quarter, $3.0 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 company’s capital plan contemplates actions that maintain
capital ratios to meet regulatory and legal requirements and
support the company’s funding and other capital markets activities.
The timing and exact amount of repurchases under the new repurchase
program will be based on market conditions and other factors,
including Accounting Standards Update 2016-13, Financial
Instruments – Credit Losses, commonly known as CECL, which becomes
effective on January 1, 2020, and will change how financial
institutions, including the company, account for expected credit
losses.
The Board of Directors declared a quarterly cash dividend of
$0.44 per share of common stock payable on September 5, 2019, to
holders of record at the close of business on August 22, 2019.
The Board of Directors of Discover Financial Services also
declared a semi-annual cash dividend on its Fixed Rate
Non-Cumulative Perpetual Preferred Stock, Series C, in the amount
of $2,750 per share. The dividend equals $27.50 per depositary
share, each representing 1/100th interest in a share of the Series
C Preferred Stock. The dividend will be payable on October 30,
2019, to the holders of record at the close of business on October
15, 2019.
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 Global Network comprised of 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 around the world. 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, 2018, 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, 2019,
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190718005807/en/
Investor Contact: Craig
Streem Investor Relations 224-405-5923 craigstreem@discover.com
Media Contact: Jon Drummond
Public Relations 224-405-1888 jondrummond@discover.com
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