Discover Financial Services Declares Quarterly Dividend for Preferred and Common Stock
July 14 2016 - 4:41PM
Business Wire
Discover Financial Services (NYSE: DFS) announced today that its
Board of Directors has approved a new $2.5 billion share repurchase
program and increased the quarterly common stock dividend from
$0.28 to $0.30 per share. The new share repurchase program expires
on October 31, 2017, and may be terminated at any time. This is a
five quarter share repurchase program and replaces the prior
five-quarter, $2.2 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
$0.30 per share of common stock payable on August 18, 2016, to
holders of record at the close of business on August 4, 2016.
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 August 30, 2016, to the
holders of record at the close of business on August 15, 2016.
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.
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Discover Financial ServicesInvestor
Contact:Bill FranklinInvestor
Relations224-405-1902williamfranklin@discover.comorMedia Contact:Jon DrummondPublic
Relations224-405-1888jondrummond@discover.com
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