Company Declares Quarterly Dividend for Preferred and Common Stock
RIVERWOODS, Ill.--(BUSINESS WIRE)--Apr. 16, 2014--
Discover Financial Services (NYSE: DFS) announced today that its Board
of Directors has approved a new $3.2 billion share repurchase program
and increased the quarterly common stock dividend from $0.20 to $0.24
per share. The new share repurchase program expires on April 15, 2016,
and may be terminated at any time. It replaces the prior $2.4 billion
share repurchase 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 Board of Directors 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 June 2, 2014,
to the holders of record at the close of business on May 16, 2014.
The Board of Directors also declared a quarterly cash dividend of $0.24
per share of common stock payable on May 22, 2014, to holders of record
at the close of business on May 8, 2014.
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.
Source: Discover Financial Services
Discover Financial Services
Investor
Contact:
Bill Franklin
Investor Relations
224-405-1902
williamfranklin@discover.com
or
Media
Contact:
Jon Drummond
Public Relations
224-405-1888
jondrummond@discover.com