This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Proposed Capital Actions Under Discover 2014 Capital Plan

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).



1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,011.94 -28.43 -0.16%
S&P 500 2,109.60 -2.13 -0.10%
NASDAQ 5,076.5240 -6.4050 -0.13%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs