Discover Financial Services Declares Semi-Annual Dividend for Preferred and Quarterly Dividend for Common Stock

Rhea-AI Summary

The Board of Directors of Discover Financial Services has announced a semi-annual cash dividend of $2,750 per share for its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C, payable on May 2, 2022. Additionally, a semi-annual cash dividend of $3,062.50 per share for Series D will be payable on March 23, 2022. Furthermore, a quarterly cash dividend of $0.50 per share of common stock will be payable on March 3, 2022. These dividends indicate the company's commitment to returning value to shareholders.

Positive

• Declared a semi-annual cash dividend of $2,750 per share for Series C on May 2, 2022.
• Declared a semi-annual cash dividend of $3,062.50 per share for Series D on March 23, 2022.
• Quarterly cash dividend of $0.50 per common share payable on March 3, 2022.

Negative

• None.

RIVERWOODS, Ill.--(BUSINESS WIRE)-- The Board of Directors of Discover Financial Services 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 May 2, 2022, to the holders of record at the close of business on April 15, 2022.

The Board of Directors of Discover Financial Services declared a semi-annual cash dividend on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series D, in the amount of $3,062.50 per share. The dividend equals $30.625 per depositary share, each representing 1/100th interest in a share of the Series D Preferred Stock. The dividend will be payable on March 23, 2022, to the holders of record at the close of business on March 8, 2022.

The Board of Directors of Discover Financial Services declared a quarterly cash dividend of $0.50 per share of common stock payable on March 3, 2022, to holders of record at the close of business on February 17, 2022.

About Discover

Discover Financial Services (NYSE: DFS) is a digital 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 loans, checking and savings accounts and certificates of deposit through its 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, 2020, and “Risk Factors” in the company’s quarterly report on Form 10-Q for the quarter ended September 30, 2021, 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/20220118006258/en/

Investor Contact:

Eric Wasserstrom

Investor Relations

224-405-5923

ericwasserstrom@discover.com

Media Contact:

Jon Drummond

Public Relations

224-405-1888

jondrummond@discover.com

Source: Discover Financial Services

FAQ

What is the dividend amount for Discover Financial Services common stock?

The quarterly cash dividend for Discover Financial Services common stock is $0.50 per share.

When will Discover Financial Services pay its next dividend?

The next dividend for common stock will be payable on March 3, 2022.

What are the payment dates for Discover Financial Services preferred stock dividends?

The Series C preferred stock dividend will be payable on May 2, 2022, and the Series D will be payable on March 23, 2022.

Who qualifies for the upcoming dividends from Discover Financial Services?

Holders of record at the close of business on February 17, 2022, for common stock and April 15, 2022, for Series C will qualify for the respective dividends.