Discover Financial Services - DFS STOCK NEWS

Discover Personal Loans' recent survey indicates that 58% of Americans have taken steps to manage unexpected expenses during the COVID-19 pandemic. The survey reveals that over 40% feel unprepared for medical expenses, with 53% accumulating new medical debt due to the pandemic. Notably, 63% of individuals with medical debt express anxiety about payment rather than recovery. Additionally, 80% of those with medical debt have delayed medical care because of costs, leading to significant financial strain. The findings underscore the importance of personal loans in addressing such financial gaps.

Discover Financial Services (NYSE: DFS) CEO Roger Hochschild will speak at the Goldman Sachs 2021 US Financial Services Conference on December 7, 2021, at 3:00 p.m. ET. A live audio webcast will be accessible via Discover's Investor Relations website on the day of the event, with a replay available for 90 days. Discover, established in 1986, is a prominent digital banking and payment services company in the U.S., known for the Discover card and a range of banking products including loans and savings accounts. For more details, visit investorrelations.discover.com.

Discover's annual holiday survey reveals that 26% of Americans plan to spend more this holiday season, a notable rise from last year. 44% of Gen Z and 33% of Millennials contribute to this increase, while 51% intend to spoil loved ones with more gifts. Nearly half aiming to spend an extra $200-$599 and 20% planning over $1,000. Although excitement is high, 30% feel stressed due to financial concerns. 65% are comfortable traveling, with 32% planning to travel this season, up from last year's 23%.

Discover Financial Services has unveiled its 2022 5% Cashback Bonus Calendar, enabling cardmembers to optimize their spending and earn rewards. New categories include Fitness Club & Gym Memberships in Q1, expanded Target offerings in Q2, and Digital Wallets for Q4. Each quarter allows cardmembers to earn 5% cash back on up to $1,500 in purchases, capped at $75 cash back. The Cashback Bonus program aims to align with consumer spending trends as they return to in-store and online shopping post-pandemic.

Discover’s annual Credit Health survey indicates that most individuals learn about credit score importance from their parents, with 38% citing parental influence. Gen Z shows even greater parental impact at 52%. The survey reveals a decline in satisfaction with credit scores, dropping from 63% in 2020 to 55% in 2021. A majority, 66%, are actively seeking to improve their scores, with 34% checking their scores more frequently than last year. Notably, over half of millennials and Gen X have faced barriers in major purchases due to credit scores. Discover offers tools like the Credit Scorecard and secured credit cards to aid credit building.

Discover Financial Services (NYSE: DFS) will be represented by John Greene, CFO, at the Bank of America 2021 Banking and Financials Virtual Conference on November 9, 2021, at 3:20 p.m. ET. A link to the live audio webcast will be available on Discover's Investor Relations website on the day of the event, with a replay accessible for 90 days afterward. Discover, a leading digital banking and payment services company since 1986, offers various financial services including the Discover card, student loans, and checking accounts.

The digital payments landscape is projected to exceed $10 trillion by 2025, driven by increased consumer adoption and fintech partnerships. A study by 451 Research, commissioned by Discover Global Network, reveals that nearly 60% of people now use digital payment services, with significant shifts post-COVID-19. Key findings highlight the rise of digital wallets, which accounted for 27% of in-store spending in 2020. Partnerships are deemed essential as 86% of fintech vendors depend on payment companies for technology implementation.

Discover Financial Services (NYSE: DFS) reported a strong performance for Q3 2021, with net income rising 42% to $1.1 billion, or $3.54 per diluted share, compared to the previous year. Total loans reached $89.5 billion, up 1% year-over-year, while total revenue increased by 2% to $2.777 billion. The net charge-off rate improved significantly to 1.46%, reflecting robust credit performance. Operating expenses rose 19% due to increased marketing and employee costs. The company repurchased 6.5 million shares for $815 million during the quarter.

The Board of Directors of Discover Financial Services has declared a quarterly cash dividend of $0.50 per share, payable on December 9, 2021. Shareholders on record as of November 24, 2021 will receive this dividend. Discover is a leading digital banking and payment services company in the U.S., known for its cash rewards credit card and a wide range of financial products. The company operates the Discover Global Network and has established a significant presence in the financial services sector since its inception in 1986.