Discover Financial Services (DFS) Raises Quarterly Dividend 7.1% to $0.30; New $2.5B Buyback Plan Approved

Discover Financial Services (NYSE: DFS) declared a quarterly dividend of $0.30 per share, or $1.2 annualized. This is a 7.1% increase from the prior dividend of $0.28.

The dividend will be payable on August 18, 2016, to stockholders of record on August 4, 2016, with an ex-dividend date of August 2, 2016.

The annual yield on the dividend is 2.1 percent.

DFS also announced that its Board of Directors has approved a new $2.5 billion share repurchase program. 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.

For a dividend history and other dividend-related data on Discover Financial Services (DFS) click here.

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