Discover Financial Announces $2.2 Bln Stock Buyback Program, Boosts Dividend

(RTTNews) - Credit card company Discover Financial Services (DFS) said Thursday that its Board of Directors has approved a new $2.2 billion share repurchase program and increased the quarterly common stock dividend from $0.24 to $0.28 per share, in line with previously announced capital actions.

The new share repurchase program expires on July 31, 2016, and may be terminated at any time. This is a five quarter share repurchase program and replaces the prior two-year $3.2 billion program.

The company also declared a quarterly cash dividend of $0.28 per share, payable on May 21 to holders of record at the close of business on May 7.