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Discover Financial Services

Discover Financial Services (DFS)

Discover Financial Services (DFS), incorporated on July 25, 1960, is a direct banking and payment services company. The Company is a bank holding company, as well as a financial holding company. The Company operates through two segments: Direct Banking and Payment Services. It provides direct banking products and services, and payment services through its subsidiaries. It offers its customers credit card loans, private student loans, personal loans, home equity loans and deposit products.

Direct Banking

The Company's Direct Banking segment includes consumer banking and lending products, specifically Discover-branded credit cards issued to individuals and small businesses on the Discover Network and other consumer banking products and services. The Company's direct banking offers credit cards, student loans, personal loans, home equity loans, and other consumer lending and deposit products. Credit card customers are permitted to revolve their balances and repay their obligations over a period of time and at an interest rate set forth in their card member agreements, which may be either fixed or variable. Its credit card customers' transactions in the United States are processed over the Discover Network. Its cards also offer the Cashback Bonus rewards program.

The Company's private student loans are available to students attending eligible non-profit undergraduate and graduate schools. It also offers certain post-graduate loans, including bar study and residency loans. The Company offers fixed and variable rate private student loans originated by Discover Bank. The Company's personal loans are unsecured loans with fixed interest rates, terms and payments. These loans are primarily intended to help customers consolidate existing debt, although they can be used for other reasons. Home equity loans are offered to help consumers improve their homes, as well as payoff higher interest debt. The Company's deposit products include certificates of deposit, money market accounts, online savings and checking accounts and individual retirement arrangement (IRA) certificates of deposit.

Payment Services

The Payment Services segment includes PULSE, Diners Club and the Company's Network Partners business. Its Network Partners business provides payment transaction processing and settlement services. The Company's PULSE network operates an electronic funds transfer network, providing financial institutions issuing debit cards on the PULSE network with access to automated teller machines (ATMs) domestically and internationally, as well as point-of-sale (POS) terminals at retail locations across the United States for debit card transactions. The financial institutions, networks and commercial service providers are considered as network partners. As of December 31, 2016, the Company's Diners Club business maintained an acceptance network in 185 countries and territories through its relationships with over 90 licensees, which were financial institutions.

The Company competes with American Express, Bank of America, JPMorgan Chase, Citi, Wells Fargo, PNC, U.S. Bank, Visa, MasterCard, American Express, First Data, USAA, Ally Bank, Capital One (360), Sallie Mae and Barclays.

Fundamentals

Optimized Dividends

Annual Dividends

Year Amount Change
2006 0.0c
2007 0.0c 0%
2008 0.0c 0%
2009 0.0c 0%
2010 0.0c 0%
2011 0.0c 0%
2012 44.0c 100%
2013 80.0c 81.8%
2014 96.0c 20.0%
2015 112.0c 16.7%
2016 118.0c 5.4%
2017 135.0c 14.4%
2018 155.0c 14.8%
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Dividends

Ex-Div Date Pay Date Year Type Frequency Status Amount
03 Apr 2012 19 Apr 2012 2012 Interim Quarterly Paid 10c
02 Jul 2012 19 Jul 2012 2012 Interim Quarterly Paid 10c
02 Oct 2012 18 Oct 2012 2012 Interim Quarterly Paid 10c
31 Dec 2012 17 Jan 2013 2012 Final Quarterly Paid 14c
07 May 2013 23 May 2013 2013 Interim Quarterly Paid 20c
06 Aug 2013 22 Aug 2013 2013 Interim Quarterly Paid 20c
05 Nov 2013 21 Nov 2013 2013 Interim Quarterly Paid 20c
04 Feb 2014 20 Feb 2014 2013 Final Quarterly Paid 20c
06 May 2014 22 May 2014 2014 Interim Quarterly Paid 24c
05 Aug 2014 21 Aug 2014 2014 Interim Quarterly Paid 24c
04 Nov 2014 20 Nov 2014 2014 Interim Quarterly Paid 24c
03 Feb 2015 19 Feb 2015 2014 Final Quarterly Paid 24c
05 May 2015 21 May 2015 2015 Interim Quarterly Paid 28c
04 Aug 2015 20 Aug 2015 2015 Interim Quarterly Paid 28c
03 Nov 2015 19 Nov 2015 2015 Interim Quarterly Paid 28c
02 Feb 2016 18 Feb 2016 2015 Final Quarterly Paid 28c
03 May 2016 19 May 2016 2016 Interim Quarterly Paid 28c
02 Aug 2016 18 Aug 2016 2016 Interim Quarterly Paid 30c
01 Nov 2016 17 Nov 2016 2016 Interim Quarterly Paid 30c
07 Feb 2017 23 Feb 2017 2016 Final Quarterly Paid 30c
09 May 2017 25 May 2017 2017 Interim Quarterly Paid 30c
22 Aug 2017 07 Sep 2017 2017 Interim Quarterly Paid 35c
21 Nov 2017 07 Dec 2017 2017 Interim Quarterly Paid 35c
21 Feb 2018 08 Mar 2018 2017 Final Quarterly Paid 35c
23 May 2018 07 Jun 2018 2018 Interim Quarterly Paid 35c
22 Aug 2018 06 Sep 2018 2018 Interim Quarterly Paid 40c
20 Nov 2018 06 Dec 2018 2018 Interim Quarterly Paid 40c
20 Feb 2019 07 Mar 2019 2018 Final Quarterly Paid 40c
23 May 2019 06 Jun 2019 2019 Interim Quarterly Paid 40c
21 Aug 2019 05 Sep 2019 2019 Interim Quarterly Declared 44c
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