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    Discover Financial Services Reports Third Quarter 2024 Net Income of $965 Million or $3.69 Per Diluted Share

    10/16/24 4:22:00 PM ET
    $DFS
    Finance: Consumer Services
    Finance
    Get the next $DFS alert in real time by email

    Board of Directors Declares Quarterly Dividend for Common Stock

    Discover Financial Services (NYSE:DFS):

    Third Quarter 2024 Results

     

    2024(1)

    2023

    YOY Change

    Total loans, end of period (in billions)

    $127.0

    $122.7

    4%

    Total revenue net of interest expense (in millions)

    $4,453

    $4,044

    10%

    Total net charge-off rate

    4.86%

    3.52%

    134 bps

    Net income (in millions)

    $965

    $683

    41%

    Diluted EPS

    $3.69

    $2.59

    42%

    Note(s)

    1. Private student loans were classified as held-for-sale effective June 30, 2024. The charge-offs related to private student loans are through June 30, 2024, the date the loans were transferred to held-for-sale classification

    Discover Financial Services (NYSE:DFS) today reported net income of $965 million or $3.69 per diluted share for the third quarter of 2024, as compared to a net income of $683 million or $2.59 per diluted share for the third quarter of 2023.

    "Discover's financial performance remained strong in the third quarter, benefiting from increased net interest margin, modest loan growth, and some credit improvement," said Michael Shepherd, Discover's Interim CEO and President. "We are pleased to have completed the first of four student loan sale closings, which will simplify our business. Additionally, we continued to make good progress on our risk management and compliance capabilities."

    Segment Results

    Digital Banking

    Digital Banking pretax income of $1.2 billion for the quarter was $401 million higher than the prior year period reflecting increased revenue net of interest expense and a lower provision for credit losses partially offset by increased operating expenses.

    Total loans ended the quarter at $127.0 billion, up 4% year-over-year, down 1% sequentially. Credit card loans ended the quarter at $100.5 billion, up 3% year-over-year. Personal loans increased $879 million, or 9%. Private student loans were down 19% driven by the first closing of the private student loan portfolio sale.

    Net interest income for the quarter increased $333 million, or 10% year-over-year, driven by higher average receivables and net interest margin expansion. Net interest margin was 11.38%, up 43 basis points versus the prior year. Card yield was 16.23%, up 80 basis points from the prior year primarily driven by a lower promotional balance mix and lower payment rates, partially offset by higher interest charge-offs. Interest expense as a percent of total loans increased 30 basis points from the prior year period, primarily driven by higher funding costs.

    Non-interest income increased $77 million, or 13% from the prior year period reflecting a $70 million gain from the loan sale.

    The total net charge-off rate was 4.86%, up 134 basis points from the prior year period and up 3 basis points from the prior quarter reflecting continued seasoning of recent vintages and the student loan accounting classification change. The credit card net charge-off rate was 5.28%, up 125 basis points from the prior year period and down 27 basis points from the prior quarter. The 30+ day delinquency rate for credit card loans was 3.84%, up 43 basis points year-over-year and up 15 basis points from the prior quarter. The Personal loan net charge-off rate of 4.01% was up 138 basis points from the prior year and up 3 basis points from the prior quarter.

    Provision for credit losses of $1.5 billion decreased $229 million from the prior year quarter driven by a $570 million lower reserve build, partially offset by a $372 million increase in net charge-offs.

    Total operating expenses were up $238 million year-over-year, or 17%. Employee compensation increased due to higher wage rates and employee retention awards. Information processing increased due to technology investments and accelerated private student loan software depreciation. Professional fees were up from higher recovery fees and merger and integration costs. Other expenses increased due to the recognition of private student loan net charge-off expenses in this line, following last quarter's reclassification to held-for-sale.

    Payment Services

    Payment Services pretax income of $84 million was largely flat year-over-year. Payment Services volume was $100.5 billion, up 9% from the prior year period. Discover Network volume was down 4% reflecting a slowdown in Discover card sales volume. PULSE dollar volume was up 14% driven by increased debit transaction volume. Diners Club volume was up 7% year-over-year reflecting strength across most regions and Network Partners volume decreased 24% from the prior year due to lower AribaPay volume.

    Regulatory Matters

    As part of its review of the joint proxy statement and prospectus, the Staff of the SEC has indicated that they disagree with certain aspects of Discover's accounting approach for the card misclassification matter. Management is working diligently to resolve their comments, which largely focus on the allocation of previously incurred card misclassification charges between revenue and expense. Resolution of the matter is not expected to impact cumulative historical earnings, capital, or the counterparty restitution plan liability.

    Dividend Declaration

    The Board of Directors declared a quarterly cash dividend of $0.70 per share of common stock payable on December 5, 2024, to holders of record at the close of business on November 21, 2024.

    Conference Call and Webcast Information

    The company will host a conference call to discuss its third quarter results on Thursday, October 17, 2024, at 7:00 a.m. Central Time. Interested parties can listen to the conference call via a live audio webcast at https://investorrelations.discover.com.

    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 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 merchants 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.

    A financial summary follows. Financial, statistical, and business related information, as well as information regarding business and segment trends, is included in the financial supplement filed as Exhibit 99.2 to the company's Current Report on Form 8-K filed today with the Securities and Exchange Commission ("SEC"). Both the earnings release and the financial supplement are available online at the SEC's website (http://www.sec.gov) and the company's website (https://investorrelations.discover.com).

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which speak to our expected business and financial performance, among other matters, contain words such as "believe," "expect," "anticipate," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," "forecast," and similar expressions. Such statements are based on the current beliefs and expectations of our management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements. These forward-looking statements speak only as of the date of this press release and there is no undertaking to update or revise them as more information becomes available. The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: changes in economic variables, such as the availability of consumer credit, the housing market, energy costs, the number and size of personal bankruptcy filings, the rate of unemployment, the levels of consumer confidence and consumer debt and investor sentiment; the impact of current, pending and future legislation, regulation, supervisory guidance and regulatory and legal actions, including, but not limited to, those related to accounting guidance, tax reform, financial regulatory reform, consumer financial services practices, anti-corruption and funding, capital and liquidity; risks related to the proposed merger with Capital One Financial Corporation ("Capital One") including, among others, (i) failure to complete the merger with Capital One or unexpected delays related to the merger or the inability of the parties to obtain regulatory approvals or satisfy other closing conditions required to complete the merger, (ii) regulatory approvals resulting in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction, (iii) diversion of management's attention from ongoing business operations and opportunities, (iv) cost and revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (v) the integration of each party's management, personnel and operations will not be successfully achieved or may be materially delayed or will be more costly or difficult than expected, (vi) deposit attrition, customer or employee loss and/or revenue loss as a result of the announcement of the proposed merger, (vii) expenses related to the proposed merger being greater than expected, and (viii) shareholder litigation that could prevent or delay the closing of the proposed merger or otherwise negatively impact our business and operations; the actions and initiatives of current and potential competitors; our ability to manage our expenses; our ability to successfully achieve card acceptance across our networks and maintain relationships with network participants and merchants; our ability to sustain our card and personal loan growth; our ability to timely complete the sale of the our private student loan portfolio, including due to the failure of a closing condition in the agreement to be satisfied, or any unexpected delay in closing the transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement; our ability to increase or sustain Discover card usage or attract new customers; difficulty obtaining regulatory approval for, financing, closing, transitioning, integrating or managing the expenses of acquisitions of or investments in new businesses, products or technologies; our ability to manage our credit risk, market risk, liquidity risk, operational risk, compliance and legal risk and strategic risk; the availability and cost of funding and capital; access to deposit, securitization, equity, debt and credit markets; the impact of rating agency actions; the level and volatility of equity prices, commodity prices and interest rates, currency values, investments, other market fluctuations and other market indices; losses in our investment portfolio; limits on our ability to pay dividends and repurchase our common stock; limits on our ability to receive payments from our subsidiaries; fraudulent activities or material security breaches of our or others' key systems; our ability to remain organizationally effective; our ability to maintain relationships with merchants; the effect of political, economic and market conditions, geopolitical events, climate change, pandemics and unforeseen or catastrophic events; our ability to introduce new products and services; our ability to manage our relationships with third-party vendors, as well as those with which we have no direct relationship such as our employees' internet service providers; our ability to maintain current technology and integrate new and acquired systems and technology; our ability to collect amounts for disputed transactions from merchants and merchant acquirers; our ability to attract and retain employees; our ability to protect our reputation and our intellectual property; our ability to comply with regulatory requirements; and new lawsuits, investigations or similar matters or unanticipated developments related to current matters. We routinely evaluate and may pursue acquisitions of, investments in or divestitures from businesses, products, technologies, loan portfolios or deposits, which may involve payment in cash or our debt or equity securities.

    Additional factors that could cause the company's results to differ materially from those described in the forward-looking statements can be found under "Risk Factors," "Business - Competition," "Business - Supervision and Regulation" 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, 2023, which is filed with the SEC and available at the SEC's internet site (http://www.sec.gov) and subsequent reports on Forms 8-K and 10-Q, including the company's Current Report on Form 8-K filed today with the SEC.

    Important Information About the Transaction and Where to Find It

    Capital One has filed a registration statement on Form S-4 with the SEC to register the shares of Capital One's common stock that will be issued to Discover Financial Services ("Discover") stockholders in connection with the proposed transaction. The registration statement includes a preliminary joint proxy statement of Capital One and Discover that also constitutes a preliminary prospectus of Capital One. The definitive joint proxy statement/prospectus will be sent to the stockholders of each of Discover and Capital One in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS WHEN THEY BECOME AVAILABLE (AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Discover or Capital One through the website maintained by the SEC at http://www.sec.gov or by contacting the investor relations department of Discover or Capital One at:

     

     

     

    Discover Financial Services

     

    Capital One Financial Corporation

    2500 Lake Cook Road

     

    1680 Capital One Drive

    Riverwoods, IL 60015

     

    McLean, VA 22102

    Attention: Investor Relations

     

    Attention: Investor Relations

    [email protected]

    (224) 405-4555

     

    [email protected]

    (703) 720-1000

    Before making any voting or investment decision, investors and security holders of Discover and Capital One are urged to read carefully the entire registration statement and joint proxy statement/prospectus, including any amendments thereto, because they contain important information about the proposed transaction. Free copies of these documents may be obtained as described above.

    Participants in Solicitation

    Discover, Capital One and certain of their directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of each of Discover and Capital One in connection with the transaction. Information regarding the directors and executive officers of Discover and Capital One and other persons who may be deemed participants in the solicitation of the stockholders of Discover or of Capital One in connection with the transaction will be included in the joint proxy statement/prospectus related to the proposed transaction, which will be filed by Capital One with the SEC. Information about the directors and executive officers of Discover and their ownership of Discover common stock can also be found in Discover's definitive proxy statement in connection with its 2024 annual meeting of stockholders, as filed with the SEC on March 15, 2024, as supplemented by Discover's proxy statement supplement, as filed with the SEC on April 2, 2024, and other documents subsequently filed by Discover with the SEC. Information about the directors and executive officers of Capital One and their ownership of Capital One common stock can also be found in Capital One's definitive proxy statement in connection with its 2024 annual meeting of stockholders, as filed with the SEC on March 20, 2024, and other documents subsequently filed by Capital One with the SEC. Additional information regarding the interests of such participants will be included in the joint proxy statement/prospectus and other relevant documents regarding the proposed transaction filed with the SEC when they become available.

    DISCOVER FINANCIAL SERVICES
    (unaudited, in millions, except per share statistics)
    Quarter Ended
    Sep 30,

    2024
    Jun 30,

    2024
    Sep 30,

    2023
    EARNINGS SUMMARY
    Interest Income

    $5,112

    $4,971

    $4,610

    Interest Expense

    1,457

    1,447

    1,288

    Net Interest Income

    3,655

    3,524

    3,322

     
    Discount/Interchange Revenue

    1,142

    1,153

    1,164

    Rewards Cost

    779

    716

    787

    Discount and Interchange Revenue, net

    363

    437

    377

    Protection Products Revenue

    42

    42

    42

    Loan Fee Income

    214

    205

    194

    Transaction Processing Revenue

    84

    91

    82

    Other Income

    95

    239

    27

    Total Non-Interest Income

    798

    1,014

    722

     
    Revenue Net of Interest Expense

    4,453

    4,538

    4,044

     
    Provision for Credit Losses

    1,473

    739

    1,702

     
    Employee Compensation and Benefits

    703

    658

    575

    Marketing and Business Development

    263

    258

    283

    Information Processing & Communications

    197

    167

    149

    Professional Fees

    323

    296

    281

    Premises and Equipment

    25

    23

    22

    Other Expense

    181

    327

    144

    Total Operating Expense

    1,692

    1,729

    1,454

     
    Income Before Income Taxes

    1,288

    2,070

    888

    Tax Expense

    323

    540

    205

    Net Income

    $965

    $1,530

    $683

     
    Net Income Allocated to Common Stockholders

    $928

    $1,521

    $647

     
     
    PER SHARE STATISTICS
    Basic EPS

    $3.69

    $6.06

    $2.59

    Diluted EPS

    $3.69

    $6.06

    $2.59

    Common Stock Price (period end)

    $140.29

    $130.81

    $86.63

    Book Value per share

    $68.71

    $63.99

    $56.93

     
    BALANCE SHEET SUMMARY
    Total Assets

    $151,593

    $150,867

    $143,432

    Total Liabilities

    134,333

    134,800

    129,196

    Total Equity

    17,260

    16,067

    14,236

    Total Liabilities and Stockholders' Equity

    $151,593

    $150,867

    $143,432

     
    TOTAL LOAN RECEIVABLES
    Ending Loans 1

    $126,993

    $127,649

    $122,676

    Average Loans 1

    $127,707

    $126,983

    $120,380

     
    Interest Yield 1

    15.06%

    14.85%

    14.44%

    Gross Principal Charge-off Rate 2

    5.91%

    5.77%

    4.24%

    Net Principal Charge-off Rate 2

    4.86%

    4.83%

    3.52%

    Delinquency Rate (30 or more days) 2

    3.46%

    3.33%

    3.06%

    Delinquency Rate (90 or more days) 2

    1.65%

    1.62%

    1.34%

    Gross Principal Charge-off Dollars 2

    $1,756

    $1,820

    $1,287

    Net Principal Charge-off Dollars 2

    $1,442

    $1,522

    $1,070

    Net Interest and Fee Charge-off Dollars 2

    $335

    $344

    $223

    Loans Delinquent 30 or more days 2

    $4,105

    $3,917

    $3,756

    Loans Delinquent 90 or more days 2

    $1,960

    $1,903

    $1,637

     
    Allowance for Credit Losses (period end)

    $8,512

    $8,481

    $8,665

    Reserve Change Build/(Release) 3, 4

    $31

    ($777)

    $601

    Reserve Rate 2

    7.18%

    7.22%

    7.06%

     
    CREDIT CARD LOANS
    Ending Loans

    $100,489

    $100,066

    $97,389

    Average Loans

    $100,290

    $99,584

    $95,796

     
    Interest Yield

    16.23%

    15.99%

    15.43%

    Gross Principal Charge-off Rate

    6.46%

    6.66%

    4.85%

    Net Principal Charge-off Rate

    5.28%

    5.55%

    4.03%

    Delinquency Rate (30 or more days)

    3.84%

    3.69%

    3.41%

    Delinquency Rate (90 or more days)

    1.87%

    1.83%

    1.57%

    Gross Principal Charge-off Dollars

    $1,629

    $1,648

    $1,171

    Net Principal Charge-off Dollars

    $1,332

    $1,373

    $973

    Loans Delinquent 30 or more days

    $3,857

    $3,697

    $3,324

    Loans Delinquent 90 or more days

    $1,883

    $1,834

    $1,527

     
    Allowance for Credit Losses (period end)

    $7,586

    $7,591

    $7,070

    Reserve Change Build/(Release) 4

    ($5)

    $50

    $545

    Reserve Rate

    7.55%

    7.59%

    7.26%

     
    Total Discover Card Volume

    $56,593

    $56,441

    $58,965

    Discover Card Sales Volume

    $53,380

    $53,482

    $54,952

    Rewards Rate

    1.44%

    1.32%

    1.42%

     
    SEGMENT- INCOME BEFORE INCOME TAXES
    Digital Banking

    $1,204

    $1,793

    $803

    Payment Services

    84

    277

    85

    Total

    $1,288

    $2,070

    $888

     
    NETWORK VOLUME
    PULSE Network

    $82,573

    $81,749

    $72,146

    Network Partners

    7,512

    8,111

    9,899

    Diners Club International 5

    10,388

    9,421

    9,723

    Total Payment Services

    100,473

    99,281

    91,768

    Discover Network - Proprietary

    55,184

    55,351

    57,228

    Total

    $155,657

    $154,632

    $148,996

     
    1 Total Loans includes private student loans, home equity and other loans
    2 Excludes loans classified as held-for-sale as of June 30, 2024
    3 Includes the adjustment to eliminate the allowance for credit losses upon classifying the private student loan portfolio as held-for-sale as of June 30, 2024
    4 Excludes any build/release of the liability for expected credit losses on unfunded commitments as the offset is recorded in accrued expenses and other liabilities in the Company's condensed consolidated statements of financial condition
    5 Volume is derived from data provided by licencees for Diners Club branded cards issued outside of North America and is subject to subsequent revision or amendment.
     
    Note: See Glossary for definitions of financial terms in the financial supplement which is available online at the SEC's website (http://www.sec.gov) and the Company's website (http://investorrelations.discoverfinancial.com).

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241015860298/en/

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    Q&A

    New
    • What were Discover Financial's net income and diluted earnings per share for Q3 2024 compared to Q3 2023?

      Discover's net income for Q3 2024 was $965 million, or $3.69 per diluted share, compared to net income of $683 million, or $2.59 per diluted share in Q3 2023, marking a 41% increase in net income.

    • What was the total amount of loans reported by Discover Financial at the end of Q3 2024, and how does it compare to Q3 2023?

      Total loans at the end of Q3 2024 were reported at $127.0 billion, a 4% increase from $122.7 billion in Q3 2023.

    • What is the change in Discover's total net charge-off rate from Q3 2023 to Q3 2024?

      The total net charge-off rate increased to 4.86% in Q3 2024, which is up 134 basis points from the 3.52% rate in Q3 2023.

    • What is the amount and payment date of the quarterly dividend declared by Discover Financial for its common stock?

      Discover Financial declared a quarterly cash dividend of $0.70 per share of common stock, payable on December 5, 2024, to shareholders of record at the close of business on November 21, 2024.

    • What were the key factors highlighted by Discover's Interim CEO contributing to the company's strong financial performance in Q3 2024?

      Michael Shepherd, the Interim CEO and President of Discover, stated that the financial performance was strong in Q3 2024 due to increased net interest margins, modest loan growth, and improvements in credit quality.

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      Barclays upgraded Discover Financial Services from Equal Weight to Overweight and set a new price target of $186.00 from $137.00 previously

      1/6/25 7:48:45 AM ET
      $DFS
      Finance: Consumer Services
      Finance

    $DFS
    SEC Filings

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    • SEC Form 10-Q filed by Discover Financial Services

      10-Q - Discover Financial Services (0001393612) (Filer)

      4/30/25 4:23:54 PM ET
      $DFS
      Finance: Consumer Services
      Finance
    • Discover Financial Services filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - Discover Financial Services (0001393612) (Filer)

      4/23/25 4:16:02 PM ET
      $DFS
      Finance: Consumer Services
      Finance
    • SEC Form 8-K filed by Discover Financial Services

      8-K - Discover Financial Services (0001393612) (Filer)

      4/18/25 5:11:19 PM ET
      $DFS
      Finance: Consumer Services
      Finance

    $DFS
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • SEC Form SC 13G/A filed by Discover Financial Services (Amendment)

      SC 13G/A - Discover Financial Services (0001393612) (Subject)

      2/13/24 5:02:40 PM ET
      $DFS
      Finance: Consumer Services
      Finance
    • SEC Form SC 13G/A filed by Discover Financial Services (Amendment)

      SC 13G/A - Discover Financial Services (0001393612) (Subject)

      2/9/24 6:19:03 PM ET
      $DFS
      Finance: Consumer Services
      Finance
    • SEC Form SC 13G/A filed by Discover Financial Services (Amendment)

      SC 13G/A - Discover Financial Services (0001393612) (Subject)

      1/26/24 11:49:45 AM ET
      $DFS
      Finance: Consumer Services
      Finance

    $DFS
    Leadership Updates

    Live Leadership Updates

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    • InterPayments Appoints Former Discover Financial Services CEO and President, Roger Hochschild, to Its Board of Directors

      InterPayments, the leader in compliant managed surcharge solutions, today announced the appointment of former CEO and president of Discover Financial Services (NYSE:DFS), Roger Hochschild, to its board of directors. This strategic appointment underscores InterPayments' mission to empower merchants to manage their cost of acceptance directly and through partnerships with US banks, payment processors, and software platforms. "We are honored to welcome Roger and his unparalleled experience and insight of the fee recovery landscape he brings to the table," said InterPayments CEO, Nagendra Jayanty. "He sees the need for a Managed Surcharge Provider that can tailor a fully compliant and automat

      1/15/25 8:00:00 AM ET
      $DFS
      Finance: Consumer Services
      Finance
    • Discover® Recognized as a Best Place to Work for IT Professionals for Twenty-First Year

        Foundry's Computerworld has named Discover a 2025 Best Place to Work in IT. This annual award recognizes the top organizations that challenge their technology employees while providing great benefits and upskilling opportunities. Now in its twenty-first year being recognized, Discover ranks no. 27 among large organizations with over 5,000 employees on the Best Places to Work in IT list. The list is compiled based on a comprehensive questionnaire regarding company offerings in categories such as benefits, career development, DEI, future of work, training and retention. In addition, the rankings are reviewed and vetted by a panel of industry experts. "Fostering an innovative environme

      12/10/24 8:00:00 AM ET
      $DFS
      Finance: Consumer Services
      Finance
    • Discover Financial Services Appoints Michael G. Rhodes Chief Executive Officer and President

      Rhodes Brings More than 25 Years of Consumer Banking, Financial, and Technology Leadership to the Role Discover Financial Services (NYSE:DFS) today announced that the Company's Board of Directors (the "Board") has appointed Michael G. Rhodes Chief Executive Officer and President, effective on or before March 6, 2024, at which time he will be appointed to the Company's Board of Directors. He will also serve as President of Discover Bank and will be appointed to the Discover Bank Board of Directors, effective the same date. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231211406230/en/Michael G. Rhodes (Photo: Business Wire) Jo

      12/11/23 4:12:00 PM ET
      $DFS
      Finance: Consumer Services
      Finance

    $DFS
    Financials

    Live finance-specific insights

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    • Discover Financial Services Reports First Quarter 2025 Net Income of $1.1 Billion or $4.25 Per Diluted Share

      Board of Directors Declares Quarterly Dividend for Common Stock Discover Financial Services (NYSE:DFS): First Quarter 2025 Results   2025 2024 YOY Change Total loans, end of period (in billions) $117.4 $126.6 (7%) Total revenue net of interest expense (in millions) $4,251 $4,160 2% Total net charge-off rate 4.99% 4.92% 7 bps Net income (in millions) $1,104 $851 30% Diluted EPS $4.25 $3.25 31% Discover Financial Services (NYSE:DFS) today reported net income of $1.1 billion or $4.25 per diluted share for the first quarter of 2025, as compared to a net income of $851 million or $3.25 per diluted share f

      4/23/25 4:19:00 PM ET
      $DFS
      Finance: Consumer Services
      Finance
    • Discover Financial Services Announces First Quarter 2025 Earnings Release on April 23, 2025, and Conference Call on April 24, 2025

      Discover Financial Services (NYSE:DFS) plans to report its First quarter 2025 results after the market closes on Wednesday, April 23, 2025. The earnings release will be available through Discover's Investor Relations website at https://investorrelations.discover.com. A conference call to discuss the firm's results and related matters will be held on Thursday, April 24, 2025, at 7:00 a.m. Central Time and will be limited to prepared remarks. The live audio webcast will be accessible to the general public through Discover's Investor Relations website at https://investorrelations.discover.com. An audio replay will be available on the website following the call. About Discover Discover Finan

      3/27/25 4:15:00 PM ET
      $DFS
      Finance: Consumer Services
      Finance
    • Discover Financial Services Reports Fourth Quarter 2024 Net Income of $1.3 Billion or $5.11 Per Diluted Share and Full Year Net Income of $4.5 Billion or $17.72 Per Diluted Share

      Board of Directors Declares Semi-Annual Dividend for Preferred Stock and Quarterly Dividend for Common Stock Discover Financial Services (NYSE:DFS) Fourth Quarter 2024 Results   2024 2023 YOY Change Total loans, end of period (in billions) $121.1 $128.4 (6%) Total revenue net of interest expense (in millions) $4,759 $4,180 14% Total net charge-off rate 4.64% 4.11% 53 bps Net income (in millions) $1,291 $366 253% Diluted EPS $5.11 $1.45 252% Discover Financial Services (NYSE:DFS) today reported net income of $1.3 billion or $

      1/22/25 4:30:00 PM ET
      $DFS
      Finance: Consumer Services
      Finance