Loading...Loading...Discover Financial Services DFS reported better-than-expected second-quarter earnings results, after the closing bell on Wednesday.Discover reported GAAP earnings of $6.06 per share, beating the estimate of $3.07 per share, and quarterly Net Interest Income (NII) of $3.524 billion, according to data from Benzinga Pro.Net interest income for the quarter increased by $347 million, or 11% year-over-year, driven by higher average receivables and net interest margin expansion. Net interest ma ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even ...

Loading...Loading...Discover Financial Services DFS shares are trading higher today after the company reported better-than-expected second-quarter EPS results yesterday.The company reported GAAP earnings of $6.06 per share, beating the estimate of $3.07 per share, and quarterly Net Interest Income (NII) of $3.524 billion.RBC Capital Markets analyst Jon G. Arfstrom says the stock’s performance (Sector Perform, with a $140 price target) is likely to be influenced primarily by the pending merger with Capital O ...

Discover Financial Services (DFS) reported strong second-quarter results supported by interest income growth, thanks to a high-interest rate environment, lower provision for credit losses, growing loans, PULSE volumes and margin expansion. The positives were partially offset by higher expenses.It reported second-quarter 2024 adjusted earnings per share of $6.06, which comfortably beat the Zacks Consensus Estimate of $3.06. Also, the bottom line jumped 71% year over year.Discover Financial's revenues, net of ...

Financial Data and Key Metrics Changes - The company reported net income of $1.5 billion, a 70% increase from the prior year quarter [8] - Net interest margin ended at 11.17%, up 11 basis points year-over-year and 14 basis points sequentially [9] - Total operating expenses increased by $325 million or 23% year-over-year, primarily due to expected regulatory penalties [13] Business Line Data and Key Metrics Changes - Card receivables increased by 7% year-over-year, while personal loans rose by 13% [9][10] - Student loans decreased by 1% year-over-year, with the company entering an agreement to sell its student loan portfolio [10] - Non-interest income grew by $313 million or 45%, driven by lower rewards costs and unusual items [12] Market Data and Key Metrics Changes - Average consumer deposits were up 15% year-over-year and 1% sequentially [11] - Discover card sales declined by 3% compared to the prior year, with spending at restaurants showing a sequential decline [9] Company Strategy and Development Direction - The company is simplifying operations by selling its private student loan portfolio, which is expected to be completed in four tranches by the end of 2024 [5][10] - The merger with Capital One is progressing well, with integration planning and regulatory applications underway [7] Management Comments on Operating Environment and Future Outlook - Management expressed confidence that credit losses are near peak and will plateau during the second half of 2024 [8] - The company revised its 2024 outlook, expecting loan growth to decline in low single digits due to the asset sale [16] Other Important Information - The company entered into a settlement agreement to resolve merchant class actions related to card misclassification [6] - The common equity Tier 1 ratio for the period was 11.9%, up 100 basis points [15] Summary of Q&A Session Questions and Answers - There was no question-and-answer session following the prepared remarks, and inquiries should be directed to the Investor Relations team [3]

Discover Financial Services reported second-quarter results that indicated consumers are turning to debit transactions, while the company’s card sales slipped year on year.CFO John Greene said on the Thursday (July 18) earnings call that Discover card sales were down 3% from the prior year. Supplemental materials from Discover indicate that Discover’s credit card sales volumes were $53.4 billion in the most recent quarter. The company’s PULSE volumes were up 18%, driven by an increase in debit transaction v ...

Wednesday, July 17th, 2024This week’s major rotation continues. One of the major indices that had fallen behind so far in 2024 are catching a bid, at the expense of those that had been racing ahead. The Dow gained another +243 points today, +0.59%, and notched another all-time closing high. Contrast this with the Nasdaq dropping -512 points for the session, -2.77%, the S&P 500 -1.39% and the small-cap Russell 2000, which had been outperforming of late, -1.08% today.Gains for the past month look a lot differ ...

For the quarter ended June 2024, Discover (DFS) reported revenue of $4.54 billion, up 17% over the same period last year. EPS came in at $6.06, compared to $3.54 in the year-ago quarter.The reported revenue represents a surprise of +9.09% over the Zacks Consensus Estimate of $4.16 billion. With the consensus EPS estimate being $3.06, the EPS surprise was +98.04%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next m ...

Discover (DFS) came out with quarterly earnings of $6.06 per share, beating the Zacks Consensus Estimate of $3.06 per share. This compares to earnings of $3.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 98.04%. A quarter ago, it was expected that this credit card issuer and lender would post earnings of $2.98 per share when it actually produced earnings of $1.10, delivering a surprise of -63.09%.Over the last four quarter ...

Exhibit 10.1 PURCHASE AGREEMENT by and between DISCOVER BANK and SANTIAGO HOLDINGS, LP Dated as of July 17, 2024 TABLE OF CONTENTS ARTICLE I DEFINITIONS Section 1.1 Definitions 2 ARTICLE II PURCHASE AND SALE | Section 2.1 | Purchase and Sale of Purchased Assets | 19 | | --- | --- | --- | | Section 2.2 | Excluded Assets | 20 | | Section 2.3 | Assumption of Assumed Liabilities | 21 | | Section 2.4 | Retained Liabilities | 22 | | Section 2.5 | Servicing Released; Rights and Risks Transferred | 22 | | Section 2 ...