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Story corrected, as Discover increased its dividend payout by two-thirds. RIVERWOODS, Ill. (TheStreet) -- Discover Financial Services (DFS) on Thursday blew past fiscal fourth-quarter earnings estimates and increased its quarterly dividend payout by two-thirds. The shares were down 3.5% in early trading to $22.99 in afternoon trading. The company reported net income allocated to common shareholders for its fiscal fourth-quarter ended Nov. 30 of $508 million, or 95 cents a share, beating the 89-cent consensus estimate among analysts polled by FactSet. Discover's fiscal fourth-quarter results increased from net income allocated to common shareholders of $347 thousand, or 64 cents a share. Net revenue increased 13% year-over-year, to $1.8 billion, with total loans increasing 17% from a year earlier, to $57.3 billion, including the purchase of $2.4 billion in private student loans during the fiscal fourth quarter. [Read the full article]
Dec 15 (Reuters) - Delinquency rates at major U.S. banks have remained stable in November, as consumers continued to keep up with their bill payments despite the holiday expenditure. Credit card charge-offs have fallen, except for Capital One and Citigroup. Nov 2011 Oct 2011 Nov 2011 Oct 2011 Bank of America 5.67 5.98 3.96 3.97 JPMorgan Chase 4.18 4.18 2.54 2.55 Discover Financial 3.04 3.26 2.43 2.48 Capital One Financial 4.29 3.96 3.73 3.73 American Express Co 2.4 2.3 1.5 1.5 Citigroup 6.36 5.66 3.28 3.26 Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. [Read the full article]
ARLINGTON, Texas, Dec. 15, 2011 (GLOBE NEWSWIRE) -- First Cash Financial Services, Inc. (Nasdaq:FCFS - News) today announced that its Board of Directors has authorized a new program for the repurchase of up to 1,500,000 shares of its common stock. As of December 14, 2011, the Company had 30,076,433 shares of common stock outstanding.Under previously completed share repurchase programs over the past seven years, the Company has repurchased a total of 8,200,000 shares, representing 27% of the currently outstanding share count.Rick Wessel, the Company's Chairman and Chief Executive Officer, said "The decision to authorize a new share repurchase program reflects the confidence that management and the Board of Directors have in the long-term future of First Cash. We remain committed to our domestic and international growth strategies, as evidenced by our long track record of significant store additions in both the U.S. and Mexico. [Read the full article]
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