Discover Financial Services executives renewed their projection of 10 to 15 percent annual growth in earnings per share at an investor conference on Thursday. Chief Financial Officer Mark Graf also said the credit card and consumer lending company has the financial strength to increase its dividend and make acquisitions.The targeted growth rate is the same as the executives gave at Discover's annual conference for Wall Street last year.On Wednesday, Discover reported fiscal first-quarter earnings per share of $1.18, up 40 percent from a year earlier. The gain was driven by an unexpectedly large release of loan loss reserves, as well as by increased spending with credit cards and higher loan balances.
Discover Financial Services (Discover) is a direct banking and payment services company. Shares of DFS traded higher by 3.7% or $1.17/share to $32.81. In the past year, the shares have traded as low as $20.51 and as high as $33.20. On average, 5011300 shares of DFS exchange hands on a given day and today's volume is recorded at 4186964.
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