Discover to increase quarterly dividend, buy back $2.23 billion in stock

RIVERWOODS - Discover Financial Services (it plans to increase the company's next quarterly dividend from 30 cents to 35 cents per share of common stock and repurchase shares of common stocks of up to $2.23 billion during the four quarters.

The board of directors is scheduled to approve the dividend increase and a new share repurchase program at its July meeting. The company's planned new repurchase program will replace the existing program.

The timing and exact amount of repurchases will be consistent with the company's capital plan and will be based on market conditions and other factors, subject to legal or regulatory restrictions and approvals.