Credit and Competition Offset Growth in Discover's 3Q
Narrow-moat Discover Financial reported net income of $1.59 per diluted share for the third quarter of 2017, benefiting from solid loan growth (up 9% from the prior year) and deposit growth (up 10% over the same period). Repurchase activity reduced the share count by 2.4% over the past three months, representing an effective use of excess capital, in our view, and supporting our Exemplary stewardship rating. However, credit normalization was a headwind, as charge-offs, provisioning, and reserves...Discover Financial Services is a bank holding, as well as a financial holding company. The company manages its business activities in two segments: Direct Banking, which includes consumer banking and lending products, specifically Discover-branded credit cards issued to individuals on the Discover Network and other consumer banking products and services, including student loans, personal loans, home equity loans, and deposit products; and Payment Services, which includes the PULSE network, Diners Club International and its Network Partners business, which provides payment transaction processing and settlement services on the Discover Network.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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