Why Discover Financial Services Stock Is Trading Higher

Discover Financial Services DFS shares are trading higher by 3.30% to $106.96 during Wednesday's session after the company announced it will resume repurchases under its existing share repurchase program authorizing up to $4.2 billion of share repurchases.

What Happened?

As previously announced in July 2022, Discover Financial Services suspended its share repurchase program because of an investigation relating to its student loan servicing practices and related compliance matters conducted under the oversight of a board-appointed independent special committee.

DFS says the investigation has been completed, and the company has determined that it will resume repurchases under its existing share repurchase program authorizing up to $4.2 billion of share repurchases through June 30, 2023.

What Else?

The company continues to communicate with the supervisory staff of its regulators regarding the internal investigation, and it may be subject to reviews, investigations, proceedings, or other actions in connection with its student loan servicing practices and related compliance matters.

See Also: Why Affirm And Upstart Stock Are Getting Hammered Wednesday

According to data from Benzinga Pro, DFS has a 52-week high of $130.81 and a 52-week low of $87.64.