Discover Financial Services (DFS, Financial) (DFS - $90.53 - NYSE) is one of the largest issuers of credit cards in the United States. In addition, it offers checking and saving products through its online bank and issues student and personal loans. Discover's shares appreciated sharply during the quarter as investors gained confidence that consumer credit would not deteriorate further due to COVID-19-related job losses. The large amount of government stimulus to date has helped shore up consumer balance sheets and the prospect that conditions will return to normal some time in 2021 as vaccines become widely available boosted expectations.
From Keeley Asset Management Corp (Trades, Portfolio)'s Mid Cap Dividend Value Fund fourth-quarter 2020 shareholder commentary.
