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Capital One Financial Corporation - COF STOCK NEWS

Welcome to our dedicated page for Capital One Financial Corporation news (Ticker: COF), a resource for investors and traders seeking the latest updates and insights on Capital One Financial Corporation stock.

Capital One Financial Corporation (NYSE: COF), founded in 1994, is a diversified banking company headquartered in McLean, Virginia. Originally a spinoff of Signet Financial's credit card division, Capital One has grown into a major player in the financial services industry, offering a wide array of financial products and services. The company's core business segments include local banking and national lending. Local banking comprises consumer, small business, and commercial deposits and lending conducted through its extensive branch network.

On the national front, Capital One is prominent in three key areas: U.S. card issuance, auto finance, and global financial services. The U.S. card sub-segment encompasses domestic consumer credit and debit card activities, making Capital One a leading issuer in the credit card market. The auto finance sub-segment involves financing for automobiles and other motor vehicles, while the global financial services sub-segment includes international lending, small business lending, installment loans, home loans, and healthcare financing.

Recent achievements highlight the company's robust financial health and forward-looking strategies. In the second quarter of 2023, Capital One reported a net income of $1.4 billion, showing significant growth compared to the previous quarter. This upward trend continued into the third quarter of 2023, with a reported net income of $1.8 billion. The company attributes its success to strong top-line growth in its domestic card business and advancements in technology that drive performance improvements across its operations.

Capital One is also making headlines with its strategic moves, such as the acquisition of Discover Financial Services in a $35.3 billion all-stock transaction, announced in February 2024. This acquisition is expected to bolster Capital One's position in the payments and banking sectors, creating a more competitive and innovative financial services provider.

Despite the end of its partnership with Walmart for the exclusive issuance of Walmart Consumer Credit Cards in May 2024, Capital One continues to manage and service the existing credit card accounts, ensuring minimal disruption for cardholders. The company's financial strength is evident with $351.0 billion in deposits and $481.7 billion in total assets as of March 31, 2024.

Capital One remains committed to leveraging modern technology to enhance its service offerings and customer experience. The company's innovative approach and strategic acquisitions are set to drive its growth and enhance value for shareholders, consumers, and businesses alike.

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Capital One Financial (NYSE: COF) has announced a $265 billion community benefits plan over five years as part of its proposed acquisition of Discover Financial Services (NYSE: DFS). This plan, developed in partnership with leading community groups, is twice as large as any previous bank acquisition commitment.

Key components include:

  • $44 billion in community development financing
  • $600 million for Community Development Financial Institutions
  • $575 million in philanthropy
  • $200 billion in consumer lending to low- and moderate-income (LMI) consumers or LMI communities
  • $15 billion in small business lending
  • $5 billion in anticipated spending with diverse suppliers

The plan aims to expand economic opportunity for underserved consumers, increase access to financial products and services, and support community development initiatives.

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Capital One Financial (NYSE: COF) announced its preliminary Stress Capital Buffer (SCB) Requirement of 5.5%, effective October 1, 2024, following the Federal Reserve's 2024 Comprehensive Capital Analysis and Review (CCAR). This SCB is an increase from the previously disclosed 4.8%, which remains effective until the end of Q3 2024. The company has posted a summary of its stress test results on its website, detailing its performance under the Federal Reserve's severely adverse scenario. Investors can access this information via the Investor Center on the Capital One website.

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A new study by the Capital One Insights Center with Mastercard analyzed consumer spending trends at small businesses in Richmond, VA, from 2019 to 2023.

The findings reveal that since a 20% dip in 2020, small businesses have recovered strongly, with spending at these businesses increasing by 75% relative to 2019.

Key growth areas include the Manchester District, where small businesses grew by 41%, and Downtown Richmond, where consumer spending rose by nearly 50% from 2019 to 2022.

The study also highlighted significant efforts in supporting minority-owned businesses and the positive impact of the Richmond 300 plan in promoting small business activities in designated growth nodes.

Overall, the gap in spend growth between small and non-small businesses has narrowed from 120% in 2020 to just over 30% in 2023.

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Capital One Financial (NYSE: COF) announced it will release its second quarter 2024 earnings results on July 23, 2024, at 4:05 p.m. Eastern Time. Following the release, a conference call is scheduled for 5:00 p.m. Eastern Time to discuss the company's financial and operating performance for the quarter ending June 30, 2024. The call will be webcast live and accessible on the company's website, www.capitalone.com, where the earnings release will also be available. A replay of the webcast will be available until August 6, 2024, beginning two hours after the conference call.

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Capital One Financial (NYSE: COF) and Walmart (NYSE: WMT) have announced the termination of their partnership for the Walmart Consumer Credit Cards as of May 24, 2024.

The two companies had launched the Capital One Walmart Rewards Credit Card Program in 2019. Despite the end of the partnership, current cardholders can still use their cards, earn, and redeem rewards as usual. Also, accrued rewards will retain their value.

Capital One will continue to own and service the credit card accounts. Further information will be communicated to Walmart credit card holders in the upcoming months.

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Capital One Financial (NYSE: COF) has announced a quarterly dividend of $0.60 per common share payable on May 24, 2024. The company has a history of declaring dividends on its common stock every quarter since 1995. In addition to the common stock dividend, the company also declared dividends on multiple series of preferred stock, with varying rates per share. Stockholders are eligible for direct reinvestment through the Dividend Reinvestment and Stock Purchase Plan. The dividends are scheduled to be paid in June 2024 to stockholders of record in May 2024.

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Capital One Financial (COF) reported a strong first-quarter 2024 performance with a net income of $1.3 billion, or $3.13 per share, showing significant growth compared to the previous quarters. The company also announced the acquisition of Discover, aiming to create a robust consumer banking and global payments platform. Despite a decrease in total net revenue, the company saw improvements in pre-provision earnings, a decrease in provision for credit losses, and maintained a solid balance sheet. The quarter also saw a decrease in total non-interest expenses, particularly in marketing and operating expenses.
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Capital One Financial (COF) will release its first quarter 2024 earnings results on April 25, 2024, followed by a conference call to discuss financial and operating performance. The webcast will be available on the company's website with a replay option until May 9, 2024.
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Capital One appoints Suni P. Harford, a seasoned financial executive, to its Board of Directors, bringing extensive banking and risk management experience. Ms. Harford will stand for election in May 2024 after serving at UBS and Citigroup for over 30 years.
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Capital One Financial Corporation (COF) to acquire Discover Financial Services (DFS) in a $35.3 billion all-stock transaction, creating a global payments platform, generating $2.7 billion in synergies, and delivering attractive returns to shareholders.
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FAQ

What is Capital One Financial Corporation?

Capital One Financial Corporation (NYSE: COF) is a diversified banking company offering consumer and commercial lending and deposit origination. The company is headquartered in McLean, Virginia.

When was Capital One founded?

Capital One was founded on July 21, 1994, as a spinoff of Signet Financial's credit card division.

What are the main business segments of Capital One?

Capital One operates in two principal segments: local banking, which includes consumer, small business, and commercial deposits and lending, and national lending, which includes U.S. card issuance, auto finance, and global financial services.

How did Capital One perform financially in the third quarter of 2023?

In the third quarter of 2023, Capital One reported a net income of $1.8 billion, reflecting continued strong top-line growth in its domestic card business.

What was a significant recent acquisition by Capital One?

In February 2024, Capital One announced the acquisition of Discover Financial Services in an all-stock transaction valued at $35.3 billion.

What happened to the partnership between Capital One and Walmart?

In May 2024, Capital One and Walmart ended their partnership for the exclusive issuance of Walmart Consumer Credit Cards. However, Capital One continues to service the existing credit card accounts.

What are Capital One's total assets?

As of March 31, 2024, Capital One had $481.7 billion in total assets.

How does Capital One rank in the credit card market?

Capital One is one of the leading issuers of credit cards in the U.S., with significant activities in domestic consumer credit and debit card issuance.

Where is Capital One headquartered?

Capital One is headquartered in McLean, Virginia.

What technological advancements is Capital One leveraging?

Capital One is investing in modern technology infrastructure to enhance its service offerings, improve customer experience, and drive long-term value creation.

Capital One Financial Corporation

NYSE:COF

COF Rankings

COF Stock Data

56.25B
381.92M
4.34%
90.08%
2.52%
Credit Card Issuing
Finance and Insurance
Link
United States of America
MCLEAN