Capital One Financial Stock Price, News & Analysis

Capital One Financial reported Q3 2024 net income of $1.8 billion, or $4.41 per diluted share, compared to $597 million ($1.38 per share) in Q2 2024. Total net revenue increased 5% to $10.0 billion, while non-interest expense rose 7% to $5.3 billion. The quarter showed growth in domestic card and auto businesses, with period-end loans held for investment increasing $2.1 billion to $320.2 billion. Credit Card period-end loans grew $2.8 billion to $156.7 billion, while total deposits increased $2.2 billion to $353.6 billion. The company's Common equity Tier 1 capital ratio stood at 13.6%.

Capital One Financial (NYSE: COF) has announced it will release its third quarter 2024 earnings results on Thursday, October 24, 2024, at approximately 4:05 p.m. Eastern Time. The company will also host a conference call at 5:00 p.m. Eastern Time to review the financial and operating performance for the quarter ending September 30, 2024.

The call will be webcast live and the earnings release will be available on Capital One's homepage at www.capitalone.com. A replay of the webcast will be accessible 24 hours a day, starting two hours after the conference call, until 5:00 p.m. Eastern Time on November 7, 2024, through the company's homepage.

Capital One Financial (NYSE: COF) has announced a quarterly dividend of $0.60 per common share, payable on August 23, 2024, to stockholders of record as of August 12, 2024. The company has consistently declared dividends since becoming independent in 1995. Additionally, Capital One declared dividends on various series of preferred stock:

- Series I: $12.50 per share ($0.3125 per depositary share)
- Series J: $12.00 per share ($0.30 per depositary share)
- Series K: $11.5625 per share ($0.2890625 per depositary share)
- Series L: $10.9375 per share ($0.2734375 per depositary share)
- Series M: $9.875 per share
- Series N: $10.625 per share ($0.265625 per depositary share)

All preferred stock dividends will be paid on September 3, 2024, to stockholders of record as of August 19, 2024.

Capital One Financial (NYSE: COF) reported net income of $597 million, or $1.38 per diluted common share, for the second quarter of 2024. This compares to net income of $1.3 billion in Q1 2024 and $1.4 billion in Q2 2023. Adjusted net income was $3.14 per diluted share. The quarter included adjusting items related to the Walmart program agreement and Discover integration expenses.

Key highlights:

• Total net revenue increased 1% to $9.5 billion
• Pre-provision earnings rose 7% to $4.6 billion
• Provision for credit losses increased $1.2 billion to $3.9 billion
• Period-end loans held for investment increased 1% to $318.2 billion
• Common equity Tier 1 capital ratio was 13.2%

CEO Richard D. Fairbank emphasized strong results and progress on the Discover acquisition.

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.

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.

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.

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.

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.