Bronte Capital Management Pty Ltd. Cuts Position in Capital One Financial Corporation $COF

Key Points

• Bronte Capital Management cut its Capital One position by 7.4% in the second quarter, selling 13,846 shares and retaining 173,523 shares valued at approximately $34.8 million.
• Capital One reported quarterly earnings of $5.81 per share, exceeding estimates of $4.79, while revenue rose 26.9% year over year to $15.83 billion.
• Analysts remain broadly positive, with 21 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $259.36. The company also announced a quarterly dividend of $0.80 per share, representing a 1.4% yield.

Bronte Capital Management Pty Ltd. lowered its holdings in shares of Capital One Financial Corporation (NYSE:COF) by 7.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 173,523 shares of the financial services provider's stock after selling 13,846 shares during the period. Capital One Financial makes up about 3.7% of Bronte Capital Management Pty Ltd.'s holdings, making the stock its 9th biggest position. Bronte Capital Management Pty Ltd.'s holdings in Capital One Financial were worth $34,812,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in COF. Norges Bank bought a new position in shares of Capital One Financial during the 4th quarter worth approximately $2,089,803,000. Viking Global Investors LP grew its position in shares of Capital One Financial by 30.3% during the 3rd quarter. Viking Global Investors LP now owns 7,388,506 shares of the financial services provider's stock worth $1,570,649,000 after buying an additional 1,717,148 shares during the period. Bessemer Group Inc. increased its stake in shares of Capital One Financial by 7,143.2% in the 4th quarter. Bessemer Group Inc. now owns 1,448,126 shares of the financial services provider's stock valued at $350,966,000 after acquiring an additional 1,428,133 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Capital One Financial by 64.9% in the 4th quarter. AQR Capital Management LLC now owns 3,366,692 shares of the financial services provider's stock valued at $815,951,000 after acquiring an additional 1,324,845 shares in the last quarter. Finally, Amundi lifted its position in shares of Capital One Financial by 41.5% during the 1st quarter. Amundi now owns 3,067,354 shares of the financial services provider's stock valued at $559,577,000 after acquiring an additional 899,409 shares during the period. 89.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on COF. Piper Sandler assumed coverage on shares of Capital One Financial in a research note on Monday, June 29th. They set an "overweight" rating and a $254.00 target price on the stock. UBS Group lifted their price target on shares of Capital One Financial from $275.00 to $280.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Weiss Ratings upgraded shares of Capital One Financial from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday. HSBC raised shares of Capital One Financial from a "hold" rating to a "buy" rating and increased their price objective for the stock from $226.00 to $229.00 in a research report on Sunday, July 12th. Finally, Truist Financial reduced their target price on Capital One Financial from $275.00 to $255.00 and set a "buy" rating for the company in a research note on Thursday, April 23rd. Twenty-one equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $259.36.

Capital One Financial Stock Performance

NYSE COF opened at $227.19 on Friday. The company has a market cap of $139.37 billion, a P/E ratio of 14.06, a PEG ratio of 0.84 and a beta of 1.02. The company has a fifty day simple moving average of $204.93 and a 200 day simple moving average of $198.21. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.39. Capital One Financial Corporation has a 12-month low of $174.24 and a 12-month high of $259.64.

Capital One Financial (NYSE:COF - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $5.81 earnings per share for the quarter, topping the consensus estimate of $4.79 by $1.02. Capital One Financial had a net margin of 13.37% and a return on equity of 11.28%. The firm had revenue of $15.83 billion for the quarter, compared to the consensus estimate of $15.76 billion. During the same quarter in the prior year, the company posted $5.48 earnings per share. The business's revenue was up 26.9% on a year-over-year basis. Sell-side analysts predict that Capital One Financial Corporation will post 20.19 earnings per share for the current fiscal year.

Capital One Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be given a dividend of $0.80 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $3.20 annualized dividend and a dividend yield of 1.4%. Capital One Financial's payout ratio is presently 19.80%.

Insider Buying and Selling at Capital One Financial

In other Capital One Financial news, insider Michael Zamsky sold 5,473 shares of Capital One Financial stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $218.02, for a total transaction of $1,193,223.46. Following the completion of the transaction, the insider owned 27,992 shares in the company, valued at approximately $6,102,815.84. The trade was a 16.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ravi Raghu sold 9,726 shares of the business's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $209.78, for a total value of $2,040,320.28. Following the sale, the insider directly owned 26,328 shares of the company's stock, valued at $5,523,087.84. This represents a 26.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 22,186 shares of company stock worth $4,697,301. 0.78% of the stock is currently owned by insiders.

Capital One Financial Company Profile

Capital One Financial Corporation NYSE: COF is a diversified bank holding company headquartered in McLean, Virginia. The company's core businesses include credit card lending, consumer and commercial banking, and auto finance. Capital One issues a wide range of credit card products for consumers and small businesses, and it operates deposit and digital banking services aimed at retail customers and small to midsize enterprises.

Products and services include credit and charge cards, checking and savings accounts (including the online-focused Capital One 360 platform), auto loans, and commercial lending solutions.

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