Norges Bank Takes $2.09 Billion Position in Capital One Financial Corporation $COF

Key Points

• Norges Bank opened a major new position in Capital One Financial, buying 8.62 million shares worth about $2.09 billion and representing 1.36% ownership.
• Other institutional investors also increased their stakes, and overall institutional ownership stands at 89.84% of Capital One’s shares.
• Capital One recently missed earnings expectations for the quarter, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $258.75.

Norges Bank purchased a new stake in shares of Capital One Financial Corporation (NYSE:COF - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,622,723 shares of the financial services provider's stock, valued at approximately $2,089,803,000. Norges Bank owned 1.36% of Capital One Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of COF. Capital International Investors boosted its holdings in shares of Capital One Financial by 107.9% during the third quarter. Capital International Investors now owns 4,040,408 shares of the financial services provider's stock valued at $859,602,000 after acquiring an additional 2,097,208 shares during the period. Viking Global Investors LP boosted its holdings in shares of Capital One Financial by 30.3% during the third quarter. Viking Global Investors LP now owns 7,388,506 shares of the financial services provider's stock valued at $1,570,649,000 after acquiring an additional 1,717,148 shares during the period. Bessemer Group Inc. boosted its holdings in shares of Capital One Financial by 7,143.2% during the fourth 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 during the period. Franklin Resources Inc. boosted its holdings in shares of Capital One Financial by 12.8% during the third quarter. Franklin Resources Inc. now owns 11,838,304 shares of the financial services provider's stock valued at $2,516,587,000 after acquiring an additional 1,339,215 shares during the period. Finally, Waverton Investment Management Ltd boosted its holdings in shares of Capital One Financial by 1,390.9% during the third quarter. Waverton Investment Management Ltd now owns 1,181,834 shares of the financial services provider's stock valued at $251,323,000 after acquiring an additional 1,102,563 shares during the period. Institutional investors and hedge funds own 89.84% of the company's stock.

Capital One Financial Price Performance

Shares of NYSE COF opened at $188.06 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average of $189.11 and a two-hundred day moving average of $209.36. Capital One Financial Corporation has a twelve month low of $174.98 and a twelve month high of $259.64. The company has a market capitalization of $117.03 billion, a price-to-earnings ratio of 65.98, a PEG ratio of 0.69 and a beta of 1.05.

Capital One Financial (NYSE:COF - Get Free Report) last released its earnings results on Tuesday, April 21st. The financial services provider reported $4.42 EPS for the quarter, missing the consensus estimate of $5.08 by ($0.66). Capital One Financial had a net margin of 4.29% and a return on equity of 10.59%. The business had revenue of $15.23 billion for the quarter, compared to analyst estimates of $15.68 billion. During the same period in the prior year, the company earned $4.06 earnings per share. The firm's revenue for the quarter was up 52.3% on a year-over-year basis. As a group, analysts expect that Capital One Financial Corporation will post 19.14 earnings per share for the current fiscal year.

Capital One Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Tuesday, May 19th will be paid a dividend of $0.80 per share. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $3.20 annualized dividend and a dividend yield of 1.7%. Capital One Financial's dividend payout ratio (DPR) is currently 112.28%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on COF. Truist Financial reduced their price objective on shares of Capital One Financial from $275.00 to $255.00 and set a "buy" rating for the company in a report on Thursday, April 23rd. BTIG Research reaffirmed a "buy" rating and issued a $224.00 price objective on shares of Capital One Financial in a report on Wednesday, April 22nd. JPMorgan Chase & Co. upped their price objective on shares of Capital One Financial from $213.00 to $215.00 and gave the stock an "overweight" rating in a report on Wednesday, April 22nd. UBS Group reduced their price objective on shares of Capital One Financial from $283.00 to $270.00 in a report on Wednesday, May 6th. Finally, The Goldman Sachs Group reduced their price objective on shares of Capital One Financial from $300.00 to $260.00 and set a "buy" rating for the company in a report on Tuesday, April 7th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $258.75.

Insider Buying and Selling

In related news, insider Lia Dean sold 1,692 shares of Capital One Financial stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $185.61, for a total value of $314,052.12. Following the transaction, the insider directly owned 65,454 shares in the company, valued at $12,148,916.94. The trade was a 2.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Celia Karam sold 1,749 shares of Capital One Financial stock in a transaction on Friday, May 1st. The stock was sold at an average price of $192.58, for a total value of $336,822.42. Following the completion of the transaction, the insider owned 61,579 shares in the company, valued at $11,858,883.82. The trade was a 2.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 8,040 shares of company stock worth $1,498,615 in the last three months. 0.78% of the stock is currently owned by insiders.

Capital One Financial 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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