GERMANY - 2024/03/04: In this photo illustration, the Capital One Financial Corporation logo seen ... [+] displayed on a tablet. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesCapital One’s stock (NYSE: COF) has gained 6% YTD, as compared to the 14% rise in the S&P500 over the same period. In sharp contrast, Capital One’s peer Discover Financial (NYSE: DFS)was up 15% YTD. Overall, at its current price of $138 per share, COF stock is tra ...

MCLEAN, Va., June 18, 2024 /PRNewswire/ -- On Tuesday, July 23, 2024, at approximately 4:05 p.m. Eastern Time, Capital One Financial Corporation (NYSE: COF) will release its second quarter 2024 earnings results. Additionally, the company will host a conference call at 5:00 p.m. Eastern Time to review financial and operating performance for the quarter ending June 30, 2024.The call will be webcast live and the earnings release will be available on the company's homepage at www.capitalone.com. A replay of the ...

The company's major acquisition is up in the air, and consumer credit metrics are weakening.Capital One (COF -1.03%) made huge news earlier this year when it announced plans to acquire Discover Financial Services. The deal would make Capital One the largest credit card lender in the U.S., but it faces regulatory scrutiny before approval.The company also faces rising charge-offs from its credit card customers as delinquencies rise above pre-pandemic levels. If you're thinking of scooping up Capital One stock ...

Cardholders can continue to use their card and earn and redeem rewards as they do today MCLEAN, Va. and BENTONVILLE, Ark., May 24, 2024 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) and Walmart Inc. (NYSE: WMT) announced that they have ended the agreement that made Capital One the exclusive issuer of Walmart Consumer Credit Cards. In 2019, Capital One and Walmart introduced the Capital One Walmart Rewards Credit Card Program. Walmart corporate logo While Capital One and Walmart have ende ...

A Consumer Financial Protection Bureau regulation that promised to save Americans billions of dollars in late fees on credit cards faces a last-ditch effort to stave off its implementation.Led by the U.S. Chamber of Commerce, the card industry in March sued the CFPB in federal court to prevent the new rule from taking effect.That effort, which bounced between venues in Texas and Washington, D.C., for weeks, is now about to reach a milestone: A judge in the Northern District of Texas is expected to announce ...

Core Insights - Capital One Financial stock has increased by over 3,600% since 1995, significantly outperforming the S&P 500, which rose by about 1,800% during the same period [1] - Over the last five years, Capital One stock has returned approximately 70%, while the S&P 500 has delivered a total return of 95% [2] - Economic challenges such as the pandemic, inflation, interest rates, and uncertainty have contributed to Capital One's underperformance compared to the broader market [2] Performance Analysis - As of May 7, 2019, Capital One stock was priced at $91.60, and it is currently around $140, indicating a strong price increase [2] - A $250 investment in Capital One five years ago would now be worth about $425, while the same investment in the S&P 500 would be worth approximately $488 [2] - Capital One shares have historically lagged the market over many five-year periods but have outperformed in the long term due to significant price increases occurring over shorter time frames [3] Investment Strategy - The stock has seen a notable increase of about 35% in value over the past six months, highlighting the potential for substantial short-term gains [3] - The investment strategy of buying and holding high-quality businesses for extended periods is emphasized as a reliable method for wealth accumulation [3]

PART I—FINANCIAL INFORMATION [Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A")](index=4&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20%28%22MD%26A%22%29) Capital One's Management's Discussion and Analysis (MD&A) for Q1 2024 details a significant increase in net income to **$1.3 billion**, up from **$960 million** in Q1 2023, driven by higher net interest and non-interest income [Introduction](index=5&type=section&id=Introduction) Capital One is a diversified financial services holding company with three principal business segments: Credit Card, Consumer Banking, and Commercial Banking, with revenue primarily from lending, deposits, and fees - The company operates through three main segments: Credit Card (domestic and international), Consumer Banking (deposits, consumer/small business lending, auto lending), and Commercial Banking (lending, deposit gathering, treasury management for commercial clients)[7](index=7&type=chunk) - On February 19, **2024**, Capital One entered into an agreement to acquire Discover Financial Services in an all-stock transaction, where each share of Discover common stock will be converted into **1.0192** shares of Capital One common stock[10](index=10&type=chunk) - A new CFPB final rule, effective May 14, **2024** (subject to litigation), will significantly lower the allowable safe harbor amount for credit card late fees, which Capital One anticipates will have a significant impact on revenue[11](index=11&type=chunk) [Selected Financial Data](index=7&type=section&id=Selected%20Financial%20Data) In Q1 2024, Capital One's net income rose **33%** year-over-year to **$1.28 billion**, with diluted EPS increasing **35%** to **$3.13**, while the net charge-off rate significantly increased by **112 basis points** to **3.33%** Q1 2024 vs. Q1 2023 Income Statement Highlights | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Net Revenue** | **$9,402M** | **$8,903M** | **+6%** | | **Net Interest Income** | **$7,488M** | **$7,186M** | **+4%** | | **Provision for Credit Losses** | **$2,683M** | **$2,795M** | **-4%** | | **Net Income** | **$1,280M** | **$960M** | **+33%** | | **Diluted EPS** | **$3.13** | **$2.31** | **+35%** | Key Performance and Credit Metrics | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Net Interest Margin** | **6.69%** | **6.60%** | **+9 bps** | | **Return on Average Common Equity** | **9.03%** | **7.11%** | **+192 bps** | | **Net Charge-Off Rate** | **3.33%** | **2.21%** | **+112 bps** | Period-End Balance Sheet and Capital Ratios | Metric | March 31, 2024 | Dec 31, 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$481.7B** | **$478.5B** | **+1%** | | **Total Deposits** | **$351.0B** | **$348.4B** | **+1%** | | **Loans Held for Investment** | **$315.2B** | **$320.5B** | **-2%** | | **Common Equity Tier 1 Capital Ratio** | **13.1%** | **12.9%** | **+20 bps** | [Executive Summary](index=10&type=section&id=Executive%20Summary) For Q1 2024, Capital One reported net income of **$1.3 billion** (**$3.13** per diluted share), a substantial increase from **$960 million** (**$2.31** per diluted share) in Q1 2023, driven by higher net interest and non-interest income - Net income increased by **$320 million** YoY to **$1.3 billion**, driven by higher net interest income (from credit card loan growth and higher yields) and increased non-interest income[19](index=19&type=chunk) - Period-end loans held for investment decreased by **$5.3 billion** sequentially to **$315.2 billion**, mainly due to seasonal paydowns in the credit card portfolio[19](index=19&type=chunk) - Credit quality metrics showed mixed results: the net charge-off rate rose **112 bps** YoY to **3.33%**, while the **30+** day delinquency rate decreased **32 bps** sequentially to **3.67%** due to seasonal factors[19](index=19&type=chunk) - The Common Equity Tier 1 (CET1) capital ratio was **13.1%** as of March 31, **2024**, up from **12.9%** at the end of **2023**[17](index=17&type=chunk) [Consolidated Results of Operations](index=11&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated results for Q1 2024 showed a **6%** year-over-year increase in total net revenue to **$9.4 billion**, with net interest income growing by **$302 million** to **$7.5 billion** and non-interest income increasing by **$197 million** to **$1.9 billion** - Net interest income increased by **$302 million** YoY to **$7.5 billion**, primarily due to higher average credit card loan balances and higher asset yields, partially offset by increased deposit rates[26](index=26&type=chunk) - The net interest margin rose by **9 bps** YoY to **6.69%**, reflecting higher asset yields and credit card loan growth, which outweighed the higher costs of interest-bearing liabilities[26](index=26&type=chunk) - Non-interest income grew by **$197 million** YoY to **$1.9 billion**, mainly driven by growth in the Credit Card business[31](index=31&type=chunk) - The provision for credit losses was nearly flat at **$2.7 billion**, as a lower net allowance build was offset by higher net charge-offs[32](index=32&type=chunk) Non-Interest Expense Breakdown (in millions) | Expense Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Salaries and associate benefits** | **$2,478** | **$2,427** | | **Marketing** | **$1,010** | **$897** | | **Total operating expense** | **$4,127** | **$4,048** | | **Total non-interest expense** | **$5,137** | **$4,945** | [Consolidated Balance Sheets Analysis](index=16&type=section&id=Consolidated%20Balance%20Sheets%20Analysis) As of March 31, **2024**, total assets increased slightly to **$481.7 billion** from **$478.5 billion** at year-end **2023**, driven by higher cash balances from deposit growth that offset seasonal credit card loan paydowns - Total assets increased by **$3.3 billion** to **$481.7 billion** from Q4 **2023**, mainly due to higher cash from deposit growth, which was partially offset by seasonal paydowns in the credit card loan portfolio[36](index=36&type=chunk) - Total liabilities grew by **$3.5 billion** to **$423.9 billion**, driven by deposit growth from the company's national consumer banking strategy[37](index=37&type=chunk) Loans Held for Investment by Segment (in billions) | Segment | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Credit Card | **$150.6** | **$154.5** | | Consumer Banking | **$75.1** | **$75.4** | | Commercial Banking | **$89.5** | **$90.5** | | **Total** | **$315.2** | **$320.5** | Funding Sources Composition (in billions) | Source | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Deposits** | **$351.0** | **$348.4** | | Securitized debt obligations | **$17.7** | **$18.0** | | Other debt | **$32.7** | **$31.8** | | **Total Funding Sources** | **$401.3** | **$398.3** | - Estimated uninsured deposits were approximately **18%** of total deposits as of March 31, **2024**, consistent with the prior quarter[44](index=44&type=chunk) [Off-Balance Sheet Arrangements](index=19&type=section&id=Off-Balance%20Sheet%20Arrangements) In its ordinary course of business, Capital One utilizes off-balance sheet arrangements, which include transactions with unconsolidated variable interest entities (VIEs), letters of credit, loan commitments, and guarantees - The company engages in off-balance sheet activities including transactions with unconsolidated VIEs, letters of credit, loan commitments, and guarantees to meet customer financing needs[47](index=47&type=chunk) [Business Segment Financial Performance](index=20&type=section&id=Business%20Segment%20Financial%20Performance) In Q1 2024, the Credit Card segment's net income surged **75%** YoY to **$961 million**, while Consumer Banking's net income fell **47%** to **$381 million**, and Commercial Banking's net income increased dramatically to **$280 million** from **$54 million** Net Income by Business Segment (in millions) | Segment | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Credit Card** | **$961** | **$549** | **+75%** | | **Consumer Banking** | **$381** | **$716** | **-47%** | | **Commercial Banking** | **$280** | **$54** | **+419%** | | **Other (Loss)** | (**$342**) | (**$359**) | **-5%** | | **Total** | **$1,280** | **$960** | **+33%** | [Credit Card Business](index=22&type=section&id=Credit%20Card%20Business) The Credit Card segment's net income increased by **75%** year-over-year to **$961 million** in Q1 2024, driven by a **12%** rise in total net revenue to **$6.7 billion** Credit Card Business Financial Highlights | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Net Revenue** | **$6,748M** | **$6,020M** | **+12%** | | **Provision for Credit Losses** | **$2,259M** | **$2,261M** | **0%** | | **Net Income** | **$961M** | **$549M** | **+75%** | | **Average Loans** | **$149.6B** | **$134.7B** | **+11%** | | **Net Charge-off Rate** | **5.90%** | **4.06%** | **+184 bps** | - Net interest income grew **13%** to **$5.3 billion**, driven by higher average loan balances and margins[52](index=52&type=chunk) - The Domestic Card business, which accounts for over **90%** of the segment's revenue, saw its net income increase **80%** YoY to **$918 million**, driven by similar factors as the overall segment[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) [Consumer Banking Business](index=25&type=section&id=Consumer%20Banking%20Business) The Consumer Banking segment's net income fell by **47%** year-over-year to **$381 million** in Q1 2024, primarily due to a **15%** decrease in net interest income to **$2.0 billion** and a **55%** increase in the provision for credit losses Consumer Banking Business Financial Highlights | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Net Revenue** | **$2,170M** | **$2,495M** | **-13%** | | **Provision for Credit Losses** | **$426M** | **$275M** | **+55%** | | **Net Income** | **$381M** | **$716M** | **-47%** | | **Average Loans** | **$75.1B** | **$79.0B** | **-5%** | | **Average Deposits** | **$294.4B** | **$278.8B** | **+6%** | - Net interest income decreased by **$349 million** YoY, primarily due to lower retail banking margins and reduced average auto loan balances[61](index=61&type=chunk) - The provision for credit losses increased by **$151 million** YoY, driven by higher auto loan originations and net charge-offs[62](index=62&type=chunk) - Period-end deposits increased by **$4.6 billion** from Q4 **2023** to **$300.8 billion**, reflecting continued growth from the national banking strategy[63](index=63&type=chunk) [Commercial Banking Business](index=27&type=section&id=Commercial%20Banking%20Business) The Commercial Banking segment reported a significant increase in net income to **$280 million** in Q1 2024, compared to **$54 million** in Q1 2023, primarily driven by a **$261 million** decrease in the provision for credit losses Commercial Banking Business Financial Highlights | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Net Revenue** | **$880M** | **$860M** | **+2%** | | **Provision for Credit Losses** | (**$2M**) | **$259M** | N/A | | **Net Income** | **$280M** | **$54M** | **+419%** | | **Average Loans** | **$89.9B** | **$94.1B** | **-4%** | | **Average Deposits** | **$31.8B** | **$39.9B** | **-20%** | - The provision for credit losses decreased by **$261 million** YoY to a benefit of **$2 million**, mainly due to an allowance release from exits in the office real estate portfolio[67](index=67&type=chunk) - Non-interest income increased by **$69 million** YoY, driven by the capital markets and agency business[67](index=67&type=chunk) - The nonperforming loan rate rose by **44 bps** sequentially to **1.28%**, driven by credit downgrades in real estate-related portfolios[68](index=68&type=chunk) [Capital Management](index=31&type=section&id=Capital%20Management) Capital One maintained a strong capital position, with the Common Equity Tier 1 (CET1) capital ratio increasing to **13.1%** as of March 31, **2024**, from **12.9%** at year-end **2023** Regulatory Capital Ratios (Capital One Financial Corp.) | Ratio | March 31, 2024 | Dec 31, 2023 | Minimum Adequacy | | :--- | :--- | :--- | :--- | | **Common Equity Tier 1** | **13.1%** | **12.9%** | **4.5%** | | **Tier 1 Capital** | **14.4%** | **14.2%** | **6.0%** | | **Total Capital** | **16.2%** | **16.0%** | **8.0%** | | **Tier 1 Leverage** | **11.3%** | **11.2%** | **4.0%** | - The company's stress capital buffer requirement is **4.8%** for the period from October 1, **2023**, through September 30, **2024**, based on **2023** supervisory stress test results[78](index=78&type=chunk) - Due to the proposed acquisition of Discover, which constitutes a material change, the company must resubmit its capital plan, consequently, all capital distributions are now subject to prior approval from the Federal Reserve[83](index=83&type=chunk)[150](index=150&type=chunk) - In Q1 **2024**, the company declared and paid common stock dividends of **$0.60** per share, totaling **$238 million**, and repurchased **$103 million** of common stock[85](index=85&type=chunk)[86](index=86&type=chunk) [Credit Risk Profile](index=38&type=section&id=Credit%20Risk%20Profile) The company's credit risk is primarily concentrated in its loan portfolio, which totaled **$315.2 billion** as of March 31, **2024**, with the total net charge-off rate increasing to **3.33%** in Q1 2024 from **2.21%** in Q1 2023 Portfolio Composition of Loans Held for Investment (in billions) | Segment | March 31, 2024 | % of Total | | :--- | :--- | :--- | | Credit Card | **$150.6** | **47.8%** | | Consumer Banking | **$75.1** | **23.8%** | | Commercial Banking | **$89.5** | **28.4%** | | **Total** | **$315.2** | **100.0%** | Key Credit Quality Metrics | Metric | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **30+ Day Delinquency Rate** | **3.67%** | **3.99%** | | **Nonperforming Loans / Total Loans** | **0.57%** | **0.48%** | | **Allowance for Credit Losses** | **$15.38B** | **$15.30B** | | **Allowance Coverage Ratio** | **4.88%** | **4.77%** | Net Charge-Offs (in millions) | Segment | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Credit Card | **$2,207** | **$1,369** | | Consumer Banking | **$380** | **$307** | | Commercial Banking | **$29** | **$21** | | **Total** | **$2,616** | **$1,697** | [Liquidity Risk Profile](index=51&type=section&id=Liquidity%20Risk%20Profile) Capital One maintained a robust liquidity position, with liquidity reserves increasing to **$127.5 billion** as of March 31, **2024**, from **$120.7 billion** at year-end **2023**, and an average Liquidity Coverage Ratio (LCR) of **164%** for Q1 2024 Liquidity Reserves (in billions) | Component | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | **$51.0** | **$43.3** | | Securities available for sale | **$78.4** | **$79.1** | | **Total Liquidity Reserves** | **$127.5** | **$120.7** | - The average Liquidity Coverage Ratio (LCR) for Q1 **2024** was **164%**, significantly exceeding the **100%** regulatory minimum[124](index=124&type=chunk) - Total deposits, the primary funding source, increased by **$2.6 billion** during the quarter to **$351.0 billion**[44](index=44&type=chunk) - Following the announcement of the Discover acquisition, Moody's placed Capital One's credit ratings on review for a downgrade, while S&P and Fitch maintained a stable outlook[135](index=135&type=chunk) [Market Risk Profile](index=56&type=section&id=Market%20Risk%20Profile) Capital One's primary market risk exposures are interest rate risk and foreign exchange risk, actively managed through derivatives, with projected 12-month net interest income being asset-sensitive Interest Rate Sensitivity Analysis (Estimated Impact) | Rate Shock | On Net Interest Income | On Economic Value of Equity | | :--- | :--- | :--- | | **+200 bps** | **+1.2%** | **-8.4%** | | **+100 bps** | **+0.9%** | **-3.7%** | | **-100 bps** | **-1.2%** | **+3.2%** | | **-200 bps** | **-2.5%** | **+4.9%** | - The company's primary market risks are interest rate risk from its banking activities and foreign exchange risk from its U.K. and Canadian operations[139](index=139&type=chunk) - Foreign exchange risk is managed using forward foreign currency derivatives and cross-currency swaps, resulting in minimal net exposure[146](index=146&type=chunk) [Supervision and Regulation](index=59&type=section&id=Supervision%20and%20Regulation) Key regulatory developments include a new CFPB final rule significantly lowering credit card late fees, subject to litigation, and the proposed Discover acquisition requiring resubmission of Capital One's capital plan to the Federal Reserve - On March 5, **2024**, the CFPB issued a final rule that will significantly lower the safe harbor amount for late fees on consumer credit cards, with an effective date of May 14, **2024**, but currently subject to litigation[148](index=148&type=chunk) - The proposed acquisition of Discover requires the company to resubmit its capital plan to the Federal Reserve, and all capital distributions are now subject to prior Fed approval[149](index=149&type=chunk)[150](index=150&type=chunk) [Financial Statements and Notes](index=72&type=section&id=Item%201.%20Financial%20Statements%20and%20Notes) This section contains Capital One's unaudited consolidated financial statements for Q1 2024, including income statements, balance sheets, and cash flows, with detailed notes on accounting policies, the Discover acquisition, and various financial instruments [Note 2—Business Combinations](index=81&type=section&id=Note%202%E2%80%94Business%20Combinations) On February 19, **2024**, Capital One entered into a definitive agreement to acquire Discover Financial Services in an all-stock transaction, subject to regulatory and stockholder approvals - Capital One has entered into an agreement to acquire Discover Financial Services in an all-stock transaction, with an exchange ratio of **1.0192** Capital One shares for each Discover share[199](index=199&type=chunk) [Note 4—Loans](index=85&type=section&id=Note%204%E2%80%94Loans) As of March 31, **2024**, total loans held for investment were **$315.2 billion**, down from **$320.5 billion** at year-end **2023**, with a total delinquency rate of **3.67%** Loan Portfolio Composition and Delinquency (March 31, 2024) | Segment | Total Loans (in millions) | 30+ Days Delinquent (in millions) | Delinquency Rate | | :--- | :--- | :--- | :--- | | Credit Card | **$150,594** | **$6,777** | **4.50%** | | Consumer Banking | **$75,099** | **$4,399** | **5.86%** | | Commercial Banking | **$89,461** | **$392** | **0.44%** | | **Total** | **$315,154** | **$11,568** | **3.67%** | - Total loans **90+** days delinquent and still accruing interest (primarily credit card) were **$3.5 billion** as of March 31, **2024**[210](index=210&type=chunk) - During Q1 **2024**, the company modified loans for borrowers in financial difficulty totaling **$1.18 billion** in amortized cost, primarily through term extensions and interest rate reductions[221](index=221&type=chunk) [Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments](index=96&type=section&id=Note%205%E2%80%94Allowance%20for%20Credit%20Losses%20and%20Reserve%20for%20Unfunded%20Lending%20Commitments) The allowance for credit losses increased by **$84 million** to **$15.4 billion** as of March 31, **2024**, with a provision for credit losses of **$2.7 billion** covering net charge-offs of **$2.6 billion** Allowance for Credit Losses Activity (Q1 2024, in millions) | Component | Credit Card | Consumer Banking | Commercial Banking | Total | | :--- | :--- | :--- | :--- | :--- | | **Balance at Dec 31, 2023** | **$11,709** | **$2,042** | **$1,545** | **$15,296** | | Net Charge-offs | (**$2,207**) | (**$380**) | (**$29**) | (**$2,616**) | | Provision for Credit Losses | **$2,259** | **$426** | **$22** | **$2,707** | | **Balance at Mar 31, 2024** | **$11,754** | **$2,088** | **$1,538** | **$15,380** | [Note 14—Commitments, Contingencies, Guarantees and Others](index=129&type=section&id=Note%2014%E2%80%94Commitments%2C%20Contingencies%2C%20Guarantees%20and%20Others) As of March 31, **2024**, Capital One had total unfunded lending commitments of **$452.6 billion**, predominantly credit card lines, and faces ongoing legal proceedings including interchange litigation and a **$331 million** FDIC special assessment - Total unfunded lending commitments were **$452.6 billion**, primarily consisting of **$405.0 billion** in credit card lines[310](index=310&type=chunk) - Key legal proceedings include interchange litigation, Canadian class actions from the **2019** cybersecurity incident, and litigation with Walmart, which terminated its credit card partnership agreement in March **2024**[312](index=312&type=chunk)[313](index=313&type=chunk)[316](index=316&type=chunk) - The company accrued an additional **$42 million** in Q1 **2024** for the FDIC special assessment, bringing the total accrual to **$331 million**, and estimates a reasonably possible additional loss of approximately **$200 million** related to this assessment[321](index=321&type=chunk) PART II—OTHER INFORMATION [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=134&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2024, Capital One repurchased **1,837,218** shares of common stock at an average price of **$135.77** per share, with approximately **$4.48 billion** remaining available for future repurchases under the authorized plan Common Stock Repurchases in Q1 2024 | Month | Total Shares Purchased | Average Price per Share | Shares Purchased Under Plan | Remaining Authorization (in millions) | | :--- | :--- | :--- | :--- | :--- | | January | **364,089** | **$130.46** | **364,089** | **$4,539** | | February | **985,656** | **$136.26** | **91,787** | **$4,526** | | March | **487,473** | **$138.74** | **306,672** | **$4,484** | | **Total** | **1,837,218** | **$135.77** | **762,548** | **$4,484** |

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Capital One’s (COF) first-quarter 2024 adjusted earnings of $3.21 per share lagged the Zacks Consensus Estimate of $3.25. In the prior-year quarter, earnings per share was $2.31. The reported quarter’s results exclude an FDIC special assessment charge of $42 million.Results were adversely impacted by higher expenses. Also, loan balances witnessed a sequential decline in the quarter. Nevertheless, an increase in net interest income (NII), along with higher non-interest income, supported the results to some e ...

Capital One’s first quarter results showed consumers continue to spend on their cards — and management touted the benefits of the proposed $35 billion buyout of Discover Financial Services.Purchase volume on its cards was up 6% year over year to $146.6 billion, but was 7% below the fourth quarter of 2023.The company’s supplementals showed that the card segment’s net charge-off rate of 5.9% is up from 4% a year ago.Consumer banking average loans decreased $1.1 billion, or 2%, to $75.1 billion.CEO Richard Fai ...