Capital One Financial - COF STOCK NEWS

Capital One (NYSE: COF) has received approval from the Delaware State Bank Commissioner on December 18, 2024, for its planned acquisition of Discover Financial Services (NYSE: DFS) and its subsidiary Discover Bank. The transaction is expected to close in early 2025, pending stockholder approvals from both companies and regulatory approvals from the Federal Reserve System and the Office of the Comptroller of the Currency.

The acquisition, first announced in February 2024, includes a $265 billion community benefits plan announced in July 2024, developed with community groups. The plan includes $35 million in grants to Delaware-based nonprofits and maintains Discover's Sussex County branch presence.

Capital One (NYSE: COF) and Discover Financial Services (NYSE: DFS) have announced special stockholder meetings scheduled for February 18, 2025, where shareholders will vote on Capital One's proposed acquisition of Discover. The record date for stockholder voting eligibility is set for December 27, 2024.

Capital One's meeting will be held at their McLean, Virginia campus at 10:00 a.m. ET, while Discover's meeting will take place at their Riverwoods, Illinois location at 9:00 a.m. CT. Following the effectiveness of Capital One's Form S-4 registration statement, both companies will distribute a joint proxy statement and prospectus to eligible stockholders.

Capital One Financial (NYSE: COF) has announced its quarterly dividend payments for common and preferred stock series. Common stockholders will receive $0.60 per share, payable November 22, 2024, for stockholders of record as of November 14, 2024. The company has consistently declared quarterly dividends since becoming independent in 1995. Additionally, quarterly dividends were declared for six preferred stock series (I, J, K, L, M, and N), all payable on December 2, 2024, to stockholders of record as of November 14, 2024. Stockholders can participate in the Dividend Reinvestment and Stock Purchase Plan.

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.