Assetmark Inc. has significantly increased its investment in Capital One Financial Corporation (NYSE: COF) by acquiring an additional 15,787 shares during the third quarter of 2023. This move represents a 15.5% increase in its holdings, bringing the total number of shares owned to 117,823. The total value of these shares was approximately $25.05 million as of the end of the quarter, according to a recent filing with the Securities and Exchange Commission.
Other institutional investors also adjusted their positions in Capital One during the same period. For instance, Mather Group LLC raised its stake by 1.0%, now holding 4,540 shares valued at around $965,000. Similarly, Optas LLC increased its investment by 1.4%, acquiring 3,484 shares worth $741,000. Nations Financial Group Inc. IA ADV and Bridges Investment Management Inc. also added to their stakes in the company, reflecting a broader trend of institutional support for Capital One.
Currently, approximately 89.84% of Capital One’s stock is owned by institutional investors and hedge funds, underscoring the confidence these entities have in the financial services provider.
Recent Performance and Earnings Report
As of the latest trading session, Capital One stock opened at $207.60. The company has a market capitalization of $131.98 billion and a price-to-earnings (P/E) ratio of 70.14. The stock has shown some volatility over the past year, with a low of $143.22 and a high of $259.64.
In its most recent earnings report, released on January 22, 2024, Capital One reported earnings per share (EPS) of $3.86, which fell short of analysts’ expectations of $4.14. Despite this miss, the company reported a revenue of $15.62 billion, surpassing forecasts of $15.49 billion. This revenue reflects a year-over-year increase of 53.3%, highlighting the firm’s strong growth trajectory despite the earnings shortfall.
Dividend Announcement and Insider Activity
Capital One has also declared a quarterly dividend of $0.80 per share, payable on March 2, 2024. Investors on record as of February 19, 2024 will be eligible for this dividend, which represents an annual yield of approximately 1.5%. The company’s dividend payout ratio currently stands at 108.11%.
In insider trading news, Matthew W. Cooper, the General Counsel, sold 2,000 shares at an average price of $250.00, totaling $500,000. Following this transaction, Cooper owns 92,486 shares valued at over $23 million. Additionally, insider Lia Dean sold 3,284 shares at an average price of $223.68, resulting in a transaction of approximately $734,565. In total, insiders have sold 34,274 shares worth around $8.13 million over the past three months.
Wall Street analysts have mixed opinions on Capital One’s stock, with a range of price targets set by various firms. JPMorgan Chase & Co. recently increased its price target from $237.00 to $256.00, maintaining a “neutral” rating. Other analysts have set targets as high as $308.00 while some have opted for more conservative estimates, reflecting the varying perspectives on the company’s future performance.
Overall, Capital One Financial Corporation continues to be a significant player in the financial services industry, with strong institutional backing and a diverse range of products and services designed to cater to both consumers and businesses.
