Capital One FinancialNYSE: COF

Capital 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.

MCLEAN, Va. , June 18, 2024 /PRNewswire/ -- On Tuesday, July 23, 2024, at approximately 4:05 p.m.

Capital One announced it would acquire Discover Financial in a $35 billion deal earlier this year. The deal could make it the largest credit card lender in the U.S., but it faces scrutiny from regulators.

Market loan delinquency rates are slowing, indicating a reversal of the previous trend. The debt-to-income ratio remains healthy while the inflation rate is subdued, suggesting no signs of consumers' financial deterioration. Capital One will benefit from lower provisions for credit losses.

Two U.S. banking regulators have announced plans to hold a public meeting on July 19 to gather feedback on Capital One Financial Corporation's proposed purchase of Discover Financial Services.

In the first quarter of 2024, Capital One (COF) reports year-over-year growth in both revenues and expenses.

In the first quarter, Capital One's results indicated that consumers are still using their cards frequently, and the company highlighted the advantages of the planned acquisition of Discover Financial Services worth $35 billion. Card purchase volume increased by 6% compared to the previous year, reaching $146.6 billion, although it was 7% lower than the fourth quarter of 2023.

The key figures for Capital One (COF) provide a glimpse into the company's performance in the first quarter of 2024, but it could be beneficial to also assess certain key metrics against Wall Street forecasts and the previous year's results.

Capital One (COF) reported quarterly earnings of $3.21 per share, which fell short of the Zacks Consensus Estimate of $3.25 per share. This is an increase from earnings of $2.31 per share in the same quarter last year.