MCLEAN, Va. - Capital One Financial Corporation (NYSE:COF) has announced dividends for both common and various series of preferred stock. The company, a mainstay in the financial sector, will pay a quarterly dividend of $0.60 per common share on November 22, 2024, to shareholders of record as of November 14, 2024.
This declaration continues Capital One's history of quarterly dividends since its independence in 1995. Shareholders have the option to reinvest these dividends directly into the company's common stock through its Dividend Reinvestment and Stock Purchase Plan.
Furthermore, Capital One has declared dividends on its preferred stock. Holders of the 5.00 percent Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series I, will receive a dividend of $12.50 per share, or $0.3125 per depositary share, on December 2, 2024. The same payment date applies to the dividends declared on the Series J, K, L, M, and N preferred stocks, with varying rates and corresponding depositary share values. Stockholders of record by November 14, 2024, will be eligible for these dividends.
The Series J preferred stock will have a dividend of $12.00 per share ($0.30 per depositary share), Series K at $11.5625 per share ($0.2890625 per depositary share), Series L at $10.9375 per share ($0.2734375 per depositary share), Series M at $9.875 per share, and Series N at $10.625 per share ($0.265625 per depositary share).
Capital One, headquartered in McLean, Virginia, is a diversified financial corporation with $353.6 billion in deposits and $486.4 billion in total assets as of September 30, 2024. The company serves consumers, small businesses, and commercial clients with a range of financial products and services, operating branches and Cafés across several states and the District of Columbia. As a Fortune 500 company, Capital One is a component of the S&P 100 index.
The information regarding the dividends is based on a press release statement from Capital One Financial Corporation.
In other recent news, Capital One Financial Corp. has been the focus of significant developments. The financial institution recently reported a robust third quarter for 2024, with a net income of $1.8 billion and a 5% increase in revenue, primarily from higher net interest income. Simultaneously, Capital One is in the process of seeking regulatory approvals for its proposed $35.3 billion acquisition of Discover Financial Services (NYSE:DFS), a move that is poised to significantly alter the payments industry landscape.
However, this proposed merger is currently under scrutiny by the New York Attorney General, Letitia James, for potential violations of New York's antitrust laws. The merger, which could create the largest credit card issuer in the United States, is also facing lawsuits from customers who argue that it would diminish competition and increase consumer costs.
In addition, Capital One has indicated that it might be subject to enforcement action by the Consumer Financial Protection Bureau (CFPB) due to allegations of misrepresentation concerning its savings accounts. This issue stems from a lawsuit brought by customers last year. Despite these challenges, Citi has maintained its Buy rating on Capital One, reflecting the firm's ongoing confidence in Capital One's financial outlook and strategic initiatives.
InvestingPro Insights
Capital One Financial Corporation's recent dividend announcement aligns with its strong financial position and commitment to shareholder returns. According to InvestingPro data, the company boasts a market capitalization of $62.53 billion and a P/E ratio of 15.48, indicating a reasonable valuation relative to its earnings.
An InvestingPro Tip highlights that Capital One has maintained dividend payments for 30 consecutive years, underscoring its reliability as an income-generating investment. This consistency is particularly noteworthy given the company's current dividend yield of 1.46%, as reported by InvestingPro.
The financial services giant has demonstrated robust performance, with InvestingPro data showing a remarkable 57.1% price total return over the past year. This strong performance is further supported by another InvestingPro Tip, which notes that Capital One is trading near its 52-week high, with its current price at 97.6% of that peak.
For investors seeking more comprehensive insights, InvestingPro offers additional tips and metrics that could provide a deeper understanding of Capital One's financial health and market position. Currently, there are 6 more InvestingPro Tips available for Capital One, offering a broader perspective on the company's outlook and potential.
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