Heritage Wealth Advisors has significantly increased its investment in Capital One Financial Corporation (NYSE: COF) by 20.4% during the second quarter of 2023. According to the firm’s filing with the Securities and Exchange Commission (SEC), Heritage Wealth now owns 1,547 shares of the financial services provider, having acquired an additional 262 shares over the quarter. This investment is valued at approximately $329,000.
Several other institutional investors have also adjusted their positions in Capital One Financial recently. Notably, Kingstone Capital Partners Texas LLC raised its holdings by an astonishing 588,668.3%, now owning 117,447,497 shares worth $24.99 billion. This adjustment followed the acquisition of an additional 117,427,549 shares in the last quarter.
Vanguard Group Inc. also saw substantial growth, increasing its position by 74.8% to 56,380,913 shares, valued at $12 billion. Geode Capital Management LLC and Bank of New York Mellon Corp made similar moves, boosting their holdings by 64.1% and 41.3%, respectively.
In contrast, individual insiders have been active in selling shares. General Counsel Matthew W. Cooper sold 2,000 shares on November 4, at an average price of $219.41, for a total of $438,820. This sale reduced his ownership to 96,486 shares, currently valued at about $21.17 million. Another insider, Frank G. Laprade III, sold 17,840 shares on November 13 for approximately $3.96 million, decreasing his stake by 26.97%.
The recent trading activity indicates that 89.84% of Capital One’s stock is held by institutional investors. In the past three months, insiders sold a total of 274,013 shares valued at around $61 million, leaving company insiders with 1.26% of the shares.
Capital One Financial’s Market Performance
As of November 1, 2023, Capital One Financial’s stock opened at $200.61. The company has a 50-day simple moving average of $217.89 and a 200-day simple moving average of $211.42. Over the past year, the stock has fluctuated between a low of $143.22 and a high of $232.45. With a market capitalization of $127.53 billion, Capital One currently has a price-to-earnings ratio of 84.64 and a beta of 1.19.
The company recently reported its earnings on November 3, showcasing earnings of $5.95 per share and revenues of $15.46 billion for the quarter. Analysts project that Capital One Financial will achieve an earnings per share (EPS) of $15.65 for the current year.
Dividend Announcement
In addition to its stock performance, Capital One has announced a quarterly dividend of $0.80 per share, set to be paid on December 1, 2023. Shareholders of record as of November 17, 2023 will be eligible for this dividend, which signifies an annualized amount of $3.20 and a dividend yield of 1.6%, up from the previous dividend of $0.60. The company’s current payout ratio stands at 135.02%.
Capital One Financial Corporation operates as a holding company for Capital One, National Association, providing a range of financial products and services across the United States, Canada, and the United Kingdom. The firm operates through three main segments: Credit Card, Consumer Banking, and Commercial Banking.
