Financial services company, Capital One Financial Corp. (COF) reported declined profits on Friday, but beat analysts Q1 estimates.
The Mclean, VA based company reported first quarter earnings of $1.05 billion, or $1.79 per share, down -25% from $1.4 billion, or $2.72 per share last year. On average. analysts expected to see earnings of $1.60 per share.
The company’s net interest income increased during to quarter to $4.6 billion, from $3.4 billion last year. Non-interest income declined to $981 million, from $1.5 billion last year.
Revenue for the quarter increased 13% to $5.55 billion, but fell below the average analyst estimate of $5.57 billion.
COF’s Auto loan originations dropped -11% during the quarter, while total purchase volume rose 5.5%.
Capital One shares were up 71 cents, or 1.34% during premarket trading Friday. The stock has been mostly flat in the past year.
The Bottom Line
Shares of Capital One Financial Corp. (COF) have a 2.27% yield, based on Thursday’s closing price of $52.79.
Capital One Financial Corp. (COF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.