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Capital One Financial Corp.’s stock was on track for its largest one-day gain in nearly a year on Friday after the credit-card company’s latest earnings, revenue and net charge-off figures charmed Wall Street.
Capital One’s stock
COF,
was up by 10.8%, which is on pace for its largest jump since it rose 11.8% on Nov. 10, 2022, according to Dow Jones Market Data.
Friday’s gain came despite losses in the broad market and put the stock into positive territory for the year by 6.8%. The S&P 500
SPX
is up by 8.2% in 2023.
The stock is still down about 44.67% from its all-time closing high of $177.73 on Aug. 13, 2021.
Oppenheimer analyst Dominick Gabriele reiterated a perform rating on Capital One and zeroed in on the company’s domestic credit-card net-charge-off rate, which is the debt owed to a company that is unlikely to be recovered.
“The biggest surprise, to us, was [Capital One’s] domestic card’s net charge-off rate, which actually ticked down month over month in September,” he said.
For the third quarter, Capital One said its provision for credit losses dropped by $2.06 million to $2.3 billion, with net charge-offs of $2 billion.
Capital One reported earnings of $4.45 a share, well ahead of the FactSet consensus estimate of $3.24 a share. Revenue came in at $9.37 billion, ahead of the $9.21 billion estimate.
Also read: Capital One confirms roughly $900 million sale of office loans as property sector wobbles
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