20.6 C
Sunday, October 1, 2023

Capital One Financial’s Q2 Results Beat Estimates

Must read

Financial services company Capital One Financial Corporation (COF) has reported better-than-expected second-quarter 2021 results on higher net revenues. Following the earnings release, shares of the company declined 1.2% to close at $159.50 in Thursday’s extended trading session.

The company reported quarterly net revenues of $7.4 billion, up 4% from last year, surpassing estimates of $7.09 billion. Its net revenues climbed on the back of growth witnessed in non-interest income, which was up 26% from the prior year.

Notably, the company reported adjusted EPS of $7.71, which compares favorably to $7.03 a year ago. Further, it comfortably topped the consensus estimate of $4.61 per share.

The CEO of Capital One Financial, Richard D. Fairbank, said “We are seeing increasing near-term opportunities to build our franchise as we emerge from the pandemic. Our modern technology is powering our current performance and setting us up to capitalize on the accelerating digital revolution in banking.” (See Capital One Financial stock chart on TipRanks)

Recently, J.P. Morgan analyst Richard Shane reiterated a Buy rating on the stock. The analyst, however, raised the price target from $154 to $186, which implies upside potential of 15.2% from current levels.

Consensus among analysts is a Strong Buy based on 14 Buys and 4 Holds. The average Capital One Financial price target of $172 implies upside potential of 6.6% from current levels.

Capital One Financial scores a 7 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is expected to perform in line with market averages. Shares of the company have gained 146.8% over the past year.

Related News:
KKR to Snap up Teaching Strategies from Summit Partners
Intel Joins Hands with Airtel; Shares Rise
Salesforce Concludes $27.7B Slack Buyout

The post Capital One Financial’s Q2 Results Beat Estimates appeared first on TipRanks Financial Blog.

Source link

More articles

Latest article