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COF

Capital One

$100.50

0.98 (0.98%)

07:53
12/26/17
12/26
07:53
12/26/17
07:53

Capital One sees $1.9B charge from tax bill, cuts buyback authorization

Capital One Financial announced the resubmission of its capital plan, as required by the Federal Reserve Board for the 2017 Comprehensive Capital Analysis and Review process to address certain weaknesses identified in the company's capital planning process. In connection with the resubmission, the company's board reduced the authorized repurchases of the company's common stock to up to $1B for the remaining 2017 CCAR period, which ends June 30, 2018. In June, Capital One announced that its board had authorized the repurchase of up to $1.85B of the company's common stock beginning in Q3 of 2017 through the Q2 of 2018. To date, the company said it has repurchased an "immaterial amount" of its common stock under the 2017 repurchase program. If the Federal Reserve objects to the resubmitted capital plan, it may restrict subsequent capital distributions, Capital One cautions. It added. "The Board's decision was driven by the estimated near term adverse impact to the Company's financial position as a result of the anticipated reduction in the carrying value of certain tax assets and additional tax expenses resulting from the Tax Act." Capital One estimates that the Tax Act will result in an approximately $1.9B charge against net income primarily due to the write down of its deferred tax assets as a result of the Tax Act's reduction in the corporate tax rate from 35% to 21%, a one-time tax on the company's unrepatriated foreign earnings, and other anticipated impacts associated with the law. In addition, the Tax Act would eliminate the company's ability to carryback any net operating losses against prior period taxable income, which impacted the amount of the allowable deferred tax assets included in the company's common equity Tier 1 capital in its stress scenario, the bank added. Capital One expects to maintain its quarterly dividend of 40c per share, subject to approval by its board. Shares of Capital One closed Friday up 98c to $100.50.

  • 23

    Jan

COF Capital One
$100.50

0.98 (0.98%)

12/18/17
12/18/17
UPGRADE

Buy
Capital One upgraded to Buy on tax reform benefits at BofA/Merrill
As previously reported, BofA/Merrill upgraded Capital One to Buy from Neutral and raised its price target to $107 from $99. Analyst Kenneth Bruce said the tax reform benefit is not fully reflected in valuation yet and shares have further to rise should it be enacted largely as discussed. The analyst believes reducing the corporate tax rate to 21% will result in a 15-25% earnings lift on credit card issuers.
12/19/17
NOMU
12/19/17
NO CHANGE
Target $87
NOMU
Buy
Nomura sees Capital One renewal concerns for TSYS as overblown
Nomura Instinet analyst Dan Dolev thinks TSYS (TSS) investors should not be worried about potential pricing pressure from Capital One's (COF) contract renewal. Renewals and "modest" pricing pressures are "business as usual" for TSYS, Dolev tells investors in a research note. The analyst says that while Capital One may account for over 10% of TSYS' traditional accounts on file, his analysis shows that the company could potentially absorb up to mid-teens pricing discount. He views TSYS as among the best positioned merchant acquirers heading into 2018. The analyst raised his price target for the shares to $87 from $79 and keeps a Buy rating on the shares.
12/22/17
COMP
12/22/17
UPGRADE
COMP
Buy
Capital One upgraded to Buy from Neutral at Compass Point
12/22/17
12/22/17
UPGRADE

On The Fly: Top analyst upgrades
Catch up on today's top analyst upgrades with this list compiled by The Fly: 1. Digital Realty (DLR) upgraded to Outperform from Market Perform at Wells Fargo with analyst Jennifer Fritzsche saying the 8% pullback in the shares since December 1 brings an attractive entry point considering improving fundamentals in fiscal 2018 and beyond. 2. Capital One (COF) upgraded to Buy from Neutral at Compass Point. 3. Red Robin (RRGB) was upgraded to Buy from Hold at Jefferies while Texas Roadhouse (TXRH) and Dunkin' Brands (DNKN) were upgraded to Hold from Underperform. 4. RE/MAX Holdings (RMAX) upgraded to Neutral from Sell at Compass Point. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

BMY

Bristol-Myers

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EXEL

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ARRY

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SO

Southern Company

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TECK

Teck Resources

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TWTR

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-0.38 (-1.58%)

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SPY

SPDR S&P 500 ETF Trust

$280.41

1.27 (0.45%)

, SPX

S&P 500

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SPY

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$280.41

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FB

Facebook

$181.29

1.49 (0.83%)

, NYT

New York Times

$21.90

1.7 (8.42%)

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NYT

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$21.90

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NWSA

News Corp.

$17.22

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FOXA

21st Century Fox

$36.65

0.47 (1.30%)

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WMT

Walmart

$104.59

0.29 (0.28%)

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AAPL

Apple

$178.46

-0.8 (-0.45%)

, NFLX

Netflix

$220.46

0.13 (0.06%)

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AAPL

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NFLX

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$220.46

0.13 (0.06%)

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BA

Boeing

$337.73

-2.43 (-0.71%)

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AAPL

Apple

$178.46

-0.8 (-0.45%)

, EADSY

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$28.43

0.755 (2.73%)

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BA

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VZ

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NYT

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TWX

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ADS

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HAWK

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$45.25

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CME

CME Group

$154.28

2.07 (1.36%)

, GS

Goldman Sachs

$256.12

5.15 (2.05%)

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Conference/Events
American Bar Association to hold annual meeting »

Derivatives & Futures…

CME

CME Group

$154.28

2.07 (1.36%)

GS

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$256.12

5.15 (2.05%)

BP

BP

$42.40

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C

Citi

$78.30

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BAC

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CS

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CRL

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MS

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AMGN

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1.69 (0.90%)

, BAYRY

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$32.05

0.235 (0.74%)

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AMGN

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BAYRY

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BLRX

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BMY

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$62.28

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CELG

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DNA

Bought by RHHBY

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HALO

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INCY

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IPSEY

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LXRX

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MGNX

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MRK

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NVS

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SNY

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ONCY

Oncolytics

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WLFC

Willis Lease

$26.66

0.05 (0.19%)

18:59
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DPS

Dr Pepper Snapple

$96.35

1.03 (1.08%)

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Dr Pepper to become official sponsor of esports team TSM »

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RCII

Rent-A-Center

$11.70

0.09 (0.78%)

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AR

Antero Resources

$18.74

-0.59 (-3.05%)

17:44
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Recommendations
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T

AT&T

$37.21

0.06 (0.16%)

, TWX

Time Warner

$93.36

0.39 (0.42%)

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T

AT&T

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TWX

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VZ

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CMCSK

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DISH

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CHTR

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DIS

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VIA

Viacom

$39.20

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VIAB

Viacom

$33.36

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GRPN

Groupon

$5.57

0.46 (9.00%)

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CELG

Celgene

$102.65

0.93 (0.91%)

17:41
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VALU

Value Line

$19.60

0.3 (1.55%)

17:40
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01/19
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17:40
Hot Stocks
Value Line reaffirms $3M stock repurchase program »

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VALU

Value Line

$19.60

0.3 (1.55%)

17:39
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01/19
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17:39
Hot Stocks
Value Line declares special dividend of 20c per share »

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ZEAL

Zealand Pharma

$15.05

-0.78 (-4.93%)

17:34
01/19/18
01/19
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17:34
Hot Stocks
Zealand Pharma: FDA approves IND for Phase 3 trials of dasiglucagon in CHI »

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GNMSF

Genmab

$190.75

2.75 (1.46%)

, JNJ

Johnson & Johnson

$147.36

0.44 (0.30%)

17:29
01/19/18
01/19
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01/19/18
17:29
Hot Stocks
Genmab says FDA grants priority review for daratumumab »

Genmab (GNMSF) announced…

GNMSF

Genmab

$190.75

2.75 (1.46%)

JNJ

Johnson & Johnson

$147.36

0.44 (0.30%)

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