Capital One Financial Corp.'s stock (NYSE:COF) saw a significant uptick on Friday, marking its largest single-day gain since November 10, 2022. The company's stock experienced a surge of 9.8%, pushing its year-to-date gains to 6.8% and outperforming the S&P 500 index. This impressive performance comes despite the stock currently sitting approximately 44.67% below its record high of $177.73 achieved last August.
The financial institution's third quarter results exceeded FactSet consensus estimates, with earnings reported at $4.45 per share and revenue hitting $9.37 billion. Furthermore, Capital One's credit losses fell to $2.3 billion and net charge-offs, which represent debt unlikely to be recovered, were recorded at $2 billion.
Oppenheimer highlighted a decrease in the domestic credit-card net-charge-off rate in September as a significant development for the company. Adding to this momentum, Capital One confirmed the sale of office loans worth $900 million.
These positive developments occurred amidst a period of instability in the property sector. Despite these market conditions, Capital One's stock has managed to demonstrate considerable resilience and strong performance.
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