Credit card issuer Capital One Financial Corp said it would purchase back shares worth up to $1 billion after it completed the sale of its Best Buy Co Inc portfolio. Capital One is selling its $7 billion portfolio of private label and co-branded credit card accounts linked to electronics retailer Best Buy to Citigroup, a deal expected to close in the third quarter.The credit card issuer passed a Federal Reserve stress test in March, under which the regulator allowed it to raise its dividend and repurchase shares.The company raised its quarterly dividend to 30 cents per share from 5 cents per share in May after receiving Fed's approval.Shares of Capital One, which has a market capitalization of about $37.2 billion, closed at $63.59 on Monday on the New York Stock Exchange.
Best Buy Co., Inc. is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services. Shares of BBY remained unchanged at $29.74. In the past year, the shares have traded as low as $11.20 and as high as $29.91. On average, 8424060 shares of BBY exchange hands on a given day and today's volume is recorded at 2400.
Capital One Financial Corporation is a diversified financial services holding company with banking and non-banking subsidiaries. Shares of COF remained unchanged at $63.59. In the past year, the shares have traded as low as $50.21 and as high as $63.99. On average, 3948690 shares of COF exchange hands on a given day and today's volume is recorded at 0.
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