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Viking Global Investors 13F: Cuts COF Stake by $269M

Viking Global Investors trims its stake in Capital One Financial, reflecting broader changes in its strategy.

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Viking Global Investors sold 1,339,943 shares from its stake in Capital One Financial Corporation ($COF), a 45.39% decrease, according to a 13F filing with the SEC dated May 15, 2026. It reported 1,612,374 shares worth $323.47 million at the end of the quarter.

Since the filing, $COF is up 0.8% after 1 week, up 4.4% after 1 month and up 8.6% to date (from the $185.71 close on May 15, 2026).

Find the original: Viking Global Investors 13F filings on SEC EDGAR

COF Capital One Financial Corporation
$201.74 -17.68% year to date
Daily close · Oct 16, 2026

Key Points

  • Viking Global Investors reduced its holdings in Capital One Financial Corporation by about 1.3 million shares, a 45.4% decrease, leaving it with 1.6 million shares valued at approximately $323.5 million.
  • Viking Global Investors held 1,612,374 $COF shares at quarter end, down 45.39% from the prior quarter.
  • Capital One's stock trades around $200.62, slightly above its 200-day moving average of $203.52, but down from its 52-week high of $259.64.
  • Analysts maintain a consensus 'buy' rating for Capital One, with a mean price target of $252.27 based on 22 opinions.

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Not investment advice. EarningsIQ is not a registered investment adviser, and this automated Capital One Financial Corporation alert may contain errors. Disclosures

Viking Global Investors has cut its position in Capital One Financial Corporation (NYSE: COF) by approximately 1.3 million shares, a reduction of 45.4%. As of May 15, 2026, the fund now holds about 1.6 million shares valued at around $323.5 million, according to the latest Form 13F filing with the SEC. This marks a notable adjustment in Viking's investment strategy.

What Changed in Viking Global Investors' Capital One Position

Viking Global Investors sold off 1,339,943 shares during the reporting period, decreasing its holdings from about 2.95 million to 1.62 million shares. This significant reduction reflects a shift in the fund's approach to its investments in the financial services sector.

Other Institutional Activity in Capital One

Other funds have been active with their positions in Capital One as well. Blackrock Inc. grew its holdings by 238,835 shares, bringing its total to about 51.1 million shares worth approximately $10.2 billion. Vanguard Capital Management LLC also increased its stake, adding 137,728 shares for a total of 40.6 million shares valued at about $8.2 billion. State Street Corporation raised its holdings by 242,482 shares, ending with around 27.8 million shares worth about $5.6 billion. Meanwhile, JPMorgan Chase & Co. added 430,414 shares to its position, totaling about 17.8 million shares valued at around $3.6 billion. Geode Capital Management, LLC increased its stake by 67,179 shares, bringing its total to approximately 14.4 million shares worth about $2.9 billion.

Capital One Financial Corporation Stock Up 3.2%

Capital One's shares trade at about $200.62, slightly below its previous close of $194.35. The stock is currently performing well relative to its 200-day moving average of $203.51, which indicates a stable trading environment. However, it's important to note that the stock is down from its 52-week high of $259.64, reflecting market conditions that investors should monitor closely.

Recent Earnings

In its most recent earnings report, Capital One posted revenue of approximately $48.1 billion, reflecting an 11.1% growth year-over-year. The company's earnings per share (EPS) was reported at $15.57, and its return on equity (ROE) stood at about 9.03%. The next earnings announcement is expected on October 20, 2026.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

D- 33/100

Reported Apr 21, 2026

  1. Forward outlook

    2 target cuts vs 1 raises.

  2. EPS & revenue

    EPS missed estimates by 3.9%. Revenue beat estimates by 24.5%.

  3. Profit surprise

    Operating income missed by 63 percent.

  4. Pre-earnings setup

    Bar was high, analysts already very bullish.

  5. Analyst signal

    1 target raise, 2 target cuts.

  6. Earnings quality

    Gross margin up 0.9 points. Operating margin up 1.1 points. Positive free cash flow.

Earnings Call Summary

Capital One reported stronger revenue than expected at $19.3 billion, driven by the Discover acquisition, though earnings per share of $4.42 missed the $4.61 consensus slightly. Credit quality remained strong with card charge-offs improving 109 basis points year-over-year to 5.1 percent and auto delinquencies improving 72 basis points. The company closed the Brex acquisition for about $4.5 billion in April and is investing to grow these new businesses while completing the Discover technology integration.

Guidance Capital One reaffirmed that earnings power after the Discover deal integration would match expectations from when the deal was announced, including Brex and travel business. They expect expense synergies to come mostly in the second half of 2026 and into 2027 as technology conversions complete. The company plans to continue investing heavily in growth opportunities including Brex, travel, and converting Discover customers onto Capital One platforms.

Very weak report. The release materially worsened the forward outlook.

Dividend

Capital One Financial pays an annual dividend yielding about 1.61%, with a payout ratio of approximately 19.3%.

Insider Buying and Selling at Capital One Financial Corporation

Recent insider activity includes General Counsel Matthew W. Cooper selling 3,500 shares at an average price of $196.22 on October 6, 2026, valued at approximately $686,770. Officer Lia Dean sold 2,066 shares at $206.07 on September 15, 2026, totaling around $425,741. Additionally, Officer Celia Edwards Karam sold 2,017 shares, also on September 15, for a similar amount. On September 1, 2026, Cooper sold another 3,500 shares, this time at $214.10, for a total of about $749,350.

Analysts Set New Price Targets

On October 12, 2026, JP Morgan maintained its 'Overweight' rating on Capital One, setting a price target of $227, down from a previous target of $246. Morgan Stanley also kept its 'Overweight' rating, adjusting the target to $267 from $273. BMO Capital initiated coverage with a 'Market Perform' rating and a target of $219 on October 9, 2026. TD Cowen maintained a 'Buy' rating with a reduced target of $242, down from $253, on October 6, and Barclays held its 'Overweight' rating, slightly lowering the target to $237 from $240 on October 5.

About Capital One Financial

Capital One Financial Corporation is a financial services firm that operates through various segments, including credit cards, consumer banking, and commercial banking. The company offers a wide range of financial products across the U.S., Canada, and the UK, playing a significant role in the credit services industry.

Bottom Line

Investors will want to keep an eye on Capital One's upcoming earnings report on October 20, 2026, and further institutional activities that may impact its stock. The recent Form 13F filing reflects positions as of mid-May and may not represent current holdings.

Related Filing Alerts

Source: Viking Global Investors's 13F filing on $COF (May 15, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Find the original filing: Viking Global Investors 13F filings on SEC EDGAR. Written by software, not financial advice. How we make alerts

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