BTIG Analyst Bullish on Capital One Financial (COF)

Capital One Financial Corporation (NYSE:COF) is one of the best dividend stocks to buy according to hedge funds. On November 21, Vincent Caintic, an analyst from BTIG, assigned a Buy rating on COF with a price target of $264.

In a separate Reuters report, dated November 7, it was disclosed that a federal judge dismissed a $425 million settlement offer with depositors, who claimed that they were denied the interest rates they expected. The depositors noted that the payment offer was very minimal, and millions of them would still be short-changed.

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The settlement aimed to address claims that Capital One capped interest at 0.3% on high-interest 360 Savings accounts while giving out higher rates of 4% and above on similarly branded 360 Performance Savings accounts to new clients. The bank offered to shell out $300 million in unsettled interest to 360 Savings customers, and an additional $125 million of interest if they kept their accounts with the bank. However, District Judge David Novak from Alexandria, Virginia, ruled on November 6 that the extent of the depositors’ claims would need “significantly greater relief.”

18 states are suing Capital One over this issue, and they also rejected the settlement. The judge told both parties to start negotiations once more to reach an equitable solution.

Capital One Financial Corporation (NYSE:COF) is a Virginia-based financial services company specializing in banking, lending, and credit products in the United States, Canada, and the United Kingdom.

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