Upon completion of its previously announced sale of Best Buy's private label and co-branded credit card portfolio, the board of directors of Capital One Financial (COF 3.55%) has authorized the repurchase of up to $1 billion of its outstanding stock, the company announced today.
The Federal Reserve has given Capital One until March 31, 2014, to complete the stock buyback, assuming the Best Buy card portfolio sale is completed, the company said. According to Capital One, the card portfolio sales should be concluded in the third quarter of this year.
The total amount and timing of the stock repurchases will depend on a number of factors, including "market conditions, Capital One's capital position, and internal capital generation," the company said. Capital One stock is trading at $63.74 per share as of this writing.
