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 (NYSE:COF) 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.


Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.