06:07 AM EDT, 10/22/2025 (MT Newswires) -- Capital One Financial ( COF ) shares were up more than 4% in recent premarket activity Wednesday after the company's board approved a new repurchase authorization for up to $16 billion common shares.

Chief Financial Officer Andrew Young announced the buyback program during the company's Tuesday earnings call, saying the new authorization is effective the same day and replaces Capital One Financial's ( COF ) previous buyback capacity.

Young also said the company expects to raise its quarterly dividend to $0.80 per share, from $0.60, starting in Q4, subject to the board's approval.

Capital One Financial ( COF ) also reported higher Q3 adjusted earnings and net revenue on Tuesday.