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4-Traders Homepage  >  Equities  >  Nyse  >  Cabelas Inc    CAB

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Capital One Financial : Discloses Probe Into Anti-Money Laundering Program -- Update

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02/24/2017 | 04:19am CET
By AnnaMaria Andriotis 

Capital One Financial Corp. is under investigation for its anti-money-laundering program, according to the company's annual securities filing.

The bank disclosed Thursday that it is under investigation by the New York District Attorney's Office, the Justice Department and the Financial Crimes Enforcement Network of the Treasury Department over "certain former check casher clients" of its commercial banking business and over its anti-money-laundering program.

The bank's November filing with the Securities and Exchange Commission said it had received subpoenas and requests for testimony, but not that it was being investigated.

A Capital One spokeswoman said the bank used different words in the filing to describe the same situation.

As previously disclosed, Capital One has also been the subject of an open consent order with the Office of the Comptroller of the Currency since July 2015 over regulatory deficiencies in its anti-money-laundering program.

The OCC action has posed a hurdle for Capital One's planned acquisition of the Cabela's Inc. credit-card portfolio , raising the possibility another bank will snatch that deal away. That deal was announced last year when Bass Pro Shops agreed to purchase Cabela's. Capital One agreed to buy the credit-card business as part of the deal.

On Capital One's earnings call last month, Chief Executive Richard Fairbank said the bank didn't expect to receive regulatory approval for the purchase before Oct. 3. That is when Cabela's and Bass Pros Shops can walk away from the transaction. He added that the bank wouldn't be able to refile its application for the deal until after "we have completed our work under the AML consent order."

Write to AnnaMaria Andriotis at annamaria.andriotis@wsj.com

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Financials ($)
Sales 2017 4 226 M
EBIT 2017 339 M
Net income 2017 183 M
Debt 2017 316 M
Yield 2017 -
P/E ratio 2017 17,04
P/E ratio 2018 15,44
EV / Sales 2017 0,81x
EV / Sales 2018 1,26x
Capitalization 3 115 M
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Mean consensus HOLD
Number of Analysts 13
Average target price 58,4 $
Spread / Average Target 28%
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Managers
NameTitle
Thomas L. Millner Chief Executive Officer & Director
Scott K. Williams President
James W. Cabela Chairman
Ralph W. Castner Chief Financial Officer & Executive Vice President
Douglas R. Means Chief Information Technology Officer & EVP
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