Capital One's shares are down 7% this year, following a 36% return in 2012. The shares trade for 1.3 times their reported Dec. 31 tangible book value of $40.23, and for 7.9 times the consensus 2014 earnings estimate of $6.83, among analysts polled by Thomson Reuters. The consensus 2013 EPS estimate is $6.45. One of the reasons the stock has underperformed so far this year is that the company reported disappointing fourth-quarter results, which CFO Gary Perlin blamed on "seasonal expense and margin trends." But on Jan. 17, Perlin also said "fourth-quarter results give us a good picture of what to expect in terms of pre-provision earnings in 2013." Capital One early on Friday released its monthly credit card charge-off and delinquency statistics for January, which JPMorgan Chase analyst Richard Shane said "were roughly in line with seasonal trends." However, Capital One's release showed that total U.S. credit card loans held for investment totaled $80.5 billion as of Jan. 31, which was a decline of more than 3% from a month earlier. Shane said the "sharp run-off in U.S. card balances underscores Capital One's growth challenges in 2013."