KBW analyst Sanjay Sakhrani on in a report on Friday that the increased putback exposure "is a negative headline as it now represents 7% of the company's tangible book value as of 4Q12." The analyst added that "while COF provided updated color around the sale of the Best Buy portfolio, we think it still remains difficult to quantify the impact to earnings with any specificity at this time."

Sakhrani on Feb 19 estimated that the Best Buy card sale would lower Capital One's annual earnings by $0.15 to $0.25 a share.

"Overall, while the announcements are not a positive, ultimately we believe that the stock currently trades at depressed levels and COF remains an Outperform rated stock," Sakhrani wrote.

The analyst's price target for Capital One's shares is $65.00, and he estimates the company will earn $6.30 a share this year, with EPS rising to $6.33 in 2014.

COF Chart COF data by YCharts

Interested in more on Capital One? See TheStreet Ratings' report card for this stock.

-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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