Capital One: Series N Preferreds Look Attractive With A H2 2027/H1 2028 Horizon (Upgrade)

Capital One's Series N preferred shares (COF.PR.N) are little changed so far in 2026 despite macro headwinds from higher rates, driven by shifting Fed rate cut expectations. Preferred dividends remain well covered in Q1 2026, in line with COF's historical performance. The relative safety of COF.PR.N is further amplified by the sizable 35% discount the Series N preferreds trade at.