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Opinions Mark Grammer
Banco Santander SASANDON'T BUYApr 09, 2014
Stock price when the opinion was issued
As of Jun 18, 2026. Market Open.
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Chris StuchberryChris Stuchberry
Rick StuchberryInterest rates will go up after the ECB changes chairs in June 2019. Each quarter they put up $2 billion+ of net income and are trading a hair above book value now, plus negative sentiment to Euro banks now. (3.3% dividend yield, Analysts' price target: $106.76)
Chris StuchberryHe doesn’t own this, but he owns comparable banks. The whole global banking sector is trading at very cheap multiples. They are all under pressure from the flattening yield curve, and they all pay hefty dividends. The bank’s poor performance is sector-driven more than driven by the political issues in the countries where it does business.
He owns this as a European bank holding in the portfolio. The flat yield curve is holding them back. He will continue to hold it for when the yield curve normalizes.
Rick Stuchberry
The banks in the peripheral regions have recovered fairly well over the last 18 months. The general feeling is that things are improving in the peripheral regions of Europe. This bank has a lot of exposure, not just in Europe, but in Latin America. Not sure that this is not already reflected in the price of the stock and he would worry that the expectations may have gotten ahead of reality.