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Opinions Rick Stuchberry
Banco Santander SASANTOP PICKApr 16, 2014
Rick StuchberryStock 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
This bank did not take any government money through all the bailout in Europe. In the last 5 years, it has been a buyer of other banks. Positioned in Europe at about 40%, 10% in the US, but very big in Brazil and Mexico. Likes the mix between developed and emerging-market exposure. Growth should come as Latin America turns around. Yield of 8.48%.