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Opinions Rick Stuchberry
Banco Santander SASANCOMMENTNov 06, 2015
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
The UK is the biggest part of their business, and Brazil being #2. It is also big in the US. The problem is just a function of getting them turned. They have been beaten with a stick by the regulators for so long. You think that things are starting to get better, and then they don’t. He is losing patience. Things are getting better in Europe and he thinks this will be a beneficiary of that.