Banco Santander (NYSE:SAN) Shares Gap Down - Here's Why

Banco Santander, S.A. (NYSE:SAN - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $8.27, but opened at $8.04. Banco Santander shares last traded at $8.05, with a volume of 650,656 shares.

Analysts Set New Price Targets

SAN has been the subject of several recent analyst reports. Citigroup initiated coverage on Banco Santander in a research note on Wednesday, June 4th. They set a "buy" rating for the company. Wall Street Zen raised Banco Santander from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy".

Banco Santander Stock Up 2.0%

The stock has a 50 day simple moving average of $7.72 and a 200 day simple moving average of $6.40. The stock has a market cap of $124.93 billion, a price-to-earnings ratio of 9.48, a PEG ratio of 0.87 and a beta of 1.00.

Banco Santander (NYSE:SAN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The bank reported $0.22 EPS for the quarter, meeting analysts' consensus estimates of $0.22. Banco Santander had a return on equity of 12.26% and a net margin of 16.92%. The firm had revenue of $17.69 billion during the quarter, compared to analysts' expectations of $15.94 billion. Equities analysts expect that Banco Santander, S.A. will post 0.83 earnings per share for the current year.

Institutional Investors Weigh In On Banco Santander

A number of hedge funds have recently added to or reduced their stakes in the company. Wayfinding Financial LLC bought a new position in shares of Banco Santander in the first quarter valued at approximately $28,000. Larson Financial Group LLC lifted its holdings in shares of Banco Santander by 2,226.3% in the fourth quarter. Larson Financial Group LLC now owns 5,839 shares of the bank's stock valued at $27,000 after purchasing an additional 5,588 shares in the last quarter. WealthCollab LLC lifted its holdings in shares of Banco Santander by 35.1% in the fourth quarter. WealthCollab LLC now owns 7,801 shares of the bank's stock valued at $36,000 after purchasing an additional 2,028 shares in the last quarter. Prospect Financial Group LLC bought a new position in shares of Banco Santander in the fourth quarter valued at approximately $46,000. Finally, HUB Investment Partners LLC bought a new position in shares of Banco Santander in the fourth quarter valued at approximately $47,000. Institutional investors and hedge funds own 9.19% of the company's stock.

About Banco Santander

Banco Santander, SA provides various financial services worldwide. The company operates through Retail Banking, Santander Corporate & Investment Banking, Wealth Management & Insurance, and PagoNxt segments. It offers demand and time deposits, mutual funds, and current and savings accounts; mortgages, consumer finance, loans, and various financing solutions; and project finance, debt capital markets, global transaction banking, and corporate finance services.