Pinnacle Associates Ltd. Purchases 43,849 Shares of Banco Santander, S.A. (NYSE:SAN)

Key Points

• Pinnacle Associates Ltd. increased its stake in Banco Santander by 54.3% in Q1, acquiring an additional 43,849 shares for a total holding of 124,574 shares, valued at $835,000.
• Multiple hedge funds have adjusted their positions in Banco Santander, with institutional ownership currently at 9.19% of the stock.
• Wall Street analysts have a favorable outlook on the stock, with an average rating of "Buy", reflecting growing confidence in Banco Santander's performance.

Pinnacle Associates Ltd. lifted its position in shares of Banco Santander, S.A. (NYSE:SAN - Free Report) by 54.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 124,574 shares of the bank's stock after acquiring an additional 43,849 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Banco Santander were worth $835,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. AE Wealth Management LLC bought a new position in Banco Santander during the first quarter worth about $74,000. SYM FINANCIAL Corp boosted its holdings in Banco Santander by 32.3% in the 1st quarter. SYM FINANCIAL Corp now owns 27,021 shares of the bank's stock worth $181,000 after buying an additional 6,594 shares during the period. Choreo LLC grew its stake in Banco Santander by 10.2% in the 1st quarter. Choreo LLC now owns 100,403 shares of the bank's stock valued at $673,000 after buying an additional 9,313 shares in the last quarter. Lindbrook Capital LLC raised its holdings in Banco Santander by 23.7% during the 1st quarter. Lindbrook Capital LLC now owns 38,338 shares of the bank's stock valued at $257,000 after acquiring an additional 7,353 shares during the period. Finally, Nwam LLC purchased a new stake in shares of Banco Santander during the first quarter worth $4,280,000. 9.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SAN has been the topic of a number of analyst reports. Citigroup assumed coverage on Banco Santander in a research note on Wednesday, June 4th. They set a "buy" rating on the stock. Wall Street Zen upgraded Banco Santander from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy".

Banco Santander Stock Performance

Banco Santander stock opened at $8.97 on Monday. Banco Santander, S.A. has a fifty-two week low of $4.27 and a fifty-two week high of $8.98. The stock has a market cap of $133.45 billion, a P/E ratio of 10.30, a PEG ratio of 1.00 and a beta of 0.99. The firm's fifty day moving average price is $8.23 and its 200-day moving average price is $6.98.

Banco Santander (NYSE:SAN - Get Free Report) last announced its earnings results on Wednesday, April 30th. The bank reported $0.22 earnings per share for the quarter, hitting analysts' consensus estimates of $0.22. The business had revenue of $17.69 billion for the quarter, compared to analyst estimates of $15.94 billion. Banco Santander had a return on equity of 12.26% and a net margin of 16.92%. Sell-side analysts predict that Banco Santander, S.A. will post 0.83 earnings per share for the current year.

Banco Santander Company Profile

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.

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