A financial group operating principally in Spain, the United Kingdom, other European countries and Latin America, offering a range of financial products.
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Closed and re-opened to more accurately reflect my starting price for a longer term hold.
I went ahead and took advantage of this down market (bringing them under $8.00 again), to fill my position, but since my initial purchases were a little lower, the overall price is up some.
Right now there is a lot of turmoil taking place in Spain, with the Unions protesting the austerity programs the newly elected conservative national govt. has put in place, so investors are skittish.
I still like them for the long run and expect them to be at least a 2 bagger from this low point.
JMO and worth exactly what I am charging for it.
Buying more on this dip.
They made over $2B in the first quarter, even after making significant provisions for loan losses.
They are not as heavily into RE related loans as most of the Spanish banks.
They have good core capital ratios.
They have reduced their loan to deposit ratio to about 115%, and are deleveraging.
Spain has problems, but STD is in much better shape than the Govt.
This is a great buying opportunity for this "first class" bank that is very much into providing value for its shareholders.
JMO and worth exactly what I am charging for it.
Bought some more on the "panic dip", so now in at under $7.00.
This bank will pay off "big time" for those who are not afraid to take a chance, and are will to hold until the dust settles.
JMO and worth exactly what I am charging for it.
Here is a link to a post by MarketWire, as shown on Yahoo Finance.
http://finance.yahoo.com/news/spain-auditors-estimate-lenders-60b-063353042.html
According to this information, SAN(STD) and BBVA, are among 5 banks in Spain, which will NOT need any aid.
This is in line with what the IMF has been saying.
I have no opinion on the other 3 mentioned, but am long on SAN and BBVA and will continue to be.
They will have some problems, but are good, solid international banks with a great upside potential.
JMO and worth exactly what I am charging for it.
Actually down about 4%, but don't want to add to my position unless there is a "big dip".
I am comfortable with holding this for the longer term.
A solid, profitable bank, caught in the Euro/SpainPanic.
JMO and worth exactly what I am charging for it.
No. I did not sell it. I just closed and re-opened to more accurately reflect my actual start price for a longer term hold.