If STD moved its headquarter to Switzerland and changed its name to a Swiss name, the stock price would quadruple overnight. They are being pummeled by Location and name association when in fact, only 12% of their business is in Spain. Meanwhile, I'll sit back and collect the juicy dividend and wait.
I've been hearing this nonsense since 2009. And if a pig could fly ...... The fact is that it isn't a Swiss bank, it's Spanish and it's PPS has been miserable for three years. That's why it has more short sales, absolutely and proportionately, than any other large bank with international operations I can think of. I tired of owning it for the dividend yield two months ago and dumped it, putting the money into something with immediate growth potential and a decent dividend yield. Goodbye STD.
I want us to be accurate here. Somewhat north of 30% of Santander's operations are in Spain. But, they are generating only 12% of their profits there. Still, this means more than 2/3 of their business is outside of Spain. Spain is the drag on their business.