This drop in share price has happened every summer for the past 5 years. Did recent investors truly believe "this time is different"? It's probably a decent bet in the low 5's, just like it will be next summer, and the next. It's the kind of annual trade that just works... until it doesn't.
I bought shares in the summer of 2010 at the low. Am still waiting for it to "bounce back". Great divvy. Valuation metrics are really cheap. It seems that people think they will get an STD if they purchase this stock!
Still up 70% including dividends trading San since last summer. At any rat,e the entire EU banking sector is down 2% or more. Call me when Santander starts bucking the wider EU bank trend and we can talk about fundamentals.