i have a portfolio of about 20 stocks and this is my biggest loser. Right now it is worth too little to bother to sell. I am hoping (a bad word for a serious investor ) for better days as I like their promotions and their Community Days events.
I have had a substantial (for me) position in SAN for about 3 years until 2 months ago. Upon reviewing my portfolio, I asked myself why I owned this stock. The new dividend policy less 20% Spanish tax was, IMO inadequate for the risk. I sold all. To those Botin boosters. how do you like the new SAN? The argument of difficult times does not hold water/ Look at other banks prticularly some of the better run US banks and compare stock performance and dividend policy. A long term hope doesn't put cash in my pocket. Incidentally, I was always able to sell the stock dividend at a higher price than issue until recently.