Santander: stock rises on dividend and share buybacks

(CercleFinance.com) - On Monday Santander announced that it plans to launch a new share buyback program worth E1.
46bn, an announcement that was warmly welcomed in Madrid, where its shares rose over 2%.

The Spanish banking giant plans to pay its shareholders a final dividend of 9.50 cents per share on 2 May.

Taking into account this coupon and share buybacks, Santander states that it will have redistributed over E5.5bn to its shareholders for FY 2023.

The group specifies that this remuneration corresponds to the distribution of around 50% of its group share of net profit generated last year.

At its February 2023 investor meeting, Santander said that it intends to increase the rate of distribution of its profits to shareholders from 40% to 50% with the re-acceleration of its growth.

Earlier in the month, the group unveiled solid Q4 figures, prompting analysts to raise their earnings estimates.

Out of the 28 broker which currently monitor the stock, 17 have a buy recommendation, ten a hold recommendation and only one a sell recommendation.


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