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SAN · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Banco Santander S.A. (SAN) stock moving?
SAN closed at 12.56 on Nov 10, up about 10.8% from the 11.34 close on Nov 3 and about 2.6% above the 12.26 close on Oct 26 wait not needed. The stock fell about 14% from the 12.79 close on Oct 22 to the 11.12 low on Oct 30, with heavy volume on Oct 26 to 28 (up to 14.9M shares) around the Q3 2026 results, which missed revenue estimates and showed higher credit risk per a law-firm notice. The rebound since Nov 3 has come on mostly moderate volume (7.6M to 8.6M shares in the last two sessions versus a 10M-plus average during the sell-off), and the latest close sits below the 30-day high of 12.91. News flow is mixed. Positives include the completed buyback (150.6M shares, about 1.03% of capital, cancelled, which lifts per-share earnings), a Goldman Sachs target raise to €15.00 with a Buy rating, an AlphaValue upgrade to Add, and new deal activity (stablecoin funding commitment, Merlin loan, TSB transfer application). Negatives include the Erste downgrade to Hold, a BofA Hold rating, the law-firm investigation notice, and the Q3 revenue miss and credit-risk concerns. The Nov 10 stablecoin and TSB news are fresh but not yet tied to earnings, and the investigation notice has no regulatory action behind it.
News behind the analysis
- A Group Of Financial Firms Including Goldman Sachs Group, Citigroup, Banco Santander SA And Deutsche Bank AG Have Committed Around $270M In Funding Toward A Joint Stablecoin VentureSantander is one of several banks committing around $270M toward a joint stablecoin venture. The report does not give Santander's individual share of the funding.
- TSB and Santander UK Apply for Banking Business Transfer SchemeSantander UK and TSB have applied to the High Court to move substantially all of TSB's business to Santander UK under a Part VII scheme. The transfer still requires court approval.
- Banco Santander Joins Second Phase of European Tech Champions InitiativeSantander is among institutional investors pledging capital to the second phase of the European Tech Champions Initiative. The pledge is a strategic and reputational step rather than a material earnings item.
- Banco Santander Participates in €3.75 Billion Syndicated Loan for Merlin PropertiesSantander committed €200 million to a €3.75 billion syndicated loan facility for Merlin Properties to restructure its corporate debt. The bank's share is modest relative to its balance sheet.
- Bronstein, Gewirtz & Grossman, LLC Initiates Investigation into Banco Santander S.A.A law firm launched an investigation into Santander after its Q3 2026 results missed revenue estimates and showed higher credit risk. This is a law-firm notice, not a regulatory action or filed lawsuit.
- Goldman Sachs Raises Price Target for SantanderGoldman Sachs raised its price target for Santander from €14.10 to €15.00 and kept a Buy rating. The target is set in euros for the Madrid-listed shares.
- RBC Adjusts Banco Santander Price Target and Forecasts Following Q3 ResultsRBC updated its price target and financial forecasts for Santander after the third-quarter report. The article summary does not give the new target or rating.
- Erste Group Downgrades Banco Santander to HoldErste Group analyst Hans Engel downgraded Santander to Hold. This is a negative rating change from a single broker.
- AlphaValue/Baader Europe Upgrades Banco Santander Rating to AddAlphaValue/Baader Europe upgraded its rating on Santander to Add. This is a positive rating change, published the same day as the BofA initiation.
- BofA Securities Initiates Coverage on Banco Santander with Hold RatingBofA Securities initiated coverage on Santander with a Hold rating and a $15.61 price target. The target sits above the latest close of $12.56.
About Banco Santander S.A.
Banco Santander is a Spanish banking group that operates retail, commercial and investment banking across Europe and the Americas. It is one of the world's largest banks by customers, with roughly 180+ million clients. In 2026 it reshaped its footprint: it sold its Polish bank, bought the UK lender TSB and acquired the US regional bank Webster.
How it makes money
Most of its income is net interest income, meaning the gap between what it earns on loans such as mortgages, auto finance and business lending and what it pays on deposits. That accounts for roughly 70% of revenue. Fees from cards, payments, wealth management and corporate and investment banking make up most of the rest. The main markets are Spain, the UK, Brazil, Mexico and the US, plus consumer finance across Europe. Revenue for the first nine months of 2026 was up about 7% in constant euros. Underlying profit over the same period was about €11 billion. Results are reported in euros, so the ADR price is also affected by EUR/USD and Latin American exchange rates.
What usually moves SAN
- Interest rates in the eurozone, UK and Brazil
- Latin American currencies and economies, especially Brazil and Argentina
- Loan losses and credit quality
- Integrating acquisitions (TSB, Webster, the Santander Brasil buyout offer)
- Share buybacks and dividends