Banco Santander (NYSE:SAN) Stock Gains Momentum From Lows: What Next?
Banco Santander (NYSE:SAN) up 4% in a week following the announcement that the eurozone bank’s fintech payment unit, PagoNxt, will start serving clients in around 30 countries across Europe through the Getnet brand.
The effort is part of the broader strategy seeking to boost Banco Santander’s revenues when European lenders are grappling with low-interest rates while facing growing competition from tech firms. PagoNxt is the company’s fintech division that handles payments business which Getnet is part of.
Bank executives stated back in May that they expected to increase PagoNxt’s revenue threefold to around $1.2 billion in years to come to compete with major industry players such as Stripe and Apple Pay. In addition, the bank is building its platform on its 150 million customers and around 60 million active cards to capitalize on the revenue growth from PagoNxt as they expect digital transactions to double in the next five years to around $10.5 billion. So in the coming months, SAN is a stock to watch.
Market Reaction:
On Tuesday, SAN stock fell 1.32% at $3.73 with more than 2.24 million shares, compared to its average volume of 5.79 million shares. The stock has moved within a range of $3.6900 – 3.7591 after opening the trade at $3.72. Over the past 52-week, the stock has been trading within a range of $1.7800 – 4.3800.
