the american background BlackRock redoubles its investment commitment to the Sabadell Bank in full stock market fever for the financial sector in the face of uncertainty about a possible rate hike. According to the records of the National Securities Market Commission (CNMV), the largest fund manager at a global level has declared a increase in its stake in the bank’s capital to 5.141%, valued at more than 270 million euros taking as a reference the price with which Sabadell closed the trading day on Tuesday (0.93 euros per share), as published by El Periódico de España.
Before this movement took place, BlackRock had 3.643%, being the third shareholder of the bank behind the Mexican tycoon David Martínez Guzmán (3.495%) and the American businessman Lewis Sanders (3.473%). With this transaction, the fund becomes the largest shareholder in Sabadell, which is listed at January 2020 levels. What’s more, the bank is in one of his sweetest moments in bag, after a considerable revaluation since the end of January this year. In just two weeks, their titles have doubled their value from the 0.61 euros per share registered on the day of January 24, 2022.
Thus, little by little, it is approaching pre-pandemic levels, when Sabadell shares were trading at 1.06 euros per share in 2019, but further from the highs of 1.23 euros on the day of November 7, 2018 In any case, the bank’s titles carry revaluing itself significantly since it presented the financial results corresponding to the end of the 2021 financial year, beating analyst forecasts.
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In this sense, the entity recorded a net profit of 530 million euros, compared to the two million result for the 2020 financial year when the coronavirus pandemic broke out and the bank suffered millionaire losses in its British subsidiary TSB. In fact, in recent months the possibility of selling its business in the United Kingdom has been raised, but its CEO, César González-Bueno, ruled out this option in the presentation of results, as well as the divestment of its private banking or a merger, while stating that he wanted to raise the bank’s dividend.
While last year the British subsidiary of the financial institution subtracted 220 million euros from the result, during 2021 the TSB business contributed 118 million euros. However, the profit data is still far from the 730 million that it registered before the coronavirus pandemic. However, the entity achieved a profitability (measured in ROTE) of 5% and forecasts a ROTE above 6% in 2022, with which “it reaches the profitability objectives of the strategic plan a year earlier”.