Genworth issues statement on ruling in UK payment protection insurance case
Written by Emily J. Thompson, Senior Investment Analyst
Genworth Financial's Response: Genworth Financial issued a statement regarding a UK High Court ruling that found Santander liable for AXA's losses related to the mis-selling of Payment Protection Insurance (PPI) policies, which were underwritten by companies acquired from Genworth.
Potential Financial Recovery: If the judgment is paid and appeals are resolved favorably, Genworth expects to recover approximately $750 million from AXA, which will be allocated towards growth investments, shareholder returns, and debt reduction.
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Analyst Views on SAN
Wall Street analysts forecast SAN stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for SAN is 7.40 USD with a low forecast of 4.90 USD and a high forecast of 9.91 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
0 Buy
1 Hold
1 Sell
Moderate Sell
Current: 12.810
Low
4.90
Averages
7.40
High
9.91
Current: 12.810
Low
4.90
Averages
7.40
High
9.91
About SAN
Banco Santander, S.A. is a Spain-based company engaged as a retail and commercial bank. The Banks segments include Continental Europe, the United Kingdom, Latin America and the United States. The Continental Europe segment covers all businesses in the Continental Europe. The United Kingdom segment includes the businesses developed by various units and branches in the country. The Latin America segment embraces all its financial activities conducted through its banks and subsidiaries in the region. The United States segment includes the Intermediate Holding Company (IHC) and its subsidiaries Santander Bank, Banco Santander Puerto Rico, Santander Consumer USA, Banco Santander International, Santander Investment Securities, and the Santander branch in New York. The Company's commercial model satisfies the needs of all types of customers: individuals with various income levels.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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