As Nvidia, Palantir Waver, This Giant Makes Waves On Wall Street

In the latest monthly list of new buys by the best mutual funds, Wall Street showed it still has a taste for shares in artificial intelligence bellwethers like now-troubled Nvidia (NVDA) stock and Palantir Technologies (PLTR), as well as still-flying Alphabet (GOOGL) and Apple (AAPL). But these savvy investors backed up the proverbial truck to pour massive sums into Spanish financial giant Banco Santander (SAN).

After scooping up a whopping $14.76 billion of Santander stock in the prior month, top funds shoveled another $16.12 billion into the global powerhouse in the latest report. That massive institutional demand — plus a recent breakout and other telltale technical clues — has Santander squarely on Wall Street’s radar.

Santander Stock Outranks JPMorgan, Bank of America And More

Founded in 1857, Santander operates across 10 core markets in Europe and the Americas. The company’s business comprises five segments: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking, Wealth Management & Insurance, and Payments.

Santander earns a 94 Composite Rating from Investor’s Business Daily, which means it is outpacing 94% of all stocks on key fundamental and technical factors. It outranks most of its peers in the Banks-Money Centers group, including JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), and Wells Fargo (WFC).

In the third quarter, Banco Santander generated $16.8 billion in revenue, marking a 6% year-over-year rise. Earnings rose 16% to 26 cents per share, meeting the FactSet estimate. For the full year, analysts expect 29% earnings growth to $1.03 a share.

Santander Stock Shows Strength In Recovering Market

On Nov. 10, shares gapped up to clear a 10.50 buy point in a third-stage flat base. Santander stock made an all-time high before retreating as the market indexes, as well as AI leaders Nvidia and Palantir, pulled back.

But Santander found support at its 50-day moving average, then bounced strongly off that line on Tuesday. In another sign of technical strength, the shorter-term 21-day exponential moving average recently climbed back above the longer-term 50-day line.

On Wednesday, Santander rose again and continues to rise early Friday. The stock remains in buy range.

Meanwhile, Apple and Alphabet trade right around their all-time highs as Nvidia and Palantir remain mired below their 50-day lines.

Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.

YOU MAY ALSO LIKE:

Top Funds Gobble Up These 4 Stocks – And Nibble On Nvidia, Palantir

As AI Stocks Like Nvidia Get Tarnished, This Gem Looks To Shine

Stay Profitable And Protected With This 3-Step Routine

Nvidia, Palantir Put The 8 ‘Secrets’ Of Selling In Focus. No. 2 Is Key.

See Which Stock Just Came On – And Off – These Premier Stock Screens