- Santander Consumer USA (NYSE:SC) surges 12% after the lender announces plans to buy back up to $1B of shares of its common stock through a so-called modified Dutch Auction tender offer.
- Will offer to buy back shares at a range of $23-$26 per share.
- The maximum number of shares proposed to be purchased in the offer represents ~13% of SC's currently outstanding common stock.
- Expects to start the offer on Jan. 30 with expiration set for 12:00 midnight ET on Feb. 27, 2020.
- SC also reports Q4 EPS of 43 cents, up from 29 cents in the year-ago quarter and beating the consensus of 37 cents.
- Q4 total auto loan originations of $7.5B, up 9% Y/Y, with core retail auto loan originations of $2.4B, up 9%.
- Q4 30-59 delinquency ratio of 9.7%, down 130 basis points, and 59+ delinquency ratio of 5.1%, down 90 bps.
- Previously: Santander Consumer EPS beats by $0.06, misses on revenue (Jan. 29)
Santander Consumer USA +12% on $1B buyback plan, strong Q4
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Symbol | Last Price | % Chg |
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SC | - | - |
Santander Consumer USA Holdings Inc. |