Santander Consumer USA initiated with a Buy at BTIG BTIG initiated Santander Consumer USA with a Buy rating and $31 price target. Note that Santander Consumer USA priced 75M shares at $24 and will begin trading this morning.
Santander Consumer reports Q1 EPS 81c, consensus 66c Reports Q1 asset sales $1.5B, consensus $1.48B. Reports Q1 core net income 44c. Return on average equity of 31.2%, up from 29.1% in prior quarter and 11.6% in prior year first quarter. Core return on average equity1 for prior year first quarter 2014 was 22.4%. Return on average assets of 3.5%, up from 3.1% in prior quarter and 1.2% in prior year first quarter. Core return on average assets1 for the first quarter 2014 was 2.3%. Total originations of $7.4 billion, up from $6.1 billion in prior quarter and in line with $7.3 billion originated in prior year first quarter. Net charge-off ratio of 6.7%, down from 8.6% in prior quarter and up from 6.4% in prior year first quarter.