The BBVA share
Global economic growth may have slowed slightly in the third quarter of 2018 to rates somewhat below 1% quarterly. Although the pace of expansion remains robust, it is geographically less synchronized, with the strength of the United States economy that contrasts with the moderation seen in China, Europe and some emerging economies. The fact that both the Federal Reserve (Fed) and the ECB have taken steps toward the normalization of their monetary policy and, although they continue to support activity, this process has led to an increase in financial tensions in the emerging economies due to the appreciation of the dollar and the reduction of liquidity. However, the rebound in financial tensions has been especially concentrated in the more vulnerable emerging countries, with a clear difference between them. The main risk continues to be protectionism, despite the fact that the direct effect on global growth of the measures taken could be limited, the indirect impact of lower confidence and financial volatility could be felt in the coming quarters and increase uncertainty.
Most stock-market indices showed a downward trend during the first nine months of the year 2018. Thus, the Stoxx 50 and the Euro Stoxx 50 fell by 3.5% and 3.0%, respectively, year-to-date; while in Spain, the Ibex 35 lost 6.5% over the same period. In contrast, in the United States the S&P 500 index gained 9.0% in the last nine months (up 7.2% in the third quarter).
In Europe, the banking sector indices were notably more negative during the first nine months of 2018 than these general indices. The European Stoxx Banks index, which includes British banks, lost 14.8%, and the Eurozone bank index, the Euro Stoxx Banks, was down 18.3%. In contrast, in the United States the S&P Regional Banks index gained with a slight increase a 0.9% on the close of 2017.
The BBVA share closed September at €5.49, a fall of 22.8% for this year.
BBVA share evolution compared with European indices
(Base índice 100=30-09-2017)
The BBVA share and share performance ratios
| 30-09-18 | 31-12-17 | |
|---|---|---|
| Number of shareholders | 895,809 | 891,453 |
| Number of shares issued | 6,667,886,580 | 6,667,886,580 |
| Daily average number of shares traded | 32,530,465 | 35,820,623 |
| Daily average trading (million euros) | 205 | 252 |
| Maximum price (euros) | 7.73 | 7.93 |
| Minimum price (euros) | 5.12 | 5.92 |
| Closing price (euros) | 5.49 | 7.11 |
| Book value per share (euros) | 6.94 | 6.96 |
| Tangible book value per share (euros) | 5.70 | 5.69 |
| Market capitalization (million euros) | 36,607 | 47,422 |
| Yield (dividend/price; %) (1) | 4.4 | 4.2 |
- (1) Calculated by dividing shareholder remuneration over the last twelve months by the closing price of the period.
Regarding shareholder remuneration, on October 10, BBVA paid in cash a gross amount of €0.10 per share on account of the 2018 fiscal year. This payment is consistent with the shareholder remuneration policy announced by Relevant Event of February 1, 2017, that envisages, subject to the pertinent approvals by the corresponding corporate bodies, the payment of two dividends in cash, foreseeably on October and April of each year.
Shareholder remuneration
(Euros gross/share)
As of September 30, 2018, the number of BBVA shares remained at 6,668 million, and the number of shareholders was 895,809. By type of investor, residents in Spain held 44.73% of the share capital, while the remaining 55.27% was owned by non-resident shareholders.
Shareholder structure 3Q18
| Numbers of shares |
Shareholders | Shares | ||
|---|---|---|---|---|
| Number | % | Number | % | |
| Up 150 | 180,107 | 20.1 | 12,805,559 | 0.2 |
| 151 to 450 | 180,147 | 20.1 | 49,323,895 | 0.7 |
| 451 to 1.800 | 282,772 | 31.6 | 276,144,598 | 4.1 |
| 1.801 to 4.500 | 132,635 | 14.8 | 377,482,630 | 5.7 |
| 4.501 to 9.000 | 62,003 | 6.9 | 390,613,359 | 5.9 |
| 9.001 to 45.000 | 51,629 | 5.8 | 896,906,117 | 13.5 |
| More than 45.001 | 6,516 | 0.7 | 4,664,610,422 | 70.0 |
| Total | 895,809 | 100.0 | 6,667,886,580 | 100.0 |
BBVA shares are included on the main stock-market indices, including the Ibex 35, Euro Stoxx 50 and Stoxx 50, with a weighting of 7.6%, 1.5% and 1.0% respectively. They also form part of several sector indices, including the Euro Stoxx Banks, with a weighting of 8.1%, and the Stoxx Banks, with a weighting of 3.8%.
Finally, BBVA maintains a significant presence on a number of international sustainability indices or ESG (environmental, social and governance) indices, which evaluate the performance of companies in this area. In September 2018, BBVA joined the Dow Jones Sustainability Index (DJSI), benchmark in the market, which measures the performance of nearly 3,400 listed companies in environmental, social and corporate governance matters. Among the aspects most valued in BBVA's analysis are the fiscal strategy, the information security and cybersecurity policies, the management of environmental risks and opportunities, financial inclusion and, above all, Pledge 2025 announced this year (see responsible banking section).
Sustainability indices on which BBVA is listed as of 30-09-2018 (1)
AAA Rating
Listed on the FTSE4Good Global Index Series
Listed on the Euronext Vigeo Eurozone 120 and Europe 120
Listed on the Ethibel Excellence Investment Register
In 2017, BBVA obtained a “C” rating
(1) The inclusion of BBVA in any MSCI index, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement or promotion of BBVA by MSCI or any of its affiliates. The MSCI indices are the exclusive property of MSCI. MSCI and the MSCI index names and logos are trademarks or service marks of MSCI or its affiliates.