Commerzbank's Buyback Rolls On as Two Brokerages Trim Their Targets
Published on 11/07/2026 at 13:51 | Editorial boerse-global.de
Commerzbank kept its share repurchase machine running through the final days of October, disclosing purchases of 3,316,027 own shares in the 26–30 October window. Since the programme opened on 4 September, the lender has bought back 21,268,730 shares in total, according to its capital markets announcement.
The buyback lands alongside an ambitious distribution plan: the bank is targeting a capital return of roughly EUR 3.2 billion for the 2026 financial year, a figure it published on Thursday. That number is a goal, whereas the repurchases are already under way.
Profit Jumps, but the Interest Line Slips
Third-quarter net profit climbed 45% to EUR 859 million, and operating profit rose 25% to EUR 1.312 billion. Over the first nine months, net profit was up 41% at EUR 2.7 billion.
Management reaffirmed its full-year 2026 net profit target of at least EUR 3.4 billion and stuck with its revenue outlook of around EUR 13.2 billion. The net interest income forecast, though, came down — to about EUR 8.5 billion from roughly EUR 8.6 billion previously. So the profit pledge survived even as expectations for lending income were pared back.
Should investors sell immediately? Or is it worth buying Commerzbank?
Two Analysts, Two Haircuts
That softer interest guidance fed directly into the sell-side response. RBC Capital Markets lowered its price target for Commerzbank from EUR 41 to EUR 39 on Thursday while keeping a "Sector Perform" rating, with analyst Anke Reingen flagging the hard-to-gauge near-term consequences of the looming UniCredit takeover as well as diminished confidence in net interest income.
DZ Bank moved in the same direction, downgrading the stock from "Buy" to "Hold" and cutting its fair value to EUR 40 from EUR 46, according to media reports. Commerzbank shares closed the previous session at EUR 38.00, below both brokers' revised assessments.
Capital Buffer Gets a Lift
On the regulatory side, the European Central Bank has lowered the bank's institution-specific SREP capital requirements, a development Commerzbank announced on 27 October that also applies to 2027. The lender said its distance to the MDA threshold remains comfortable.
Commerzbank at a turning point? This analysis reveals what investors need to know now.
Investors get their next formal update on 20 November, when the bank attends the J.P. Morgan European Financials Conference in London. Full fourth-quarter and 2026 results are scheduled for release on 11 February 2027, alongside the annual balance sheet press conference.
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