Commerzbank Extends Buyback Streak as Two Brokers Trim Their Ratings
Published on 10/06/2026 at 20:50 | Editorial boerse-global.de
Commerzbank bought back 1,871,048 of its own shares on the open market between 28 September and 2 October 2026, the Frankfurt lender disclosed on Tuesday, keeping its capital-return programme on track. The latest tranche follows 2,037,832 shares repurchased during the prior trading week of 21 to 25 September, bringing the cumulative total since the programme began on 4 September to 8,126,141 shares.
The stock finished the session 1.8% higher at EUR 39.97, with the broader European market providing the tailwind rather than any company-specific news. Equities across the continent advanced ahead of the looming reporting season, helped by easing pressure on longer-dated bonds and softer oil prices, according to Reuters. Investors are watching the coming earnings round closely for signals on European bank valuations, with interest-rate trajectories and the economic outlook still the dominant themes for the sector.
Brokers Turn More Cautious
Analyst sentiment has cooled even as the buyback rolls on. RBC downgraded the shares on Friday to "Sector Perform" from "Outperform" and cut its price target to EUR 40 from EUR 43. The broker pointed to higher cost of equity, added risk and reduced predictability stemming from UniCredit's intentions toward Commerzbank, which moved to intensify its takeover push roughly a week ago.
Should investors sell immediately? Or is it worth buying Commerzbank?
Deutsche Bank Research had already shifted its stance on 30 September, lowering its recommendation to "Hold" from "Buy" while leaving its EUR 42 target untouched. Analyst Benjamin Goy argued that key share-price drivers — stronger net interest income and payouts — are already reflected in the valuation after the stock's prior run. Even with upgraded earnings forecasts, he noted, the bank continues to trade above the sector average.
Joint Venture Filed, Pension Study Released
On the operational front, Commerzbank is leaning on partnerships at home. Together with Deutsche Bank and the German Savings Banks and Giro Association (DSGV), it notified Austria's Federal Competition Authority on 28 September of plans to establish a joint venture covering data processing, hosting and related activities. The deadline for review applications is 23 October 2026.
Separately, Commerzbank and comdirect presented a YouGov survey on 1 October on the planned retirement savings account (Altersvorsorgedepot), finding that 38% of respondents consider opening one likely.
Attention now turns to the next fixed item on the financial calendar: Commerzbank will publish its third-quarter 2026 results on 5 November 2026.
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