Allianz Shares Touch €401 as Capital Returns and Bold Analyst Call Converge

Allianz shares touch €401.20, fueled by aggressive buyback and analyst target hike; Berenberg sees fair P/E of 20 for 2028, lifting price target 36%.

Allianz shares have brushed a fresh 52-week high of €401.20, powered by a rare alignment of aggressive capital management and a sweeping upward revision from Berenberg. The stock later settled at €398.50, just 0.7% below that peak, after closing at €398.80 on Wednesday. Over the past twelve months the shares have gained roughly 18%.

The €2.5bn share buyback programme, which began in mid-March, is running at full throttle. By mid-June the appointed bank had already scooped up nearly 3.3 million shares, including more than 165,000 between June 8 and 12 alone. The acquisitions are executed primarily on Xetra, and the shares are subsequently cancelled, shrinking the supply of equity and automatically boosting earnings per share.

Berenberg analyst Michael Huttner has provided an additional catalyst. He lifted his price target for Allianz by 36% from €504 to €684, maintaining a “Buy” rating. Huttner argues that European composite insurers — Allianz, Axa, Generali and Zurich — have fundamentally improved their business models while their share prices have failed to catch up. For Allianz, he projects a price-to-earnings ratio of about 12 for 2028; a fair multiple, in his view, would be 20. Allianz remains his preferred pick in the sector, though he sees the highest upside at Axa.

The buyback rests on solid first-quarter numbers. The operating business volume swelled to €53bn, the operating result climbed nearly 7% to roughly €4.5bn, and the adjusted quarterly net profit reached about €3.8bn. The Solvency II ratio, a key measure of capital strength, improved to 221%. Management is holding to its full-year guidance for an operating profit of around €17.4bn.

Technically, the stock sits 7% above its 200-day moving average. Short-term momentum is also supportive: the price is 4% above the 50-day line, and the relative strength index at 66.7 signals sustained buying pressure. Huttner’s revised valuation and the ongoing buyback are both contributing to a bullish technical picture.

Investor engagement is stepping up ahead of the next hard numbers. Allianz is meeting institutional investors today at Kepler Cheuvreux’s ONE STOP SHOP in Dublin — an opportunity for the company to present its capital-market story against the backdrop of fresh analyst calls. On June 26, the “Inside Allianz Series #15” in Munich will allow analysts and investors to question senior operational management directly. The next major earnings event is August 7, 2026, when Allianz publishes its second-quarter results along with the half-year report and hosts an analyst conference.

The combination of a €2.5bn buyback, a bullish analyst thesis and a stock already trading near its 52-week high sets a demanding bar for the August report. Whether the market ultimately embraces the €684 target will become clearer as those investor meetings and the quarterly data unfold.