Commerzbank Keeps Buying Back Its Own Stock as Two Brokers Trim Their Targets

Commerzbank picked up roughly 2.88 million of its own shares last week, the lender said on Monday, lifting total repurchases under the running programme to about 24.2 million shares through Friday. The stock traded 0.8% lower on the day.

The buyback news lands alongside a pair of more sober notes from the sell side. DZ Bank cut Commerzbank to "Hold" from "Buy" on 5 November and trimmed its fair value to EUR 40 from EUR 46. RBC Capital Markets made its own downward revision the same day, shaving its price target to EUR 39 from EUR 41 while keeping a "Sector Perform" rating. Both moves followed the release of the bank's quarterly figures.

Nine-Month Numbers and a Reaffirmed Target

For the first nine months of 2026, Commerzbank posted an operating result of EUR 4.04 billion and a net result of EUR 2.67 billion. Third-quarter net profit came in at EUR 859 million. Management stood by its full-year profit goal of at least EUR 3.4 billion, while nudging its net interest income expectation to around EUR 8.5 billion.

Reuters reported that both the net and operating results came in just shy of analyst consensus — a detail that helps explain the swift round of target cuts.

A Joint Front Against Financial Crime

Separately on Monday, Commerzbank, Deutsche Bank and the Deutscher Sparkassen- und Giroverband announced the formation of a joint venture aimed at financial crime. Its first product is designed to help financial institutions spot attempted fraud earlier by sharing signals across institutions.

UniCredit's Boardroom Timetable

Meanwhile UniCredit is pressing ahead with its push to gain control. Chief executive Andrea Orcel said on Monday that, once the expected regulatory approvals land at the end of November, he intends to convene an extraordinary general meeting of Commerzbank without delay. The agenda: the election of new supervisory board members.