Commerzbank AG’s share price is easing on Thursday, 27 November 2025, after a powerful rally that has made the German lender one of the standout performers on the DAX over the past year. While traders take profits, fresh commentary highlights an intact uptrend, robust earnings – and a still‑unresolved takeover story involving Italy’s UniCredit.
Key takeaways for Commerzbank stock today
- Share price today: Around €33.8 per share on Xetra, down roughly 1.8–2.0% on the day, after closing at €34.45 on Wednesday, according to data from Investing.com and FinanzNachrichten. [1]
- Yesterday’s surge: On 26 November, Commerzbank was the best-performing DAX 40 stock, jumping 5.8% to €34.45 at the close. [2]
- 12‑month performance: A €1,000 investment in Commerzbank a year ago (at €14.25 per share) would now be worth about €2,417, a gain of 141.75%, based on Wednesday’s close. [3]
- Earnings backdrop: Q3 2025 net profit fell 7.9% year‑on‑year to €591m due to higher taxes and costs, but pre‑tax profit and net interest income improved and guidance was raised. [4]
- Takeover tension: UniCredit has accumulated a stake of almost 30% in Commerzbank, prompting political pushback in Germany and debate in Brussels about barriers to cross‑border bank mergers. [5]
- Credit quality & ratings: Scope Ratings affirmed Commerzbank’s issuer rating at “A” with a Stable Outlook on 19 November 2025, citing “sustained and improved earnings capacity” and solid financial metrics.
- Dividends & yield: The latest annual dividend stands at €0.65 per share, implying a forward dividend yield around 1.9% at current prices.
- Analyst stance: The ADR (CRZBY) carries an average “Hold” rating from six firms (1 Sell, 3 Hold, 2 Buy), while Deutsche Bank recently upgraded the stock to Buy on the Frankfurt listing.
- Valuation split: A Peter‑Lynch‑style fair-value model from ValueInvesting.io pegs intrinsic value at only €11.92, implying ~65% downside from a price of €34.45 – underscoring how sharply opinions differ on the stock.
Commerzbank share price today: a breather after a huge run
By late morning in Frankfurt on Thursday, Commerzbank AG shares (Xetra: CBK, ISIN DE000CBK1001) were trading near €33.8, off roughly 1.8–2.0% from Wednesday’s close.
Intraday data from Xetra show:
- Previous close (26 Nov): €34.45
- Latest price (27 Nov, late morning): ~€33.8
- Day’s range: roughly €33.7–€34.5
- Volume: just under 800,000 shares traded so far, below Wednesday’s very active session.
The modest pullback follows three consecutive up days, including Wednesday’s 5.8% jump, when Commerzbank was the top gainer in the DAX, according to both technical site StockInvest and a trading note from XTB.
The broader DAX 40 was little changed around 23,790 points on Thursday, leaving Commerzbank underperforming the index on the day but still vastly ahead over longer horizons.
One year later: Commerzbank as a DAX multi‑bagger
An article published this morning on Finanzen.at illustrates just how dramatic the bank’s recovery has been.
- On 26 November 2024, Commerzbank closed at €14.25 on Xetra.
- A €1,000 investment at that price would have bought 70.175 shares.
- At €34.45 per share on 26 November 2025, that stake would now be worth €2,417.54.
- That’s a gain of 141.75%, excluding dividends and taxes.
Finanzen.at also cites a recent market value of about €36.7bn, while other data providers place Commerzbank’s market capitalisation in the high‑€30‑billion range depending on the live price and share count.
Yahoo Finance’s total‑return tables similarly show year‑to‑date gains of roughly 123% for CBK.DE as of 27 November, far outpacing the DAX benchmark.
Fresh commentary today: “intakter Aufwärtstrend” but caution on complacency
German financial media is broadly constructive on Commerzbank’s medium‑term trend, even as today’s session sees some profit taking.
A morning analysis from Aktien‑Global, carried by FinanzNachrichten.de under the headline “Commerzbank: Intakter Aufwärtstrend” (“uptrend intact”), highlights several points:
- Pre‑tax profit in Q3 2025 rose about 16% to just over €1bn, helped by lower provisions for loan losses.
- The author sees the loan book quality as high, noting that the bank is navigating a challenging environment of corporate insolvencies better than many had feared.
- Despite a decline in net profit (mainly from higher taxes), the piece argues that share price momentum remains positive and that “much speaks” for the continuation of the stock’s upward move.
- At the same time, investors are warned not to become too careless, given the strong rally and cyclical risks.
The same news stream includes two other Commerzbank‑related notes this morning:
- Employee satisfaction is said to have improved despite takeover pressures from UniCredit, according to a staff survey referenced in the article “Mitarbeiterzufriedenheit bei Commerzbank steigt”.
- Law firm Gleiss Lutz is advising Commerzbank on a €1.2bn refinancing for Berlin’s FBB (Flughafen Berlin Brandenburg), underscoring the bank’s role in large‑scale project finance.
At the technical level, brokerage XTB’s “DAX‑Gewinner” report on Thursday morning revisits Wednesday’s 5.8% jump and concludes that Commerzbank remains in a strong upward trend, highlighting nearby support zones around the €33 region and resistance just below €35.
Meanwhile, a Dow Jones / Morningstar “European Midday Briefing” notes that European stocks are trading only slightly lower in thin post‑Thanksgiving volumes, with Commerzbank Research saying risk sentiment looks set to remain supported into year‑end – a backdrop that generally favours cyclical bank stocks.
Q3 2025: profit miss, stronger pre‑tax result and upgraded guidance
The current rally – and today’s debate about valuation – is rooted in results published earlier this month.
Mixed Q3 headline numbers
On 6 November 2025, Commerzbank reported third‑quarter figures that surprised the market on the bottom line:
- Net profit: €591m, down 7.9% from €642m a year earlier and below the €659m consensus.
- Tax rate: up sharply to 36%, from 22% in Q3 2024.
- Operating costs: up roughly 5%, partly due to higher personnel expenses.
- Pre‑tax profit / operating result: up by mid‑teens percentages to slightly above €1bn, thanks to lower risk provisions for credit losses.
Despite the net‑profit miss, the underlying picture was strong enough for the bank to:
- Raise its 2025 net interest income (NII) guidance to €8.2bn, from €8.0bn previously.
- Apply for an additional share buyback of up to €600m on top of existing capital return plans.
- Reaffirm its positive outlook for 2026, with CEO Bettina Orlopp telling analysts that the bank has generated “significant momentum” over the past 12 months and remains upbeat about the coming year.
A separate breakdown of the Q3 call, published by Yahoo Finance, noted 11% year‑on‑year total revenue growth and 13% corporate‑loan growth, underscoring the expansion of the core franchise.
UniCredit’s stake: political and strategic overhang
The biggest strategic question for Commerzbank shareholders remains UniCredit’s near‑30% stake in the bank.
- Reuters reports that the Italian lender has built up about a 26–30% holding in Commerzbank as part of a push for a potential tie‑up.
- The move has drawn resistance from Commerzbank management, employee representatives and the German government, which view the lender as a strategic national asset.
In October, the EU Commissioner for Financial Services used the UniCredit–Commerzbank case to criticise obstacles to cross‑border bank mergers in Europe, arguing that blocking large cross‑border combinations is “a shame” for the development of truly pan‑European banks.
For investors, this creates a complex overhang:
- Upside scenario: A friendly deal could, in theory, unlock cost synergies and capital efficiencies.
- Status‑quo scenario: Continued political resistance might leave UniCredit as a long‑term strategic investor without a clear path to control.
- Policy risk: Ongoing EU scrutiny of national “golden power” laws – particularly in Italy – adds another layer of uncertainty to how such deals are governed.
So far, Commerzbank’s response has been to double down on its standalone strategy, targeting higher profitability, cost discipline and generous shareholder payouts to keep investors onside and strengthen its negotiating position.
Balance sheet and rating: A‑level credit with macro headwinds
Despite the takeover noise, Commerzbank’s credit profile has been moving in the right direction, at least in the eyes of rating agencies.
On 19 November 2025, Scope Ratings affirmed Commerzbank AG’s issuer rating at “A” with a Stable Outlook, along with an “A” rating on senior preferred unsecured debt.
Scope’s rationale includes:
- “Sustained and improved earnings capacity”, reflecting consistent profitability improvements over recent years.
- “Solid and stable financial metrics”, including capital and liquidity ratios.
- Recognition that Germany’s weak economic performance remains the main challenge, but that Commerzbank has “navigated this challenge well so far.”
The affirmation strengthens the bank’s standing in wholesale funding markets and supports its role in large financings, such as the €1.2bn FBB refinancing referenced in today’s Gleiss‑Lutz announcement.
Dividends and capital return: yield modest, signalling strong
Income‑oriented investors are watching Commerzbank’s dividend trajectory and buyback plans closely.
According to data from dividend platform Digrin:
- The most recent dividend (ex‑date 16 May 2025) was €0.65 per share, more than double the previous year’s €0.30.
- At a share price around €34, that equates to a trailing yield of about 1.9–2.0%.
- The payout ratio is relatively moderate at ~20% of earnings, providing room for further growth if profits remain robust.
In tandem with dividends, management is leaning on share buybacks to return excess capital. The additional €600m buyback application disclosed with Q3 results would add to already sizeable repurchases if approved by regulators.
Analyst views: split between bulls and bears
The equity analyst community is decidedly mixed on whether Commerzbank’s rally has gone too far.
Consensus: “Hold”
MarketBeat reports that the New York‑traded ADR CRZBY carries an average “Hold” rating from six covering firms:
- 1 Sell
- 3 Hold
- 2 Buy
Recent moves include:
- Deutsche Bank upgrading Commerzbank to Buy on 10 November, citing a strong recovery in net interest income and robust earnings momentum.
- Goldman Sachs downgrading the stock to Sell earlier in November, highlighting valuation concerns after the large share‑price run‑up.
- RBC maintaining a “Sector Perform” view, and other houses such as DZ Bank and JPMorgan moving ratings towards neutral over recent months.
Valuation debate: “teuer” vs. technical buy
A recent Morningstar Germany article, titled “Zinsüberschuss erweist sich als widerstandsfähig, aber die Aktie ist teuer”, argues that while Commerzbank’s net interest income has proven resilient, the share price already discounts much of this good news, leaving the stock looking “expensive” on fundamental metrics.
ValueInvesting.io goes even further. Using a Peter Lynch fair‑value rule (earnings growth rate × EPS), it estimates Commerzbank’s fair value at €11.92 per share, versus a market price of €34.45, implying a negative “upside” of 65%.
By contrast, short‑term technical models are still constructive:
- StockInvest’s AI‑driven analysis, updated on 26 November, labels CBK.DE a “buy candidate” after a 5.8% jump, noting that the stock has risen nearly 10% since a pivot low on 18 November and remains above key moving averages.
In short, fundamental value investors and momentum traders currently draw very different conclusions from the same set of numbers.
Structured products and investor demand
Demand for exposure to Commerzbank is also appearing in the structured‑products market. Documentation from Bank Julius Baer shows new capital‑protected notes linked to Commerzbank’s share price with an issue date of 27 November 2025, aimed at investors seeking upside participation with principal protection.
Such products typically indicate that retail and private‑bank clients are actively seeking tailored ways to participate in the stock’s volatility while managing downside risk – another sign that Commerzbank has moved firmly back into the mainstream of European equity stories.
What to watch next
Looking ahead, several catalysts are likely to shape Commerzbank’s share price into early 2026:
- Next earnings release: The next scheduled results date is 11 February 2026, according to StockInvest’s forward calendar.
- Progress on share buybacks: Updates on regulator approvals and execution volumes for the new repurchase programme.
- Any shift in UniCredit’s stance: Comments from UniCredit’s management on whether it intends to push again for a formal merger – or is content to remain a strategic shareholder – will be closely watched in both Frankfurt and Brussels.
- Macro backdrop: Commerzbank’s own research desk expects risk sentiment to remain reasonably supportive but notes that thin liquidity and upcoming central‑bank decisions could inject volatility into European financials.
Bottom line
On 27 November 2025, Commerzbank AG’s stock is taking a breather after a spectacular 12‑month run that has more than doubled investors’ money and put the bank back among the DAX’s star performers. Today’s German‑language commentary generally sees the uptrend as intact, underpinned by solid pre‑tax earnings, lower credit provisions and strengthened capital returns, even as net profit is squeezed by higher taxes and costs.
At the same time, valuation concerns, political uncertainty around UniCredit’s stake, and macro headwinds in Germany mean that analysts and valuation models are far from unanimous. Some see Commerzbank as a textbook turnaround story still priced at reasonable multiples; others warn that the stock is now “teuer” and vulnerable to disappointments.
For now, the market is digesting gains. Whether Commerzbank’s shares can extend their rally into 2026 will likely depend on continued delivery against ambitious earnings targets, clarity on ownership, and the broader trajectory of European interest rates and growth.
References
1. www.investing.com, 2. stockinvest.us, 3. www.finanzen.at, 4. www.reuters.com, 5. www.reuters.com
