pbb, DE0008019001

Metzler cuts Deutsche Pfandbriefbank stock target to EUR 2.60

Published on 10/27/2026 at 12:52 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half pre-tax profit reached EUR 16 million versus a EUR 249 million loss. Deutsche Pfandbriefbank stock costs EUR 2.74, 0.72 percent below the Xetra close.

Recovery meets valuation pressure

Metzler cut its target by EUR 0.20 on October 26, 2026.
New business rose 18.00 percent to EUR 3.1 billion in the first half of 2026.
Deutsche Pfandbriefbank stock trades at EUR 2.74 at 12:43 p.m. CET at Lang & Schwarz on October 27, 2026, 0.72 percent below the Xetra close of October 26, 2026.

pbb, DE0008019001, Illustration mit AI erstellt.

Deutsche Pfandbriefbank stock (ISIN DE0008019001) trades at EUR 2.74 at Lang & Schwarz on October 27, 2026 at 12:43 p.m. CET, down 0.72 percent versus the Xetra close of October 26, 2026 at EUR 2.76. The latest catalyst is a lower analyst target from Metzler, which cut its view from EUR 2.80 to EUR 2.60 on October 26, 2026, according to Goldesel.

First-half recovery has limits

The bank's first-half 2026 figures showed a sharp earnings recovery, but they also explain why the target cut matters. In its August 13, 2026 release, Deutsche Pfandbriefbank reported pre-tax profit of EUR 16 million, compared with a EUR 249 million loss in the first half of 2025. Risk provisioning improved to minus EUR 13 million from minus EUR 323 million.

Operating income nevertheless fell to EUR 167 million from EUR 206 million in the first half of 2025, while net interest income declined to EUR 165 million from EUR 211 million. The figures point to a recovery that depends on lower credit costs and a controlled reduction of the real estate finance portfolio.

What does the target cut mean?

New business in Real Estate Finance Solutions rose 18.00 percent year over year to EUR 3.1 billion in the first half of 2026, from EUR 2.6 billion in the first half of 2025. The bank also forecast 2026 new business of EUR 7.5 billion to EUR 8.5 billion, compared with EUR 6.3 billion in 2025.

The counterweight is profitability. The adjusted cost-income ratio stood at 77 percent in the first half of 2026, above the bank's 2026 target range of 70 percent to 75 percent. The Common Equity Tier 1 ratio was 14.6 percent at June 30, 2026, versus 13.4 percent at March 31, 2026.

Three dates shape the stock story

The company reported EUR 16 million of first-half 2026 pre-tax profit on August 13, 2026, and its investor materials listed EUR 78 million of logistics-portfolio refinancing on August 18, 2026, according to Deutsche Pfandbriefbank. On October 26, 2026, Goldesel reported the Metzler target cut and a new record low for the stock.

Next results date is November 12

The next substantiated company date is November 12, 2026, when pbb is scheduled to publish its quarterly or interim statement for the second half of 2026. The date was announced on October 21, 2026 in an EQS release carried by finanzen.ch. That report will test whether new-business growth is translating into steadier income.

Stock remains below its yearly range

At EUR 2.74, the stock sits within its current 52-week range of EUR 2.67 to EUR 5.02, with a market capitalization of EUR 369.0 million as of October 27, 2026. For investors, the key question is whether the November results can reinforce the first-half recovery while risk provisioning stays controlled. The stock was trading at EUR 2.74 at Lang & Schwarz on October 27, 2026 at 12:43 p.m. CET, 0.72 percent below the Xetra close of October 26, 2026 at EUR 2.76. The further course of trading is shown by the continuously updated real-time quote of pbb stock.