Allianz Stock Hits New High as Berenberg Sees 80% Upside and €2.5bn Buyback Gathers Pace
20.06.2026 - 08:05:22 | boerse-global.de
Allianz shares notched a fresh 52-week high of €402.60 on Friday, as a bold analyst call from Berenberg added to the momentum already supplied by a massive share repurchase programme and record quarterly earnings. The stock closed the session at €399.80, just shy of the psychological €400 mark, according to market data, though another source reported a close of €400.20. Either way, the week’s gain of 3.44% leaves the Munich-based insurer trading near levels last seen in the early 2000s.
Berenberg has dramatically raised its price target on the stock from €504 to €684, implying roughly 80% upside from current levels. The private bank reiterated its buy recommendation, arguing that large European insurers remain undervalued despite a period of disciplined pricing in the property and casualty (P&C) business and a higher interest rate environment that is boosting investment income. The expected price-to-earnings ratio for the current year stands at about 13, while the dividend yield approaches 5% — a combination the analysts see as too attractive to ignore.
The bullish thesis is grounded in Allianz’s operational performance. The company reported a record operating profit of €4.52 billion in the first quarter, with some accounts putting the figure at €4.5 billion after a 6.6% year-on-year increase. Core net profit climbed to €3.8 billion. The P&C segment delivered a combined ratio of 91.0%, a solid result by industry standards. For the full year, management has reaffirmed its target of €17.4 billion in operating profit, plus or minus €1 billion.
Should investors sell immediately? Or is it worth buying Allianz?
Underpinning the share price advance is a buyback programme that began on 13 March 2026 and runs until at least the end of December. Allianz has earmarked up to €2.5 billion for the repurchase of its own shares, with the intention of cancelling them to reduce the total count and boost earnings per share. As of 12 June, the company had bought back approximately 3.27 million shares at a cumulative cost of €1.22 billion — an average price of €373.75, well below the current trading level. In mid-June alone, it scooped up more than 165,000 additional shares off the market.
Technical indicators suggest the rally is strong but not overextended. The stock sits 4.20% above its 50-day moving average of €384.09 and 7.51% above its 200-day moving average. The relative strength index (RSI) of 67.4 signals an intact uptrend without the overheating that often precedes a pullback. The 12-month performance of 20.25% underscores that this is no fleeting spike.
Allianz’s next investor touchpoint is the “Inside Allianz Series #15” event in Munich on 26 June. Second-quarter results, together with the half-year report and an analyst conference, are scheduled for 7 August. Until then, the 52-week high of €402.60 serves as the immediate technical resistance — but with Berenberg’s target more than 60% above that level, the debate may soon shift to how much further the stock can climb before fundamental valuation catches up.
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