Société Générale share pauses after reaching five-year high
Three days after a 5% surge on record results, Société Générale is taking a slight breather on the stock market. The share is losing ground mid-session on the CAC 40, as two brokerage firms have just raised their price targets following the publication of the half-yearly results on July 30.
A five-year intraday peak followed by a technical pullback mid-session
The Société Générale share is down 1.05% to €82.22 during the session, after reaching €83.89 at the opening, its highest level in five years. The share is thus returning to its resistance level of €83.09, which corresponds precisely to the previous day's closing price. This decline from the intraday peak is part of an overall bullish configuration: Société Générale remains solidly above its three moving averages, with a gap of more than 7% from the 20-day MA and more than 20% above the 200-day MA at €68.39.
The RSI at 68 is approaching the overbought zone without entering it, reflecting buying momentum that remains intact but beginning to show signs of short-term exhaustion. Over one month, the share is up more than 6%, and over 53% for the year. In a virtually flat CAC 40 session (-0.07%), the Société Générale pullback places it at the lower end of the index table.
Price targets raised following record half-yearly results and €1.5 billion share buyback
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RBC Capital and Keefe Bruyette & Woods have both revised their price targets upward following the half-yearly results published on July 30, each maintaining a "market perform" rating. RBC Capital raises its target from €74 to €84, slightly above the current price, while Keefe Bruyette & Woods increases it from €78 to €81, which remains slightly below the current price of €82.22. These revisions follow a record first half: net profit attributable to the group of €3.5 billion (+13.9%), cost-to-income ratio reduced through a 5% cost reduction, and 2026 ROTE target raised to approximately 11%.
The bank also announced an exceptional share buyback of €1.5 billion launched from August 3, as well as an interim dividend up 23% to €0.751 per share, payable on October 7, 2026. Regarding the rate environment, the 3-month Euribor stands at 2.425% as of July 1, 2026, up 0.40 percentage points over one year, in a context where Société Générale remains historically sensitive to credit conditions in the euro zone. The interim dividend on October 7 represents the next concrete event for shareholders.
En 2025, nous avons franchi une étape déterminante dans la transformation de notre Groupe, avec des revenus et un résultat net records et une distribution exceptionnelle d’actions.
Revenus 2025 à 27 254 millions d'euros, résultat net part du Groupe 6 002 millions d'euros; ROTE 10,2%; coefficient d’exploitation 63,6%; coût du risque 26 pb; distribution 4 679 millions d’euros; CET1 13,5%; dividende par action 1,61 EUR; programme de rachats d'actions de 1 462 millions d'euros; objectif 2026: croissance des revenus >2%, coût du risque 25-30 pb, coefficient d’exploitation <60%.
Outlook / guidance
Expected revenue: Croissance des revenus attendue en 2026 supérieure à 2% par rapport à 2025.
Expected EBITDA: EBITDA attendu en 2026 en progression par rapport à 2025, sans chiffre cible communiqué.
Expected net income: Résultat net attendu en 2026 avec une ROtE supérieure à 10%.
Management commentary: La direction confirme ses objectifs pour 2026 et vise une rentabilité accrue et une meilleure maîtrise des coûts.
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