Societe Generale Shares Approach Key Resistance After a 46% Yearly Increase

A Measured Progression Bringing the Stock Closer to Its €71.90 Resistance

Societe Generale has advanced 0.63% to €70.64 in the session, within a CAC 40 that is up nearly 1%. The bank remains behind the surge of Capgemini or Dassault Systemes, yet solidifies an impressive annual trajectory with a gain of over 46% over twelve months. Today's movement places the stock in direct contact with its €71.90 resistance, previously tested unsuccessfully in the spring. The stock is now trading above its three moving averages, with a gap of about 10.5% from the MM200 at €63.92, indicating a still bullish underlying trend. The RSI at 54 remains neutral, with no overheating alerts at this stage. Over the week, the performance is nearly flat (-0.21%); the detachment of the dividend balance took place on June 1st, already documented on these pages.

A Journey Supported by Interest Rate Context and Still Contained Valuation

The interest rate environment remains a key factor for the Defense bank. The 3-month Euribor was set at 2.23% on May 1st, up 0.24 points over a year, while the 10-year OAT tightened by 0.29 points over three months. This environment supports interest margins on new loans, while outstanding loans to French companies have grown by 2.6% over a year, to €1,465 billion. In terms of financial solidity, the French banking sector's aggregated CET1 ratio was recorded at 15.57% at the end of 2024, according to ACPR data, with an LCR at 145.9% and an NSFR at 114.6%. These prudential buffers remain comfortable facing the cycle. During the first quarter results published at the end of April, the group had shown improved profitability despite nearly stable revenues. According to the consensus of analysts surveyed, the stock is trading at about 9.2 times the expected earnings for 2026 and 7.9 times those for 2027. The €71.90 resistance remains the next technical marker to watch to confirm the momentum.