Close Brothers Group (LON:CBG) Shares Down 21.6% – Here’s Why

Close Brothers Group plc (LON:CBG)’s share price was down 21.6% during trading on Wednesday . The stock traded as low as GBX 258.20 ($3.35) and last traded at GBX 270.80 ($3.51). Approximately 125,087,578 shares changed hands during trading, an increase of 2,586% from the average daily volume of 4,656,207 shares. The stock had previously closed at GBX 345.40 ($4.48).

Analyst Ratings Changes

CBG has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft cut their target price on Close Brothers Group from GBX 610 ($7.91) to GBX 600 ($7.78) and set a “hold” rating on the stock in a research note on Thursday, February 13th. Shore Capital restated a “buy” rating on shares of Close Brothers Group in a research note on Tuesday.

Close Brothers Group Price Performance

The stock’s 50 day simple moving average is GBX 308.27 and its two-hundred day simple moving average is GBX 313.01. The stock has a market capitalization of £412.33 million, a PE ratio of 4.12, a PEG ratio of 1.87 and a beta of 0.82.

Close Brothers Group (LON:CBG) last posted its quarterly earnings data on Tuesday, March 18th. The company reported GBX 30.90 ($0.40) EPS for the quarter. Close Brothers Group had a return on equity of 5.78% and a net margin of 7.79%. As a group, equities research analysts predict that Close Brothers Group plc will post 66.0070671 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michael N. Biggs bought 5,000 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were purchased at an average price of GBX 288 ($3.73) per share, for a total transaction of £14,400 ($18,672.20). Company insiders own 2.91% of the company’s stock.

About Close Brothers Group

Close Brothers Group plc, a merchant banking company, engages in the provision of financial services to small businesses and individuals in the United Kingdom. It operates through five segments: Commercial, Retail, Property, Asset Management, and Securities. The company offers banking services comprising of debt factoring, invoice discounting, asset-based lending; financing for SMEs, residential housing, transport, industrial equipment, renewable energy, motorcycle, used car, and commercial vehicle financing; insurance, refurbishment, and bridging financing, savings products for individuals and corporates, hire purchase, lease, and loan related services.