Close Brothers Group (LON:CBG) Trading Up 22.6% – Here’s What Happened

Close Brothers Group plc (LON:CBG) shares shot up 22.6% during mid-day trading on Tuesday . The company traded as high as GBX 303.96 ($3.75) and last traded at GBX 300.20 ($3.71). 39,995,934 shares traded hands during trading, an increase of 542% from the average session volume of 6,230,019 shares. The stock had previously closed at GBX 244.80 ($3.02).

Analyst Ratings Changes

A number of research analysts have weighed in on CBG shares. Shore Capital reaffirmed a “buy” rating on shares of Close Brothers Group in a report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a GBX 610 ($7.53) price objective on shares of Close Brothers Group in a research note on Friday, November 22nd. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Close Brothers Group currently has a consensus rating of “Buy” and a consensus price target of GBX 556.60 ($6.88).

Close Brothers Group Stock Performance

The business has a 50 day simple moving average of GBX 227.33 and a two-hundred day simple moving average of GBX 362.32. The firm has a market capitalization of £449.66 million, a P/E ratio of 498.00, a price-to-earnings-growth ratio of 1.87 and a beta of 0.82.

Insider Transactions at Close Brothers Group

In related news, insider Mike Morgan sold 10,885 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of GBX 241 ($2.98), for a total value of £26,232.85 ($32,402.24). Insiders own 2.91% of the company’s stock.

Close Brothers Group Company Profile

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.