Close Brothers Group (LON:CBG) Shares Up 20.7% – Here’s What Happened

Shares of Close Brothers Group plc (LON:CBG) were up 20.7% during trading on Tuesday . The stock traded as high as GBX 301.19 ($3.71) and last traded at GBX 295.43 ($3.64). Approximately 37,578,418 shares were traded during mid-day trading, an increase of 520% from the average daily volume of 6,057,339 shares. The stock had previously closed at GBX 244.80 ($3.02).

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CBG shares. Shore Capital reiterated a “buy” rating on shares of Close Brothers Group in a report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a GBX 610 ($7.52) price objective on shares of Close Brothers Group in a research note on Friday, November 22nd. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Close Brothers Group currently has a consensus rating of “Buy” and an average price target of GBX 556.60 ($6.86).

Close Brothers Group Trading Up 18.7 %

The company has a market capitalization of £437.32 million, a price-to-earnings ratio of 484.33, a price-to-earnings-growth ratio of 1.87 and a beta of 0.82. The stock’s fifty day simple moving average is GBX 223.28 and its 200-day simple moving average is GBX 364.62.

Insider Activity

In related news, insider Mike Morgan sold 10,885 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of GBX 241 ($2.97), for a total transaction of £26,232.85 ($32,346.30). 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.