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

Shares of Close Brothers Group plc (LON:CBG) dropped 21.6% on Tuesday . The stock traded as low as GBX 258.20 ($3.36) and last traded at GBX 270.80 ($3.52). 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 ($4.49).

Analysts Set New Price Targets

A number of brokerages have commented on CBG. Deutsche Bank Aktiengesellschaft decreased their price target on Close Brothers Group from GBX 610 ($7.93) to GBX 600 ($7.80) and set a “hold” rating on the stock in a research note on Thursday, February 13th. Shore Capital reiterated a “buy” rating on shares of Close Brothers Group in a report on Monday, March 3rd.

Close Brothers Group Price Performance

The firm has a 50-day simple moving average of GBX 304.94 and a 200 day simple moving average of GBX 316.91. The firm has a market cap of £407.99 million, a PE ratio of 4.08, a price-to-earnings-growth ratio of 1.87 and a beta of 0.82.

Close Brothers Group (LON:CBG) last issued its earnings results 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%. Sell-side analysts forecast that Close Brothers Group plc will post 66.0070671 earnings per share for the current fiscal year.

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.