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

Shares of Close Brothers Group plc (LON:CBG) dropped 21.6% during mid-day trading 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 traded 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).

Wall Street Analysts Forecast Growth

CBG has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of 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 reissued a “buy” rating on shares of Close Brothers Group in a research note on Monday, March 3rd.

Close Brothers Group Stock Performance

The stock has a market capitalization 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. The stock’s 50 day moving average is GBX 304.94 and its two-hundred day moving average is GBX 316.91.

Close Brothers Group (LON:CBG) last released 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 net margin of 7.79% and a return on equity of 5.78%. Equities research analysts expect that Close Brothers Group plc will post 66.0070671 EPS for the current fiscal year.

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.