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

Close Brothers Group plc (LON:CBG)’s share price rose 22.6% during mid-day trading on Tuesday . The stock traded as high as GBX 303.96 ($3.75) and last traded at GBX 300.10 ($3.70). Approximately 39,026,629 shares were traded during trading, an increase of 533% from the average daily volume of 6,160,783 shares. The stock had previously closed at GBX 244.80 ($3.02).

Wall Street Analyst Weigh In

A number of research firms have commented on CBG. Shore Capital restated a “buy” rating on shares of Close Brothers Group in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a GBX 610 ($7.52) target price on shares of Close Brothers Group in a report on Friday, November 22nd. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of GBX 556.60 ($6.86).

Close Brothers Group Trading Up 22.6 %

The company’s 50 day moving average is GBX 223.28 and its 200 day moving average is GBX 364.62. The stock has a market capitalization of £451.62 million, a price-to-earnings ratio of 500.17, a price-to-earnings-growth ratio of 1.87 and a beta of 0.82.

Insiders Place Their Bets

In other Close Brothers Group news, insider Mike Morgan sold 10,885 shares of the firm’s stock in a transaction 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). 2.91% of the stock is currently owned by corporate insiders.

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.