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

Close Brothers Group plc (LON:CBG) shares were down 21.6% during trading on Tuesday . The company 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 recently commented on CBG. Shore Capital reaffirmed a “buy” rating on shares of Close Brothers Group in a report on Tuesday. Deutsche Bank Aktiengesellschaft reduced their price target on Close Brothers Group from GBX 610 ($7.94) to GBX 600 ($7.81) and set a “hold” rating for the company in a report on Thursday, February 13th.

Close Brothers Group Price Performance

The company has a 50-day moving average of GBX 307.19 and a two-hundred day moving average of GBX 313.28. The stock has a market capitalization of £412.81 million, a PE ratio of 4.13, a P/E/G 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 net margin of 7.79% and a return on equity of 5.78%. On average, research analysts forecast that Close Brothers Group plc will post 66.0070671 EPS for the current fiscal year.

Insiders Place Their Bets

In other Close Brothers Group news, insider Michael N. Biggs purchased 5,000 shares of Close Brothers Group stock in a transaction that occurred on Wednesday, March 19th. The stock was purchased at an average price of GBX 288 ($3.75) per share, with a total value of £14,400 ($18,732.93). 2.91% of the stock is owned by company 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.