Close Brothers Group (LON:CBG) Shares Up 18.9% – Here’s Why

Close Brothers Group plc (LON:CBG) traded up 18.9% during mid-day trading on Tuesday . The company traded as high as GBX 303.96 ($3.75) and last traded at GBX 291.05 ($3.59). 39,303,023 shares changed hands during mid-day trading, an increase of 536% from the average session volume of 6,178,042 shares. The stock had previously closed at GBX 244.80 ($3.02).

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CBG. Shore Capital restated a “buy” rating on shares of Close Brothers Group in a research report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a GBX 610 ($7.52) price target on shares of Close Brothers Group in a report on Friday, November 22nd. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Close Brothers Group presently has an average rating of “Buy” and an average target price of GBX 556.60 ($6.86).

Close Brothers Group Stock Performance

The firm has a market cap of £438.00 million, a P/E ratio of 485.09, a P/E/G ratio of 1.87 and a beta of 0.82. The firm’s fifty day simple moving average is GBX 223.28 and its 200 day simple moving average is GBX 364.62.

Insider Activity

In other Close Brothers Group news, insider Mike Morgan sold 10,885 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of GBX 241 ($2.97), for a total value of £26,232.85 ($32,346.30). Corporate insiders own 2.91% of the company’s stock.

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.