Close Brothers Group (LON:CBG) Shares Down 9.8% - Here's What Happened

Key Points

• Shares of Close Brothers Group plc fell by 9.8%, closing at GBX 472.40 ($6.33) on Thursday after trading as low as GBX 465 ($6.23).
• Analysts have recently lowered price targets for Close Brothers Group, with Royal Bank Of Canada reducing its target from GBX 525 to GBX 500, while Canaccord Genuity set a target at GBX 463.
• The company's market capitalization stands at £687.89 million, with a P/E ratio of -683.11 and a predicted earnings per share of 66.01 for the current year.

Shares of Close Brothers Group plc (LON:CBG - Get Free Report) dropped 9.8% during trading on Thursday . The company traded as low as GBX 465 ($6.23) and last traded at GBX 472.40 ($6.33). Approximately 6,510,995 shares were traded during mid-day trading, an increase of 328% from the average daily volume of 1,521,364 shares. The stock had previously closed at GBX 524 ($7.02).

Analysts Set New Price Targets

CBG has been the topic of a number of recent research reports. Royal Bank Of Canada cut their target price on Close Brothers Group from GBX 525 to GBX 500 and set a "sector perform" rating on the stock in a research note on Friday, October 3rd. Shore Capital reissued a "hold" rating on shares of Close Brothers Group in a research note on Tuesday, September 30th. Canaccord Genuity Group restated a "buy" rating and issued a GBX 463 price target on shares of Close Brothers Group in a research note on Monday, August 4th. Peel Hunt restated a "hold" rating and set a GBX 327 target price on shares of Close Brothers Group in a research report on Friday, July 25th. Finally, UBS Group reissued a "neutral" rating and set a GBX 535 price objective on shares of Close Brothers Group in a report on Monday, September 15th. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of GBX 465.63.

Close Brothers Group Stock Performance

The company's fifty day simple moving average is GBX 491.44 and its 200-day simple moving average is GBX 394.38. The company has a market capitalization of £687.89 million, a P/E ratio of -683.11, a PEG ratio of 1.87 and a beta of 0.82.

Close Brothers Group (LON:CBG - Get Free Report) last posted its earnings results on Tuesday, September 30th. The company reported GBX 59.30 earnings per share (EPS) for the quarter. Close Brothers Group had a return on equity of 5.78% and a net margin of 7.79%. On average, sell-side analysts predict that Close Brothers Group plc will post 66.0070671 EPS for the current 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.

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