Close Brothers Group (LON:CBG) Shares Up 15.5% - Here's Why

Key Points

• Close Brothers Group's shares surged by 15.5% in trading, reaching a price high of GBX 533 ($7.08) before closing at GBX 459.60 ($6.10).
• The stock experienced an extraordinary trading volume, with approximately 50.9 million shares exchanged, marking a 2,600% increase over the average daily volume.
• Current analyst ratings show an average recommendation of "Hold," with two analysts giving buy ratings and target prices ranging around GBX 327 ($4.34) to GBX 370 ($4.91).

Close Brothers Group plc (LON:CBG - Get Free Report)'s share price was up 15.5% during trading on Monday . The company traded as high as GBX 533 ($7.08) and last traded at GBX 459.60 ($6.10). Approximately 50,971,711 shares changed hands during mid-day trading, an increase of 2,600% from the average daily volume of 1,887,915 shares. The stock had previously closed at GBX 397.80 ($5.28).

Analyst Ratings Changes

Several research firms have recently issued reports on CBG. Peel Hunt restated a "hold" rating and set a GBX 327 ($4.34) price objective on shares of Close Brothers Group in a report on Friday, July 25th. Shore Capital restated a "hold" rating and issued a GBX 370 ($4.91) target price on shares of Close Brothers Group in a research note on Friday, July 25th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of GBX 469.40 ($6.23).

Close Brothers Group Price Performance

The stock has a market cap of £708.11 million, a PE ratio of 7.08, a PEG ratio of 1.87 and a beta of 0.82. The company's fifty day moving average is GBX 376.05 and its 200-day moving average is GBX 335.20.

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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