Close Brothers Group (LON:CBG) Shares Up 21% - Time to Buy?

Key Points

• Close Brothers Group shares surged 21% on Monday, reaching a trading high of GBX 533 ($7.08), with a significant increase in trading volume.
• Despite the surge, analysts generally maintain a "hold" rating on the stock, with a consensus price target of GBX 469.40 ($6.23).
• The company provides a wide range of financial services and has a market capitalization of £728.60 million, indicating a solid presence in the UK financial sector.

Shares of Close Brothers Group plc (LON:CBG - Get Free Report) shot up 21% during trading on Monday . The company traded as high as GBX 533 ($7.17) and last traded at GBX 481.29 ($6.47). 51,506,008 shares traded hands during mid-day trading, an increase of 2,623% from the average session volume of 1,891,501 shares. The stock had previously closed at GBX 397.80 ($5.35).

Analyst Upgrades and Downgrades

A number of brokerages have commented on CBG. Canaccord Genuity Group restated a "buy" rating and issued a GBX 463 ($6.23) target price on shares of Close Brothers Group in a research note on Monday. Peel Hunt reissued a "hold" rating and set a GBX 327 ($4.40) target price on shares of Close Brothers Group in a research report on Friday, July 25th. Finally, Shore Capital reissued a "hold" rating and set a GBX 370 ($4.98) target price on shares of Close Brothers Group in a research report on Friday, July 25th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of GBX 468.33 ($6.30).

Close Brothers Group Stock Up 3.3%

The company has a market cap of £829.39 million, a price-to-earnings ratio of 8.29, a price-to-earnings-growth ratio of 1.87 and a beta of 0.82. The company's 50-day moving average is GBX 390.45 and its 200 day moving average is GBX 342.23.

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.