Close Brothers Group (LON:CBG) Shares Up 23.5% - Here's What Happened

Key Points

• Close Brothers Group plc shares surged 23.5% during mid-day trading, reaching a high of GBX 533 ($7.08) and last trading at GBX 491.40 ($6.53) with a volume of 8,181,824 shares, well above its average of 1,600,735 shares.
• Analysts have mixed ratings on the stock, with three firms rating it as a hold and three as a buy, setting a consensus target price of GBX 468.33 ($6.22).
• Close Brothers Group operates in various sectors including commercial banking, retail finance, and asset management, focusing on providing financial services to small businesses and individuals in the UK.

Close Brothers Group plc (LON:CBG - Get Free Report)'s share price shot up 23.5% during mid-day trading on Monday . The company traded as high as GBX 533 ($7.08) and last traded at GBX 491.40 ($6.53). 8,181,824 shares changed hands during mid-day trading, an increase of 411% from the average session volume of 1,600,735 shares. The stock had previously closed at GBX 397.80 ($5.28).

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CBG. Shore Capital reaffirmed a "hold" rating and set a GBX 370 ($4.91) price objective on shares of Close Brothers Group in a research report on Friday, July 25th. Peel Hunt reaffirmed a "hold" rating and issued a GBX 327 ($4.34) price objective on shares of Close Brothers Group in a research note on Friday, July 25th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a GBX 463 ($6.15) price objective on shares of Close Brothers Group in a research note on Monday. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of GBX 468.33 ($6.22).

Close Brothers Group Stock Up 23.5%

The company has a market cap of £740.35 million, a P/E ratio of 7.40, a P/E/G ratio of 1.87 and a beta of 0.82. The business has a fifty day moving average of GBX 376.05 and a 200 day moving average of GBX 335.20.

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.

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