Close Brothers Group (LON:CBG) Shares Up 23.5% - Should You Buy?

Key Points

• Close Brothers Group plc shares surged 23.5%, closing at GBX 491.40 ($6.53), significantly up from GBX 397.80 ($5.29), with trading volume increasing by 411% from average levels.
• Wall Street analysts have mixed ratings, with three recommending a buy and three a hold, establishing a consensus target price of GBX 468.33 ($6.22).
• The company's financial services include banking, insurance, and financing for SMEs and individuals across various sectors in the UK.

Close Brothers Group plc (LON:CBG - Get Free Report) shares shot up 23.5% 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 traded 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 ($5.29).

Wall Street Analysts Forecast Growth

Several research firms have commented on CBG. Peel Hunt reaffirmed a "hold" rating and issued a GBX 327 ($4.35) target price on shares of Close Brothers Group in a research note on Friday, July 25th. 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 report on Monday. Finally, Shore Capital reiterated a "hold" rating and set a GBX 370 ($4.92) target price on shares of Close Brothers Group in a research report on Friday, July 25th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of GBX 468.33 ($6.22).

Close Brothers Group Stock Up 23.5%

The firm's 50 day simple moving average is GBX 379.02 and its two-hundred day simple moving average is GBX 337.70. The stock has a market capitalization 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.

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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