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

Key Points

• Close Brothers Group plc shares surged by 23.5% during mid-day trading, reaching as high as GBX 533 ($7.08) before closing at GBX 491.40 ($6.53).
• Analysts show a mixed sentiment towards the stock, with three offering a hold rating and three others rating it as a buy with an average target price of GBX 468.33 ($6.22).
• The company's market capitalization stands at £740.35 million, with a PE ratio of 7.40 and a beta of 0.82, indicating its volatility compared to the market.

Close Brothers Group plc (LON:CBG - Get Free Report)'s stock price traded up 23.5% during mid-day trading on Monday . The stock 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 ($5.29).

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CBG. Shore Capital reiterated a "hold" rating and issued a GBX 370 ($4.92) price target on shares of Close Brothers Group in a report on Friday, July 25th. Peel Hunt restated a "hold" rating and set a GBX 327 ($4.35) target price on shares of Close Brothers Group in a research note on Friday, July 25th. Finally, Canaccord Genuity Group restated a "buy" rating and set a GBX 463 ($6.15) target price on shares of Close Brothers Group in a research note on Monday. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of GBX 468.33 ($6.22).

Close Brothers Group Trading Up 23.5%

The business's 50-day simple moving average is GBX 379.02 and its two-hundred day simple moving average is GBX 337.70. The company has a market capitalization of £740.35 million, a PE ratio of 7.40, a PEG ratio of 1.87 and a beta of 0.82.

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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