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

Key Points

• Close Brothers Group shares surged 23.5%, reaching a peak price of GBX 533 ($7.08) during trading, with a significant increase in trading volume.
• Average stock ratings have been updated, showing a mix of recommendations with three analysts rating it a buy and three a hold, giving it an average target price of GBX 468.33 ($6.22).
• The company provides various financial services, focusing on small businesses and individuals, categorized into segments such as Commercial, Retail, and Asset Management.

Close Brothers Group plc (LON:CBG - Get Free Report) shares rose 23.5% during trading on Monday . The stock traded as high as GBX 533 ($7.08) and last traded at GBX 491.40 ($6.53). Approximately 8,181,824 shares were traded during trading, an increase of 411% from the average daily volume of 1,600,735 shares. The stock had previously closed at GBX 397.80 ($5.28).

Analysts Set New Price Targets

A number of research firms have weighed in on CBG. Canaccord Genuity Group reiterated a "buy" rating and set a GBX 463 ($6.15) price objective on shares of Close Brothers Group in a research note on Monday. Peel Hunt restated a "hold" rating and issued a GBX 327 ($4.34) price target on shares of Close Brothers Group in a research note on Friday, July 25th. Finally, Shore Capital restated a "hold" rating and issued a GBX 370 ($4.91) price target 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 three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of GBX 468.33 ($6.22).

Close Brothers Group Stock Up 23.5%

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. The stock's fifty day simple moving average is GBX 376.05 and its 200-day simple 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.