Close Brothers Group (LON:CBG) Trading Up 21% - Here's What Happened

Key Points

• Close Brothers Group plc saw its shares rise by 21% on Monday, reaching a high of GBX 533 ($7.08) amid a trading volume increase of 2,623% compared to its average.
• Research analysts have mostly maintained a "hold" rating for the stock, with a consensus target price set at GBX 469.40 ($6.23), reflecting cautious optimism about the company's future performance.
• The company holds a market capitalization of £728.60 million and operates multiple segments in financial services, catering primarily to small businesses and individuals in the UK.

Close Brothers Group plc (LON:CBG - Get Free Report) shares shot up 21% on Monday . The company traded as high as GBX 533 ($7.12) and last traded at GBX 481.29 ($6.43). 51,506,008 shares changed 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 ($5.31).

Wall Street Analyst Weigh In

CBG has been the topic of several analyst reports. Shore Capital reaffirmed a "hold" rating and set a GBX 370 ($4.94) price target on shares of Close Brothers Group in a research report on Friday, July 25th. Canaccord Genuity Group reaffirmed a "buy" rating and set a GBX 463 ($6.18) price target on shares of Close Brothers Group in a research report on Monday. Finally, Peel Hunt reiterated a "hold" rating and issued a GBX 327 ($4.37) target price on shares of Close Brothers Group in a report on Friday, July 25th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of GBX 468.33 ($6.26).

Close Brothers Group Price Performance

The company's 50 day simple moving average is GBX 386.35 and its 200 day simple moving average is GBX 340.24. The firm has a market cap of £782.69 million, a price-to-earnings ratio of 7.83, 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.