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

Key Points

• Close Brothers Group's stock surged 23.5% during trading, reaching a high of GBX 533 ($7.08) before closing at GBX 491.40 ($6.53).
• Analysts have mixed ratings, with three recommending a "buy" and three giving a "hold" rating, highlighting an average target price of GBX 468.33 ($6.22).
• The company's market capitalization is £740.35 million, with a P/E ratio of 7.40, indicating a potentially undervalued stock.

Close Brothers Group plc (LON:CBG - Get Free Report) shot up 23.5% during 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 were traded 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

CBG has been the topic of a number of recent research reports. Peel Hunt restated a "hold" rating and issued a GBX 327 ($4.35) target price on shares of Close Brothers Group in a report on Friday, July 25th. Shore Capital restated a "hold" rating and issued a GBX 370 ($4.92) target price on shares of Close Brothers Group in a report on Friday, July 25th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a GBX 463 ($6.15) target price on shares of Close Brothers Group in a report on Monday. Three equities research 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.com, Close Brothers Group currently 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 50 day moving average of GBX 379.02 and a 200-day moving average of GBX 337.70. The stock has a market capitalization of £740.35 million, a P/E ratio of 7.40, a PEG 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.

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.