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

Key Points

• Close Brothers Group plc shares surged 23.5% on Monday, reaching a high of GBX 533 ($7.08) and closing at GBX 491.40 ($6.53) after strong trading volume of approximately 8.18 million shares.
• Brokerage ratings suggest a mix of hold and buy opinions, with a consensus target price of GBX 468.33 ($6.22) indicating potential growth.
• The company operates in various financial services sectors, which include commercial financing, asset management, and securities, and has a market capitalization of £740.35 million.

Shares of Close Brothers Group plc (LON:CBG - Get Free Report) rose 23.5% on Monday . The company traded as high as GBX 533 ($7.08) and last traded at GBX 491.40 ($6.53). Approximately 8,181,824 shares changed hands during mid-day trading, an increase of 411% from the average daily volume of 1,600,735 shares. The stock had previously closed at GBX 397.80 ($5.29).

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CBG. Peel Hunt reissued a "hold" rating and set a GBX 327 ($4.35) price objective on shares of Close Brothers Group in a report on Friday, July 25th. Shore Capital reaffirmed a "hold" rating and issued a GBX 370 ($4.92) price target on shares of Close Brothers Group in a research note on Friday, July 25th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a GBX 463 ($6.15) price objective on shares of Close Brothers Group in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Close Brothers Group currently has an average rating of "Moderate Buy" and a consensus target price of GBX 468.33 ($6.22).

Close Brothers Group Price Performance

The company has a market capitalization of £740.35 million, a price-to-earnings ratio of 7.40, a PEG ratio of 1.87 and a beta of 0.82. The stock has a 50-day moving average price of GBX 379.02 and a 200-day moving average price of GBX 337.70.

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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