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

Key Points

• Close Brothers Group's stock surged by 23.5% during mid-day trading, reaching a high of GBX 533 ($7.08) from a previous close of GBX 397.80 ($5.28).
• The company currently has a market capitalization of £740.35 million, with an average price target of GBX 468.33 ($6.22) based on analysts' ratings.
• Several analysts reiterated ratings for the stock, with three recommending a buy and three maintaining a hold rating, indicating a consensus rating of "Moderate Buy."

Close Brothers Group plc (LON:CBG - Get Free Report) was 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). 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 ($5.28).

Wall Street Analyst Weigh In

CBG has been the topic of several research reports. Peel Hunt reaffirmed a "hold" rating and set a GBX 327 ($4.34) price objective on shares of Close Brothers Group in a research report on Friday, July 25th. Shore Capital reaffirmed a "hold" rating and set a GBX 370 ($4.91) price objective on shares of Close Brothers Group in a research report 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 report on Monday. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target 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 P/E/G ratio of 1.87 and a beta of 0.82. The firm's 50 day simple moving average is GBX 376.05 and its 200-day simple moving average is GBX 335.20.

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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