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

Key Points

• Close Brothers Group's shares surged 23.5% during trading, reaching a high of GBX 533 ($7.08), with a notable increase in trading volume of 411% from the average daily volume.
• Research analysts currently hold a consensus rating of "Moderate Buy" on Close Brothers Group, with an average target price of GBX 468.33 ($6.22), reflecting optimism about the company’s prospects.
• The company operates in various segments such as Commercial, Retail, Property, Asset Management, and Securities, providing a range of financial services, including debt factoring and asset-based lending.

Close Brothers Group plc (LON:CBG - Get Free Report) shares were up 23.5% during trading on Tuesday . 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 ($5.29).

Analyst Ratings Changes

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

Close Brothers Group Stock Up 3.3%

The company's fifty day simple moving average is GBX 379.02 and its two-hundred day simple moving average is GBX 337.70. The company has a market capitalization of £764.53 million, a price-to-earnings ratio of 7.65, a price-to-earnings-growth 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.

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