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

Key Points

• Close Brothers Group's share price surged 23.5% to GBX 491.40 ($6.53) on Tuesday, with trading volume increasing significantly to over 8 million shares.
• Analysts have varying outlooks on the stock, with three rating it as a buy and three as a hold, resulting in an average target price of GBX 468.33 ($6.22).
• The company focuses on providing financial services to small businesses and individuals in the UK, operating across multiple sectors including Commercial, Retail, and Asset Management.

Close Brothers Group plc (LON:CBG - Get Free Report) shares were up 23.5% during mid-day trading on Tuesday . The stock traded as high as GBX 533 ($7.17) and last traded at GBX 491.40 ($6.61). Approximately 8,181,824 shares traded hands during trading, an increase of 411% from the average daily volume of 1,600,735 shares. The stock had previously closed at GBX 397.80 ($5.35).

Analysts Set New Price Targets

CBG has been the topic of a number of analyst reports. Peel Hunt reaffirmed a "hold" rating and issued a GBX 327 ($4.40) price objective on shares of Close Brothers Group in a report on Friday, July 25th. Canaccord Genuity Group restated a "buy" rating and issued a GBX 463 ($6.23) target price on shares of Close Brothers Group in a research report on Monday. Finally, Shore Capital reaffirmed a "hold" rating and set a GBX 370 ($4.98) price target on shares of Close Brothers Group in a report on Friday, July 25th. 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 MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of GBX 468.33 ($6.30).

Close Brothers Group Stock Performance

The company has a 50 day moving average of GBX 390.45 and a 200 day moving average of GBX 342.23. The firm has a market cap of £803.03 million, a P/E ratio of 8.03, 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.