Close Brothers Group (LON:CBG) Trading Up 21.6% – Here’s Why

Close Brothers Group plc (LON:CBG)’s share price shot up 21.6% during mid-day trading on Wednesday . The stock traded as high as GBX 303.96 ($3.75) and last traded at GBX 297.60 ($3.68). 4,494,428 shares changed hands during trading, an increase of 22% from the average session volume of 3,694,198 shares. The stock had previously closed at GBX 244.80 ($3.02).

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CBG. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a GBX 610 ($7.53) price target on shares of Close Brothers Group in a report on Friday, November 22nd. Shore Capital restated a “buy” rating on shares of Close Brothers Group in a research note on Tuesday, January 7th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of GBX 556.60 ($6.88).

Close Brothers Group Stock Performance

The stock has a market cap of £451.37 million, a P/E ratio of 499.89, a P/E/G ratio of 1.87 and a beta of 0.82. The business has a 50 day simple moving average of GBX 227.33 and a 200-day simple moving average of GBX 362.32.

Insider Transactions at Close Brothers Group

In other news, insider Mike Morgan sold 10,885 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of GBX 241 ($2.98), for a total transaction of £26,232.85 ($32,402.24). 2.91% of the stock is owned by corporate insiders.

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.