Close Brothers Group (LON:CBG) Stock Price Up 22.6% – Here’s Why

Close Brothers Group plc (LON:CBG) shares rose 22.6% on Tuesday . The company traded as high as GBX 303.96 ($3.75) and last traded at GBX 300.20 ($3.70). Approximately 39,995,934 shares traded hands during mid-day trading, an increase of 542% from the average daily volume of 6,230,019 shares. The stock had previously closed at GBX 244.80 ($3.02).

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Shore Capital reissued a “buy” rating on shares of Close Brothers Group in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a GBX 610 ($7.52) price objective on shares of Close Brothers Group in a research report on Friday, November 22nd. Five analysts have rated the stock with a buy rating, According to MarketBeat, Close Brothers Group has an average rating of “Buy” and a consensus target price of GBX 556.60 ($6.86).

Close Brothers Group Stock Up 21.6 %

The company has a 50 day simple moving average of GBX 223.28 and a two-hundred day simple moving average of GBX 364.62. The company has a market capitalization of £447.86 million, a P/E ratio of 496.00, a PEG ratio of 1.87 and a beta of 0.82.

Insider Activity at Close Brothers Group

In other news, insider Mike Morgan sold 10,885 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of GBX 241 ($2.97), for a total value of £26,232.85 ($32,346.30). 2.91% of the stock is currently owned by 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.