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

Shares of Close Brothers Group plc (LON:CBG) 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 were traded 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 Analysts Forecast Growth

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

Close Brothers Group Price Performance

The company has a market capitalization of £453.28 million, a price-to-earnings ratio of 502.00, a P/E/G ratio of 1.87 and a beta of 0.82. The business’s 50-day moving average price is GBX 227.33 and its two-hundred day moving average price is GBX 362.32.

Insider Buying and Selling at Close Brothers Group

In other Close Brothers Group news, insider Mike Morgan sold 10,885 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of GBX 241 ($2.98), for a total value of £26,232.85 ($32,402.24). Insiders own 2.91% of the company’s stock.

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.