Close Brothers Group (LON:CBG) Shares Down 21.6% – Here’s What Happened

Shares of Close Brothers Group plc (LON:CBG) fell 21.6% during trading on Wednesday . The company traded as low as GBX 258.20 ($3.35) and last traded at GBX 270.80 ($3.51). 125,087,578 shares changed hands during mid-day trading, an increase of 2,586% from the average session volume of 4,656,207 shares. The stock had previously closed at GBX 345.40 ($4.48).

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CBG. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Close Brothers Group from GBX 610 ($7.91) to GBX 600 ($7.78) and set a “hold” rating on the stock in a report on Thursday, February 13th. Shore Capital reiterated a “buy” rating on shares of Close Brothers Group in a research report on Tuesday.

Close Brothers Group Stock Down 0.1 %

The company’s 50-day moving average is GBX 308.27 and its two-hundred day moving average is GBX 313.01. The company has a market capitalization of £412.33 million, a P/E ratio of 4.12, a PEG ratio of 1.87 and a beta of 0.82.

Close Brothers Group (LON:CBG) last issued its quarterly earnings results on Tuesday, March 18th. The company reported GBX 30.90 ($0.40) EPS for the quarter. Close Brothers Group had a net margin of 7.79% and a return on equity of 5.78%. On average, sell-side analysts predict that Close Brothers Group plc will post 66.0070671 EPS for the current year.

Insiders Place Their Bets

In other Close Brothers Group news, insider Michael N. Biggs acquired 5,000 shares of the stock in a transaction dated Wednesday, March 19th. The stock was purchased at an average cost of GBX 288 ($3.73) per share, for a total transaction of £14,400 ($18,672.20). Corporate insiders own 2.91% of the company’s stock.

About Close Brothers Group

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.