Close Brothers Group (LON:CBG) Trading Up 20.7% – Here’s What Happened

Close Brothers Group plc (LON:CBG) shares traded up 20.7% on Tuesday . The company traded as high as GBX 301.19 ($3.71) and last traded at GBX 295.43 ($3.64). 37,578,418 shares were traded during mid-day trading, an increase of 520% from the average session volume of 6,057,339 shares. The stock had previously closed at GBX 244.80 ($3.02).

Wall Street Analysts Forecast Growth

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

Close Brothers Group Trading Up 18.7 %

The stock has a market capitalization of £437.32 million, a P/E ratio of 484.33, a price-to-earnings-growth ratio of 1.87 and a beta of 0.82. The stock’s fifty day moving average price is GBX 223.28 and its two-hundred day moving average price is GBX 364.62.

Insiders Place Their Bets

In related news, insider Mike Morgan sold 10,885 shares of the firm’s 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 transaction 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.