Close Brothers Group (LON:CBG) Trading Up 23.5% – Still a Buy?

Close Brothers Group plc (LON:CBG) shares were up 23.5% during trading on Monday . The stock traded as high as GBX 533 ($7.08) and last traded at GBX 491.40 ($6.53). Approximately 8,181,824 shares changed hands during mid-day trading, an increase of 411% from the average daily volume of 1,600,735 shares. The stock had previously closed at GBX 397.80 ($5.29).

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CBG shares. Shore Capital reaffirmed a “hold” rating and issued a GBX 370 ($4.92) price objective on shares of Close Brothers Group in a research report on Friday, July 25th. Peel Hunt reaffirmed a “hold” rating and issued a GBX 327 ($4.35) price objective on shares of Close Brothers Group in a research report on Friday, July 25th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a GBX 463 ($6.15) price objective on shares of Close Brothers Group in a research report on Monday. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of GBX 468.33 ($6.22).

Close Brothers Group Trading Up 3.3%

The stock’s 50-day simple moving average is GBX 379.02 and its 200-day simple moving average is GBX 337.70. The stock has a market cap of £764.53 million, a price-to-earnings ratio of 7.65, a price-to-earnings-growth ratio of 1.87 and a beta of 0.82.

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.