Close Brothers Group (LON:CBG) Shares Up 22% – Time to Buy?

Close Brothers Group plc (LON:CBG) rose 22% on Tuesday . The stock traded as high as GBX 303.96 ($3.75) and last traded at GBX 298.70 ($3.69). Approximately 40,175,391 shares traded hands during mid-day trading, an increase of 544% from the average daily volume of 6,242,837 shares. The stock had previously closed at GBX 244.80 ($3.02).

Wall Street Analyst Weigh In

CBG has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a GBX 610 ($7.53) price objective on shares of Close Brothers Group in a report on Friday, November 22nd. Shore Capital reissued a “buy” rating on shares of Close Brothers Group in a research note on Tuesday, January 7th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of GBX 556.60 ($6.88).

Close Brothers Group Stock Down 2.9 %

The firm has a 50 day moving average of GBX 227.33 and a 200-day moving average of GBX 362.32. The company has a market cap of £449.66 million, a P/E ratio of 498.00, a PEG ratio of 1.87 and a beta of 0.82.

Insider Transactions at Close Brothers Group

In other news, insider Mike Morgan sold 10,885 shares of the company’s stock in a transaction that occurred on 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). 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.