Close Brothers Group (LON:CBG) Reaches New 1-Year Low – What’s Next?

Close Brothers Group plc (LON:CBG)’s stock price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as GBX 243.20 ($3.16) and last traded at GBX 255 ($3.31), with a volume of 65227688 shares traded. The stock had previously closed at GBX 276.60 ($3.59).

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CBG shares. Deutsche Bank Aktiengesellschaft started coverage on Close Brothers Group in a research note on Friday, July 5th. They set a “buy” rating and a GBX 610 ($7.92) price target on the stock. Royal Bank of Canada upgraded shares of Close Brothers Group to an “outperform” rating and increased their price objective for the company from GBX 375 ($4.87) to GBX 620 ($8.05) in a report on Thursday, August 29th. Finally, Shore Capital reissued a “buy” rating on shares of Close Brothers Group in a research note on Friday. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of GBX 556.60 ($7.23).

Close Brothers Group Price Performance

The company’s 50 day simple moving average is GBX 449.49 and its 200 day simple moving average is GBX 464.85. The stock has a market cap of £383.75 million, a P/E ratio of 425.00, a P/E/G ratio of 1.87 and a beta of 0.82.

Insider Activity at Close Brothers Group

In other Close Brothers Group news, insider Michael N. Biggs bought 3,500 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was purchased at an average cost of GBX 416 ($5.40) per share, with a total value of £14,560 ($18,904.18). Insiders bought a total of 3,600 shares of company stock worth $1,501,136 in the last quarter. 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.