Close Brothers Group (LON:CBG) Reaches New 52-Week Low – Here’s Why

Shares of Close Brothers Group plc (LON:CBG) hit a new 52-week low on Tuesday . The company traded as low as GBX 218.80 ($2.85) and last traded at GBX 220.20 ($2.87), with a volume of 900891 shares trading hands. The stock had previously closed at GBX 225.80 ($2.94).

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CBG. Royal Bank of Canada upgraded Close Brothers Group to an “outperform” rating and upped their target price for the stock from GBX 375 ($4.88) to GBX 620 ($8.07) in a research note on Thursday, August 29th. Shore Capital reiterated a “buy” rating on shares of Close Brothers Group in a research note on Friday, October 25th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of GBX 556.60 ($7.25).

Close Brothers Group Stock Down 2.5 %

The company has a market cap of £331.38 million, a price-to-earnings ratio of 376.00, a PEG ratio of 1.87 and a beta of 0.82. The stock has a 50 day simple moving average of GBX 418.75 and a 200 day simple moving average of GBX 455.60.

Insiders Place Their Bets

In other news, insider Michael N. Biggs purchased 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were purchased at an average price of GBX 416 ($5.42) per share, with a total value of £14,560 ($18,953.40). Insiders purchased a total of 3,567 shares of company stock worth $1,485,824 in the last 90 days. 2.91% of the stock is owned by company insiders.

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.