Close Brothers Group (LON:CBG) Stock Price Down 21.6% – Here’s What Happened

Shares of Close Brothers Group plc (LON:CBG) dropped 21.6% during trading on Tuesday . The stock traded as low as GBX 258.20 ($3.36) and last traded at GBX 270.80 ($3.52). Approximately 125,087,578 shares changed hands during trading, an increase of 2,586% from the average daily volume of 4,656,207 shares. The stock had previously closed at GBX 345.40 ($4.49).

Wall Street Analyst Weigh In

CBG has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Close Brothers Group from GBX 610 ($7.94) to GBX 600 ($7.81) and set a “hold” rating on the stock in a research report on Thursday, February 13th. Shore Capital reiterated a “buy” rating on shares of Close Brothers Group in a report on Tuesday.

Close Brothers Group Stock Performance

The business’s fifty day moving average price is GBX 307.19 and its two-hundred day moving average price is GBX 313.28. The stock has a market capitalization of £412.81 million, a P/E ratio of 4.13, a P/E/G ratio of 1.87 and a beta of 0.82.

Close Brothers Group (LON:CBG) last posted its earnings results on Tuesday, March 18th. The company reported GBX 30.90 ($0.40) earnings per share for the quarter. Close Brothers Group had a net margin of 7.79% and a return on equity of 5.78%. As a group, analysts forecast that Close Brothers Group plc will post 66.0070671 earnings per share for the current year.

Insider Transactions at Close Brothers Group

In other news, insider Michael N. Biggs purchased 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was purchased at an average cost of GBX 288 ($3.75) per share, with a total value of £14,400 ($18,732.93). Insiders own 2.91% of the company’s stock.

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.