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

Shares of Close Brothers Group plc (LON:CBG) dropped 21.6% during mid-day trading on Tuesday . The company traded as low as GBX 269 ($3.49) and last traded at GBX 270.72 ($3.52). Approximately 5,216,042 shares changed hands during trading, an increase of 114% from the average daily volume of 2,436,364 shares. The stock had previously closed at GBX 345.40 ($4.49).

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Shore Capital restated a “buy” rating on shares of Close Brothers Group in a research report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Close Brothers Group from GBX 610 ($7.92) to GBX 600 ($7.79) and set a “hold” rating for the company in a research report on Thursday, February 13th.

Close Brothers Group Trading Down 16.8 %

The company’s 50-day simple moving average is GBX 304.94 and its 200-day simple moving average is GBX 316.91. The stock has a market capitalization of £433.00 million, a price-to-earnings ratio of 4.33, a PEG ratio of 1.87 and a beta of 0.82.

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.