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

Close Brothers Group plc (LON:CBG) shares fell 21.6% during mid-day trading on Tuesday . The company traded as low as GBX 258.20 ($3.35) and last traded at GBX 270.80 ($3.51). 125,087,578 shares traded hands during mid-day trading, an increase of 2,586% from the average session volume of 4,656,207 shares. The stock had previously closed at GBX 345.40 ($4.48).

Wall Street Analysts Forecast Growth

CBG has been the subject of a number of recent research reports. Shore Capital restated a “buy” rating on shares of Close Brothers Group in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Close Brothers Group from GBX 610 ($7.91) to GBX 600 ($7.78) and set a “hold” rating for the company in a report on Thursday, February 13th.

Close Brothers Group Price Performance

The firm has a market cap 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. The company has a fifty day moving average of GBX 307.19 and a 200-day moving average of GBX 313.28.

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 (EPS) for the quarter. Close Brothers Group had a net margin of 7.79% and a return on equity of 5.78%. On average, sell-side analysts expect that Close Brothers Group plc will post 66.0070671 EPS for the current fiscal year.

Insiders Place Their Bets

In other Close Brothers Group news, insider Michael N. Biggs purchased 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The shares were acquired at an average cost of GBX 288 ($3.73) per share, for a total transaction of £14,400 ($18,672.20). 2.91% of the stock is currently owned by 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.