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

Close Brothers Group plc (LON:CBG)’s share price dropped 21.6% during mid-day 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 traded hands during mid-day 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).

Analyst Ratings Changes

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

Close Brothers Group Stock Performance

The firm has a market cap of £412.81 million, a P/E ratio of 4.13, a price-to-earnings-growth ratio of 1.87 and a beta of 0.82. The firm’s fifty day moving average price is GBX 307.19 and its 200 day moving average price is GBX 313.28.

Close Brothers Group (LON:CBG) last posted its quarterly earnings data on Tuesday, March 18th. The company reported GBX 30.90 ($0.40) EPS 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 expect that Close Brothers Group plc will post 66.0070671 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Michael N. Biggs purchased 5,000 shares of the business’s stock in a transaction on Wednesday, March 19th. The shares were acquired at an average price of GBX 288 ($3.75) per share, for a total transaction of £14,400 ($18,732.93). 2.91% of the stock is currently 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.