Close Brothers Group (LON:CBG) Stock Price Down 9.1% on Analyst Downgrade

Close Brothers Group plc (LON:CBG) shares traded down 9.1% during mid-day trading on Monday after Royal Bank Of Canada downgraded the stock to a sector perform rating. Royal Bank Of Canada now has a GBX 470 price target on the stock, down from their previous price target of GBX 625. Close Brothers Group traded as low as GBX 396.20 and last traded at GBX 399.80. Approximately 1,553,185 shares changed hands during trading, a decline of 50% from the average daily volume of 3,092,110 shares. The stock had previously closed at GBX 439.80.

Other research analysts have also issued reports about the stock. Shore Capital Group lowered shares of Close Brothers Group to a “hold” rating and set a GBX 475 price objective for the company. in a report on Wednesday, April 8th. UBS Group reaffirmed a “buy” rating and set a GBX 555 target price on shares of Close Brothers Group in a research note on Monday, May 18th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of GBX 481.25.

Insider Activity

In other news, insider Sally Williams purchased 6,914 shares of Close Brothers Group stock in a transaction that occurred on Wednesday, April 8th. The shares were bought at an average cost of GBX 456 per share, with a total value of £31,527.84. Also, insider Kari Hale acquired 5,017 shares of the firm’s stock in a transaction on Monday, April 13th. The stock was purchased at an average price of GBX 406 per share, with a total value of £20,369.02. Insiders bought a total of 25,601 shares of company stock worth $11,205,312 in the last quarter. 2.19% of the stock is owned by company insiders.

Close Brothers Group Trading Down 9.1%

The company has a market cap of £602.51 million, a PE ratio of -11.33, a P/E/G ratio of 1.87 and a beta of 1.24. The firm has a 50 day moving average of GBX 448.35 and a two-hundred day moving average of GBX 461.76.

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.