Berenberg Bank Downgrades Close Brothers Group (CBG) to Hold

Close Brothers Group (LON:CBG) was downgraded by stock analysts at Berenberg Bank to a “hold” rating in a research note issued on Monday. They currently have a GBX 1,530 ($21.14) price target on the stock, up from their previous price target of GBX 1,515 ($20.93). Berenberg Bank’s price target indicates a potential upside of 3.59% from the company’s current price.

Several other brokerages have also recently issued reports on CBG. Canaccord Genuity reissued a “buy” rating and issued a GBX 1,750 ($24.18) target price on shares of Close Brothers Group in a research report on Thursday, January 25th. Liberum Capital reissued a “hold” rating and issued a GBX 1,464 ($20.23) target price on shares of Close Brothers Group in a research report on Thursday, November 23rd. Peel Hunt reissued a “buy” rating and issued a GBX 1,600 ($22.11) target price on shares of Close Brothers Group in a research report on Friday, January 5th. Shore Capital reissued a “hold” rating on shares of Close Brothers Group in a research report on Tuesday, March 13th. Finally, Barclays dropped their target price on Close Brothers Group from GBX 1,570 ($21.69) to GBX 1,545 ($21.35) and set an “equal weight” rating on the stock in a research report on Thursday, March 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of GBX 1,554.50 ($21.48).

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Shares of Close Brothers Group stock opened at GBX 1,477 ($20.41) on Monday. Close Brothers Group has a 12-month low of GBX 1,315 ($18.17) and a 12-month high of GBX 1,715 ($23.69). The company has a market capitalization of $2,270.00 and a price-to-earnings ratio of 1,127.48.

Close Brothers Group (LON:CBG) last released its quarterly earnings data on Tuesday, March 13th. The company reported GBX 71.20 ($0.98) EPS for the quarter, beating the consensus estimate of GBX 68.50 ($0.95) by GBX 2.70 ($0.04). Close Brothers Group had a return on equity of 15.84% and a net margin of 22.76%. The company had revenue of £405.50 million for the quarter.

In other Close Brothers Group news, insider Elizabeth Lee sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, March 14th. The stock was sold at an average price of GBX 1,523 ($21.04), for a total value of £106,610 ($147,292.07). Insiders acquired 30 shares of company stock worth $45,470 over the last three months.

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About Close Brothers Group

Close Brothers Group plc is a merchant banking company. The Company provides lending, deposit taking, wealth management services and securities trading. The Company operates through three segments: Banking, Securities and Asset Management. The Banking segment provides lending to small businesses and individuals, with an emphasis on specialist finance.

Analyst Recommendations for Close Brothers Group (LON:CBG)

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