Close Brothers Group Stock News

Shore Capital has reiterated its Buy rating on Close Brothers Group PLC (LSE:CBG) after the lender beat expectations on costs, driving profits and returns ahead of forecasts. The shares jumped 13% to 434.4p in morning trading, leaving the broker's 495p target price around 14% above current levels.

Shares in Close Brothers Group PLC (LSE:CBG), the specialist banking group, jumped nearly 11% to an intraday high of 427.8p after the company reported faster-than-expected cost savings and maintained a strong capital position despite further motor finance provisions. The group's annualised cost savings reached about £36 million in the year to 31 July, well ahead of its roughly £25 million targe...

Close brothers ​on Friday ‌said chair Mike ​Biggs ​will step down ⁠in ​November after ​completing this nine year ​tenure ​at the British ‌specialist ⁠lender and named senior ​independent ​director ⁠Mark Pain ​as his ​successor.

Shares in Close Brothers Group PLC (LSE:CBG) were down 5% at 418.82p after being downgraded by RBC Capital Markets, which cut its rating to 'sector perform' from 'outperform' and lowered its price target to 470p from 625p. Analyst Benjamin Toms said the shares could drift lower from here after a fresh setback in the long-running motor finance saga.

Shore Capital has upgraded Close Brothers Group PLC (LSE:CBG), the specialist lender and asset manager, to buy from hold, arguing that the shares now offer an attractive balance of risk and reward. The broker lifted its price target to 495p from 490p, implying upside of around 21% from the current level of 408p.