Hiscox (LON:HSX) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Shares of Hiscox Ltd (LON:HSX) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of GBX 1,207.09 ($16.24) and traded as high as GBX 1,349 ($18.15). Hiscox shares last traded at GBX 1,338 ($18.00), with a volume of 379,931 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Peel Hunt reaffirmed a “buy” rating and set a GBX 1,460 price objective on shares of Hiscox in a research report on Thursday, July 3rd. Berenberg Bank lifted their price objective on Hiscox from GBX 1,450 to GBX 1,580 and gave the company a “buy” rating in a research report on Thursday, August 7th. Royal Bank Of Canada lifted their price objective on Hiscox from GBX 1,300 to GBX 1,400 and gave the company a “sector perform” rating in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating on shares of Hiscox in a report on Friday, August 1st. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of GBX 1,480.

Hiscox Stock Performance

The firm has a market capitalization of £5.72 billion, a PE ratio of 8.14, a PEG ratio of -2.30 and a beta of 0.65. The company has a fifty day moving average price of GBX 1,287.61 and a 200-day moving average price of GBX 1,207.09.

Hiscox declared that its board has authorized a stock buyback plan on Wednesday, August 6th that authorizes the company to buyback $275.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Hiscox Company Profile

Hiscox Ltd, through its subsidiaries, provides insurance and reinsurance services in the United Kingdom, Europe, the United States, and internationally. The company operates through four segments: Hiscox Retail, Hiscox London Market, Hiscox Re & ILS, and Corporate Centre. It offers commercial insurance for small-and medium-sized businesses; and personal lines cover, including high-value household, fine art, and luxury motor, as well as artwork, antiques, classic cars, jewelry, collectables, and other assets through brokers, partners, and direct-to-consumers.