Royal Bank Of Canada Reaffirms "Sector perform" Rating for Hiscox (LON:HSX)

Key Points

• The Royal Bank of Canada has reiterated its "sector perform" rating for Hiscox, with a target price of GBX 1,400, indicating a potential upside of 9.38% from its previous close.
• Hiscox's stock is currently rated as a "Moderate Buy" by analysts, with three analysts giving it a Buy rating and one assigning a Hold rating.
• The company has initiated a share buyback program to repurchase up to $275 million in shares, reflecting management's belief that its stock is undervalued.

Hiscox (LON:HSX - Get Free Report)'s stock had its "sector perform" rating reiterated by research analysts at Royal Bank Of Canada in a report issued on Tuesday, MarketBeat.com reports. They presently have a GBX 1,400 target price on the stock. Royal Bank Of Canada's price objective suggests a potential upside of 9.38% from the stock's previous close.

HSX has been the subject of several other reports. JPMorgan Chase & Co. reaffirmed an "overweight" rating on shares of Hiscox in a research note on Friday, August 1st. Berenberg Bank raised their target price on shares of Hiscox from GBX 1,450 to GBX 1,580 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Peel Hunt restated a "buy" rating and set a GBX 1,460 price objective on shares of Hiscox in a research note on Thursday, July 3rd. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of GBX 1,480.

Hiscox Stock Down 1.4%

Hiscox stock opened at GBX 1,280 on Tuesday. The company's 50-day moving average price is GBX 1,292.03 and its 200-day moving average price is GBX 1,215.38. The company has a market cap of £4.30 billion, a PE ratio of 718.70, a price-to-earnings-growth ratio of -2.30 and a beta of 0.65. Hiscox has a twelve month low of GBX 1,008 and a twelve month high of GBX 1,454.

Hiscox declared that its board has initiated a share buyback program on Wednesday, August 6th that authorizes the company to repurchase $275.00 million in shares. This repurchase authorization authorizes the company to buy up to 4.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management 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.