Hiscox (LON:HSX) Sets New 52-Week High After Analyst Upgrade

Key Points

• Hiscox Ltd's share price reached a new 52-week high after Berenberg Bank increased its price target from GBX 1,450 to GBX 1,580, maintaining a buy rating on the stock.
• The company announced a $275 million share buyback program, which signals the board's belief that the stock is currently undervalued.
• Hiscox has a market capitalization of £5.74 billion and reported a P/E ratio of 8.18, reflecting its current financial standing in the market.

Hiscox Ltd (LON:HSX - Get Free Report)'s share price hit a new 52-week high on Thursday after Berenberg Bank raised their price target on the stock from GBX 1,450 to GBX 1,580. Berenberg Bank currently has a buy rating on the stock. Hiscox traded as high as GBX 1,454 ($19.42) and last traded at GBX 1,379 ($18.42), with a volume of 3353292 shares traded. The stock had previously closed at GBX 1,260 ($16.83).

Several other equities analysts also recently commented on HSX. JPMorgan Chase & Co. reiterated an "overweight" rating on shares of Hiscox in a research report on Friday, August 1st. Royal Bank Of Canada raised their price objective on shares of Hiscox from GBX 1,125 ($15.03) to GBX 1,300 ($17.37) and gave the company a "sector perform" rating in a report on Friday, July 18th. Finally, Peel Hunt reaffirmed a "buy" rating and set a GBX 1,460 ($19.50) price target on shares of Hiscox in a research note on Thursday, July 3rd.

Hiscox Stock Down 3.3%

The firm has a market capitalization of £5.74 billion, a P/E ratio of 8.18, a price-to-earnings-growth ratio of -2.30 and a beta of 0.65. The company's 50 day moving average is GBX 1,275.79 and its 200-day moving average is GBX 1,181.98.

Hiscox announced that its Board of Directors has approved a share repurchase program on Wednesday, August 6th that authorizes the company to buyback $275.00 million in shares. This buyback authorization authorizes the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are often a sign 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.

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