Hiscox (LON:HSX) Shares Pass Above 200 Day Moving Average - Should You Sell?

Key Points

• Hiscox Ltd's shares recently surpassed their 200-day moving average of GBX 1,237.04, trading as high as GBX 1,328.
• The company has initiated a $275 million stock buyback program, indicating management's belief that the stock is undervalued.
• Analysts have a consensus rating of "Moderate Buy" on Hiscox shares, with an average price target of GBX 1,480.

Shares of Hiscox Ltd (LON:HSX - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 1,237.04 ($16.51) and traded as high as GBX 1,328 ($17.72). Hiscox shares last traded at GBX 1,318 ($17.59), with a volume of 650,262 shares trading hands.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Royal Bank Of Canada restated a "sector perform" rating and issued a GBX 1,400 price target on shares of Hiscox in a research note on Tuesday, September 2nd. JPMorgan Chase & Co. restated an "overweight" rating on shares of Hiscox in a research note on Friday, August 1st. Peel Hunt restated a "buy" rating and issued a GBX 1,460 price target on shares of Hiscox in a research note on Thursday, July 3rd. Finally, Berenberg Bank lifted their target price on Hiscox from GBX 1,450 to GBX 1,580 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of GBX 1,480.

Hiscox Stock Performance

The firm has a market capitalization of £4.41 billion, a price-to-earnings ratio of 773.02, a PEG ratio of -2.30 and a beta of 0.65. The company has a fifty day moving average of GBX 1,308.63 and a two-hundred day moving average of GBX 1,237.04.

Hiscox announced that its board has authorized a stock buyback program on Wednesday, August 6th that permits the company to buyback $275.00 million in shares. This buyback authorization permits the company to purchase up to 4.6% of its shares through open market purchases. Shares buyback programs are generally 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.