Hiscox (LON:HSX) Trading 7.9% Higher - What's Next?

Key Points

• Hiscox Ltd shares surged 7.9%, reaching a trading high of GBX 1,454 ($19.33) before closing at GBX 1,359.73 ($18.08) on Wednesday.
• Analysts have upgraded their ratings for Hiscox, with price targets now ranging from GBX 1,300 ($17.28) to GBX 1,460 ($19.41) from various brokerages.
• The company boasts a market cap of £5.89 billion and operates in multiple insurance segments, including both commercial and personal lines coverage.

Hiscox Ltd (LON:HSX - Get Free Report) shares were up 7.9% during trading on Wednesday . The stock traded as high as GBX 1,454 ($19.56) and last traded at GBX 1,359.73 ($18.29). Approximately 9,031,072 shares changed hands during mid-day trading, an increase of 349% from the average daily volume of 2,009,881 shares. The stock had previously closed at GBX 1,260 ($16.95).

Analysts Set New Price Targets

Several research firms have weighed in on HSX. Berenberg Bank lifted their price objective on Hiscox from GBX 1,450 ($19.50) to GBX 1,580 ($21.25) and gave the company a "buy" rating in a research report on Thursday. JPMorgan Chase & Co. restated an "overweight" rating on shares of Hiscox in a research report on Friday, August 1st. Peel Hunt reaffirmed a "buy" rating and issued a GBX 1,460 ($19.64) price target on shares of Hiscox in a research note on Thursday, July 3rd. Finally, Royal Bank Of Canada increased their price objective on Hiscox from GBX 1,300 ($17.48) to GBX 1,400 ($18.83) and gave the stock a "sector perform" rating in a report on Thursday.

Hiscox Trading Up 0.7%

The firm has a 50 day moving average of GBX 1,282.03 and a two-hundred day moving average of GBX 1,186.84. The company has a market cap of £5.83 billion, a PE ratio of 8.30, a P/E/G ratio of -2.30 and a beta of 0.65.

Hiscox announced that its board has approved a share repurchase program on Wednesday, August 6th that authorizes the company to repurchase $275.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase 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.