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Hiscox (LON:HSX) Shares Up 9.4% on Analyst Upgrade

Hiscox logo with Financial Services background

Key Points

  • Hiscox Ltd shares surged 9.4% after Berenberg Bank upgraded the price target from GBX 1,450 to GBX 1,580, maintaining a buy rating.
  • The company has initiated a $275 million stock repurchase program, indicating confidence in its own stock value.
  • Other analysts, including Royal Bank Of Canada and JPMorgan Chase, have also positively revised their price targets and ratings for Hiscox.
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Hiscox Ltd (LON:HSX - Get Free Report)'s stock price rose 9.4% during mid-day trading 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). Approximately 3,353,292 shares were traded during mid-day trading, an increase of 70% from the average daily volume of 1,972,280 shares. The stock had previously closed at GBX 1,260 ($16.83).

Other research analysts have also issued reports about the company. Royal Bank Of Canada increased their price objective on 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. Peel Hunt reissued a "buy" rating and set a GBX 1,460 ($19.50) price target on shares of Hiscox in a research report on Thursday, July 3rd. Finally, JPMorgan Chase & Co. restated an "overweight" rating on shares of Hiscox in a research note on Friday, August 1st.

Get Our Latest Stock Analysis on HSX

Hiscox Trading Down 3.4%

The business's fifty day moving average price is GBX 1,275.79 and its 200 day moving average price is GBX 1,181.98. The firm has a market capitalization of £5.74 billion, a price-to-earnings ratio of 8.17, a PEG ratio of -2.30 and a beta of 0.65.

Hiscox declared that its board has initiated a stock repurchase 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 typically a sign that the company's leadership believes its stock is undervalued.

Hiscox Company Profile

(Get Free Report)

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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