Hiscox (LON:HSX) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Hiscox Ltd (LON:HSX) shares recently crossed above their 200-day moving average during trading, reflecting a strong upward trend with shares reaching GBX 1,340 ($18.16).
• The company has approved a $275 million stock buyback plan, indicating that the board believes the stock is currently undervalued.
• Analysts have positive outlooks on Hiscox, with multiple firms updating their target prices, including Peel Hunt's new target of GBX 1,460 ($19.79).

Hiscox Ltd (LON:HSX - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of GBX 1,195.25 ($16.13) and traded as high as GBX 1,340 ($18.08). Hiscox shares last traded at GBX 1,320 ($17.81), with a volume of 1,046,560 shares trading hands.

Analyst Ratings Changes

HSX has been the topic of a number of research analyst reports. Berenberg Bank boosted 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. Peel Hunt reissued a "buy" rating and issued a GBX 1,460 price objective on shares of Hiscox in a research report on Thursday, July 3rd. Royal Bank Of Canada raised their target price on Hiscox from GBX 1,300 to GBX 1,400 and gave the company a "sector perform" rating in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. reissued an "overweight" rating on shares of Hiscox in a report on Friday, August 1st. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of GBX 1,480.

Hiscox Stock Up 1.5%

The stock has a market cap of £5.77 billion, a PE ratio of 8.22, a P/E/G ratio of -2.30 and a beta of 0.65. The firm has a 50-day simple moving average of GBX 1,283.77 and a 200-day simple moving average of GBX 1,199.13.

Hiscox declared that its board has authorized a share buyback plan on Wednesday, August 6th that authorizes the company to buyback $275.00 million in shares. This buyback authorization authorizes the company to buy up to 4.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are 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.