Hiscox (LON:HSX) Stock Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Hiscox Ltd shares surpassed their two hundred day moving average, trading as high as GBX 1,389 ($18.72) on Friday, with a last trade at GBX 1,385 ($18.67).
• Brokerages have recently upgraded their ratings on Hiscox, with Peel Hunt maintaining a "buy" rating and a price target of GBX 1,460, while Berenberg Bank raised its price target to GBX 1,580.
• The company has authorized a $275 million stock repurchase plan, allowing it to buy back up to 4.6% of its shares, indicating management's belief that the stock is undervalued.

Shares of Hiscox Ltd (LON:HSX - Get Free Report) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of GBX 1,247.04 ($16.81) and traded as high as GBX 1,389 ($18.72). Hiscox shares last traded at GBX 1,385 ($18.67), with a volume of 763,734 shares traded.

Analyst Upgrades and Downgrades

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

Hiscox Stock Up 0.9%

The firm has a market capitalization of £4.63 billion, a PE ratio of 812.32, a P/E/G ratio of -2.30 and a beta of 0.65. The firm's 50 day moving average price is GBX 1,316.93 and its two-hundred day moving average price is GBX 1,247.04.

Hiscox declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 6th that permits the company to repurchase $275.00 million in shares. This repurchase authorization permits the company to repurchase up to 4.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

About Hiscox

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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