Hiscox (LON:HSX) Share Price Passes Above 200-Day Moving Average - Time to Sell?

Key Points

• Hiscox Ltd shares have recently traded above their 200-day moving average, reaching a high of GBX 1,305, indicating positive momentum in the stock price.
• Multiple analysts have assigned a Moderate Buy rating to Hiscox, with target prices ranging from GBX 1,400 to GBX 1,580, reflecting optimism about its future performance.
• The company has authorized a $275 million stock buyback program, signaling that its board believes the shares may be undervalued.

Hiscox Ltd (LON:HSX - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 1,223.94 ($16.65) and traded as high as GBX 1,305 ($17.75). Hiscox shares last traded at GBX 1,286 ($17.49), with a volume of 580,192 shares.

Wall Street Analyst Weigh In

HSX has been the subject of several recent research reports. JPMorgan Chase & Co. reissued an "overweight" rating on shares of Hiscox in a report on Friday, August 1st. Royal Bank Of Canada reissued a "sector perform" rating and set a GBX 1,400 price objective on shares of Hiscox in a report on Tuesday, September 2nd. 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 report on Thursday, August 7th. Finally, Peel Hunt restated a "buy" rating and issued a GBX 1,460 target price on shares of Hiscox in a research report on Thursday, July 3rd. 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 target price of GBX 1,480.

Hiscox Stock Up 0.6%

The business has a fifty day simple moving average of GBX 1,298.34 and a 200-day simple moving average of GBX 1,229.92. The firm has a market cap of £4.40 billion, a P/E ratio of 770.67, a P/E/G ratio of -2.30 and a beta of 0.65.

Hiscox declared that its board has initiated a share repurchase program on Wednesday, August 6th that permits the company to repurchase $275.00 million in shares. This repurchase authorization permits the company to reacquire up to 4.6% of its stock through open market purchases. Stock repurchase programs are typically an indication 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.