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

Shares of Hiscox Ltd (LON:HSX) passed above its 200-day moving average during trading on Friday . The stock has a 200-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 trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on HSX shares. Berenberg Bank upped their target price on shares of Hiscox from GBX 1,450 to GBX 1,580 and gave the company a “buy” rating in a research note on Thursday, August 7th. 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. JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Hiscox in a research note on Friday, August 1st. Finally, Peel Hunt reiterated a “buy” rating and set a GBX 1,460 price objective on shares of Hiscox in a research note on Thursday, July 3rd. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Hiscox currently has a consensus rating of “Moderate Buy” and an average target price of GBX 1,480.

Hiscox Price Performance

The company has a market capitalization of £4.63 billion, a price-to-earnings ratio of 812.32, a PEG ratio of -2.30 and a beta of 0.65. The stock’s fifty day simple moving average is GBX 1,316.93 and its two-hundred day simple moving average is GBX 1,247.04.

Hiscox announced that its Board of Directors has authorized a share buyback program on Wednesday, August 6th that allows the company to buyback $275.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board 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.