Hiscox (LON:HSX) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Hiscox (LON:HSX) had its price objective hoisted by stock analysts at JPMorgan Chase & Co. from GBX 1,400 to GBX 1,500 in a research report issued on Thursday, MarketBeat Ratings reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 9.81% from the stock’s previous close.

Several other research analysts have also commented on the company. Royal Bank Of Canada restated a “sector perform” rating and set a GBX 1,400 price target on shares of Hiscox in a research report on Tuesday, September 2nd. Berenberg Bank increased 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. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Hiscox has an average rating of “Moderate Buy” and a consensus price target of GBX 1,485.

Hiscox Stock Performance

LON:HSX opened at GBX 1,366.05 on Thursday. Hiscox has a fifty-two week low of GBX 1,008 and a fifty-two week high of GBX 1,454. The company has a 50 day moving average price of GBX 1,347.58 and a 200 day moving average price of GBX 1,287.61. The stock has a market capitalization of £4.52 billion, a P/E ratio of 8.01, a PEG ratio of -2.30 and a beta of 0.65.

Hiscox declared that its board has initiated a share buyback plan on Wednesday, August 6th that authorizes the company to repurchase $275.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 4.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is 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.