Jefferies Financial Group Upgrades Hiscox (LON:HSX) to Buy

Hiscox (LON:HSX) was upgraded by equities research analysts at Jefferies Financial Group to a “buy” rating in a research report issued to clients and investors on Wednesday,London Stock Exchange reports. The brokerage presently has a GBX 1,068 price target on the stock, down from their prior price target of GBX 1,500. Jefferies Financial Group’s target price would indicate a potential downside of 21.47% from the stock’s previous close.

Several other equities analysts have also weighed in on HSX. Royal Bank Of Canada restated a “sector perform” rating and issued a GBX 1,400 price objective on shares of Hiscox in a report on Tuesday, September 2nd. Berenberg Bank reissued a “buy” rating and issued a GBX 1,580 price target on shares of Hiscox in a research note on Thursday, November 6th. Finally, JPMorgan Chase & Co. raised their price target on Hiscox from GBX 1,400 to GBX 1,500 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Hiscox presently has an average rating of “Moderate Buy” and an average price target of GBX 1,401.60.

Hiscox Price Performance

Shares of LON HSX traded down GBX 35.93 during mid-day trading on Wednesday, hitting GBX 1,360.07. The company’s stock had a trading volume of 82,285,430 shares, compared to its average volume of 2,434,917. The stock has a market cap of £4.50 billion, a price-to-earnings ratio of 7.98, a price-to-earnings-growth ratio of -2.30 and a beta of 0.65. Hiscox has a one year low of GBX 1,008 and a one year high of GBX 1,454. The company’s fifty day simple moving average is GBX 1,351.46 and its 200-day simple moving average is GBX 1,293.09.

Hiscox declared that its board has initiated a share repurchase plan on Wednesday, August 6th that allows the company to repurchase $275.00 million in shares. This repurchase authorization allows the company to purchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management 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.