Insurance Australia Group (OTCMKTS:IAUGY) Shares Gap Up – Here’s Why

Insurance Australia Group Limited (OTCMKTS:IAUGY) shares gapped up before the market opened on Monday . The stock had previously closed at $25.95, but opened at $28.30. Insurance Australia Group shares last traded at $28.30, with a volume of 216 shares traded.

Analyst Upgrades and Downgrades

IAUGY has been the subject of several research analyst reports. Zacks Research upgraded Insurance Australia Group to a “hold” rating in a research note on Tuesday, May 19th. The Goldman Sachs Group upgraded shares of Insurance Australia Group to a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Insurance Australia Group Price Performance

The firm’s fifty day simple moving average is $27.30 and its 200 day simple moving average is $26.18. The company has a market capitalization of $13.23 billion and a PE ratio of 10.43.

About Insurance Australia Group

Insurance Australia Group (OTCMKTS:IAUGY) is a leading general insurance underwriter headquartered in Sydney, Australia. The company provides a broad range of personal and commercial insurance products, including home, motor, travel, business and liability coverage. IAG serves individual policyholders, small to mid-sized enterprises and large corporate clients through a diversified distribution network of brokers, direct sales, affinity partnerships and digital channels.

Formed in 2000 through the merger of several Australian and New Zealand insurers, IAG has since grown to become the largest general insurer in its home markets.