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

Insurance Australia Group Limited (OTCMKTS:IAUGY)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $25.85, but opened at $28.6250. Insurance Australia Group shares last traded at $28.6250, with a volume of 691 shares changing hands.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded shares of Insurance Australia Group to a “hold” rating in a research report on Tuesday, May 19th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Insurance Australia Group has a consensus rating of “Hold”.

Insurance Australia Group Stock Up 10.7%

The stock has a market capitalization of $13.38 billion and a P/E ratio of 10.43. The company has a fifty day moving average price of $26.91 and a 200-day moving average price of $26.00.

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.