Insurance Australia Group (OTCMKTS:IAUGY) Shares Gap Up – Should You Buy?

Insurance Australia Group Limited (OTCMKTS:IAUGY)’s share price gapped up before the market opened on Friday . The stock had previously closed at $25.95, but opened at $29.00. Insurance Australia Group shares last traded at $29.00, with a volume of 321 shares.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. The Goldman Sachs Group raised Insurance Australia Group to a “buy” rating in a report on Wednesday, June 24th. Zacks Research raised shares of Insurance Australia Group to a “hold” rating in a research note on Tuesday, May 19th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

Insurance Australia Group Price Performance

The company has a market capitalization of $13.56 billion and a price-to-earnings ratio of 10.43. The firm has a fifty day simple moving average of $28.02 and a 200 day simple moving average of $26.43.

Insurance Australia Group Company Profile

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.