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

Insurance Australia Group Limited (OTCMKTS:IAUGY)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $29.17, but opened at $27.89. Insurance Australia Group shares last traded at $28.35, with a volume of 291 shares changing hands.

Analyst Upgrades and Downgrades

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

Insurance Australia Group Price Performance

The business has a 50 day simple moving average of $28.58 and a 200 day simple moving average of $26.57. The stock has a market cap of $13.26 billion and a PE ratio of 10.43.

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.