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

Shares of Insurance Australia Group Limited (OTCMKTS:IAUGY) gapped down prior to trading on Tuesday . The stock had previously closed at $30.71, but opened at $26.75. Insurance Australia Group shares last traded at $26.75, with a volume of 179 shares trading 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 analyst has rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of “Hold”.

Insurance Australia Group Stock Down 12.9%

The firm has a market capitalization of $12.51 billion and a P/E ratio of 10.43. The business’s 50 day moving average is $27.16 and its two-hundred day moving average is $26.08.

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.