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

Shares of Insurance Australia Group Limited (OTCMKTS:IAUGY) 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.

Analyst Ratings Changes

A number of brokerages recently issued reports on IAUGY. The Goldman Sachs Group upgraded Insurance Australia Group to a “buy” rating in a research note on Wednesday, June 24th. 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 Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Insurance Australia Group presently has an average rating of “Moderate Buy”.

Insurance Australia Group Price Performance

The stock has a market capitalization of $13.56 billion and a P/E ratio of 10.43. The stock has a fifty day moving average price of $28.08 and a 200 day moving average price of $26.44.

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.