Insurance Australia Group Limited (OTCMKTS:IAUGY) Sees Large Drop in Short Interest

Insurance Australia Group Limited (OTCMKTS:IAUGY) was the recipient of a large drop in short interest during the month of May. As of May 29th, there was short interest totaling 3 shares, a drop of 97.4% from the May 14th total of 117 shares. Approximately 0.0% of the shares of the company are short sold. Based on an average daily volume of 646 shares, the days-to-cover ratio is currently 0.0 days.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised shares of Insurance Australia Group to a “hold” rating in a research report on Tuesday, May 19th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold”.

Insurance Australia Group Stock Performance

Shares of OTCMKTS IAUGY remained flat at $28.18 during midday trading on Thursday. 344 shares of the stock were exchanged, compared to its average volume of 1,291. The company has a market capitalization of $13.18 billion and a price-to-earnings ratio of 10.43. Insurance Australia Group has a twelve month low of $21.58 and a twelve month high of $29.28. The firm has a fifty day moving average price of $26.59 and a 200-day moving average price of $25.91.

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.