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

Shares of Insurance Australia Group Limited (OTCMKTS:IAUGY) gapped up before the market opened on Monday . The stock had previously closed at $25.95, but opened at $28.30. Insurance Australia Group shares last traded at $28.30, with a volume of 216 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. The Goldman Sachs Group upgraded Insurance Australia Group to a “buy” rating in a research note on Wednesday. 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 issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Insurance Australia Group Stock Up 9.1%

The stock has a market capitalization of $13.23 billion and a PE ratio of 10.43. The stock has a fifty day moving average of $27.30 and a 200-day moving average of $26.18.

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.