Insurance Australia Group (OTCMKTS:IAUGY) Shares Gap Up – Still a Buy?

Shares of Insurance Australia Group Limited (OTCMKTS:IAUGY) gapped up prior to trading 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 trading hands.

Analyst Upgrades and Downgrades

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

Insurance Australia Group Stock Performance

The firm’s 50-day moving average price is $27.42 and its two-hundred day moving average price is $26.25. The stock has a market cap of $14.00 billion and a price-to-earnings ratio of 10.43.

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.