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

Shares of Insurance Australia Group Limited (OTCMKTS:IAUGY) gapped down before the market opened 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 traded.

Analysts Set New Price Targets

Separately, Zacks Research upgraded Insurance Australia Group to a “hold” rating in a research note on Tuesday, May 19th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, Insurance Australia Group currently has a consensus rating of “Hold”.

Insurance Australia Group Price Performance

The stock’s fifty day simple moving average is $27.16 and its 200-day simple moving average is $26.08. The stock has a market cap of $12.51 billion and a P/E 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.