Insurance Australia Group (OTCMKTS:IAUGY) Shares Gap Down – Should You Sell?

Insurance Australia Group Limited (OTCMKTS:IAUGY) shares gapped down before the market opened on Friday . The stock had previously closed at $29.17, but opened at $27.89. Insurance Australia Group shares last traded at $28.35, with a volume of 291 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have commented on IAUGY shares. Zacks Research raised shares of Insurance Australia Group to a “hold” rating in a research report 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 assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Insurance Australia Group Stock Down 2.8%

The company has a 50-day moving average of $28.54 and a 200 day moving average of $26.56. The firm has a market capitalization of $13.26 billion and a PE ratio of 10.43.

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.