Insurance Australia Group (OTCMKTS:IAUGY) Trading Down 7.9% – Here’s Why

Shares of Insurance Australia Group Limited (OTCMKTS:IAUGY) were down 7.9% during mid-day trading on Tuesday . The company traded as low as $28.0480 and last traded at $28.0480. Approximately 115 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 1,016 shares. The stock had previously closed at $30.45.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. The Goldman Sachs Group upgraded shares of Insurance Australia Group to a “buy” rating in a research report on Wednesday, June 24th. Zacks Research upgraded shares of Insurance Australia Group to a “hold” rating in a research report on Tuesday, May 19th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

Insurance Australia Group Stock Performance

The stock has a 50-day simple moving average of $28.82 and a 200-day simple moving average of $26.98.

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.