TD Asset Management Inc. decreased its position in shares of Loews Co. (NYSE:L) by 3.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,741,102 shares of the insurance provider’s stock after selling 61,957 shares during the quarter. TD Asset Management Inc. owned approximately 0.57% of Loews worth $95,186,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Legacy Bridge LLC acquired a new position in Loews during the 1st quarter worth about $25,000. Glassman Wealth Services lifted its holdings in Loews by 182.0% during the 1st quarter. Glassman Wealth Services now owns 516 shares of the insurance provider’s stock worth $25,000 after buying an additional 333 shares during the period. Cornerstone Advisors Inc. lifted its holdings in Loews by 23.8% during the 2nd quarter. Cornerstone Advisors Inc. now owns 1,003 shares of the insurance provider’s stock worth $55,000 after buying an additional 193 shares during the period. Steward Partners Investment Advisory LLC acquired a new position in Loews during the 2nd quarter worth about $74,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in Loews during the 1st quarter worth about $122,000. 62.43% of the stock is currently owned by institutional investors.
In related news, Director Joseph L. Bower sold 706 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $51.71, for a total value of $36,507.26. Following the completion of the sale, the director now directly owns 12,845 shares of the company’s stock, valued at approximately $664,214.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark S. Schwartz sold 9,083 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $53.42, for a total value of $485,213.86. Following the completion of the sale, the vice president now directly owns 5,000 shares of the company’s stock, valued at $267,100. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,233 shares of company stock valued at $1,649,678. Corporate insiders own 14.20% of the company’s stock.
L has been the topic of several recent research reports. Zacks Investment Research raised Loews from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a report on Tuesday, May 7th. ValuEngine downgraded Loews from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $66.60.
Shares of L stock traded down $1.86 during mid-day trading on Wednesday, hitting $48.57. The company’s stock had a trading volume of 27,933 shares, compared to its average volume of 1,089,050. The stock’s fifty day simple moving average is $53.93. Loews Co. has a 52 week low of $42.06 and a 52 week high of $56.20. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.51. The company has a market cap of $15.41 billion, a P/E ratio of 17.27 and a beta of 0.64.
Loews (NYSE:L) last posted its quarterly earnings data on Monday, August 5th. The insurance provider reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.07. Loews had a return on equity of 4.72% and a net margin of 5.30%. The firm had revenue of $3.62 billion during the quarter. During the same period last year, the business posted $0.76 earnings per share. On average, equities analysts forecast that Loews Co. will post 3.35 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 28th will be given a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend is Tuesday, August 27th. Loews’s dividend payout ratio (DPR) is presently 8.80%.
Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States and internationally. It operates through CNA Financial Corporation; Diamond Offshore Drilling, Inc; Boardwalk Pipeline Partners, LP; and Loews Hotels Holding Corporation segments. The company offers specialty insurance products, such as management and professional liability insurance coverages and products; surety and fidelity bonds; and warranty and alternative risk services.
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