CIBC World Markets Inc. bought a new position in shares of Loews Corporation (NYSE:L) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 23,892 shares of the insurance provider’s stock, valued at approximately $1,118,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC lifted its position in Loews Corporation by 285.2% during the first quarter. Parallel Advisors LLC now owns 2,681 shares of the insurance provider’s stock worth $126,000 after buying an additional 1,985 shares during the period. Private Advisor Group LLC purchased a new position in Loews Corporation during the first quarter worth about $127,000. Oppenheimer Asset Management Inc. purchased a new position in Loews Corporation during the first quarter worth about $175,000. CENTRAL TRUST Co lifted its position in Loews Corporation by 2.3% during the second quarter. CENTRAL TRUST Co now owns 5,117 shares of the insurance provider’s stock worth $239,000 after buying an additional 117 shares during the period. Finally, Trust Co. of Vermont lifted its position in Loews Corporation by 14.7% during the second quarter. Trust Co. of Vermont now owns 5,455 shares of the insurance provider’s stock worth $255,000 after buying an additional 700 shares during the period. Hedge funds and other institutional investors own 58.59% of the company’s stock.
Several equities analysts recently weighed in on L shares. BidaskClub downgraded Loews Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, August 24th. Zacks Investment Research downgraded Loews Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 14th. Finally, Jefferies Group LLC reiterated a “sell” rating and set a $35.00 target price on shares of Loews Corporation in a research report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. Loews Corporation currently has a consensus rating of “Hold” and an average price target of $43.33.
Shares of Loews Corporation (NYSE L) opened at 47.49 on Friday. The firm has a market capitalization of $15.99 billion, a price-to-earnings ratio of 14.03 and a beta of 0.71. The firm’s 50-day moving average price is $47.62 and its 200 day moving average price is $47.13. Loews Corporation has a 52 week low of $39.71 and a 52 week high of $49.58.
Loews Corporation (NYSE:L) last released its quarterly earnings data on Monday, July 31st. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.76. The firm had revenue of $3.36 billion during the quarter. Loews Corporation had a return on equity of 4.84% and a net margin of 8.44%. During the same period in the previous year, the business posted $0.59 EPS. On average, analysts anticipate that Loews Corporation will post $3.05 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Wednesday, August 30th were given a dividend of $0.0625 per share. The ex-dividend date of this dividend was Monday, August 28th. This represents a $0.25 dividend on an annualized basis and a yield of 0.53%. Loews Corporation’s payout ratio is 7.53%.
About Loews Corporation
Loews Corporation is a holding company. The Company, through its subsidiaries, is engaged in commercial property and casualty insurance; operation of offshore oil and gas drilling rigs; transportation and storage of natural gas and natural gas liquids, and operation of a chain of hotels. The Company has five segments consisted of its four individual operating subsidiaries, CNA Financial Corporation (CNA), Diamond Offshore Drilling, Inc (Diamond Offshore), Boardwalk Pipeline Partners, LP (Boardwalk Pipeline) and Loews Hotels Holding Corporation (Loews Hotels), and the Corporate segment.
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