Allianz Asset Management GmbH reduced its holdings in shares of Loews Co. (NYSE:L) by 76.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,046 shares of the insurance provider’s stock after selling 193,184 shares during the period. Allianz Asset Management GmbH’s holdings in Loews were worth $2,904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in L. BlackRock Inc. increased its holdings in shares of Loews by 0.5% in the fourth quarter. BlackRock Inc. now owns 17,733,302 shares of the insurance provider’s stock valued at $887,195,000 after purchasing an additional 82,323 shares during the period. Boston Partners increased its holdings in shares of Loews by 1.7% in the fourth quarter. Boston Partners now owns 8,045,473 shares of the insurance provider’s stock valued at $402,515,000 after purchasing an additional 131,148 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Loews by 7.0% in the fourth quarter. Wells Fargo & Company MN now owns 5,393,471 shares of the insurance provider’s stock valued at $269,835,000 after purchasing an additional 355,183 shares during the period. Marathon Asset Management LLP increased its holdings in shares of Loews by 1.7% in the fourth quarter. Marathon Asset Management LLP now owns 2,082,148 shares of the insurance provider’s stock valued at $104,170,000 after purchasing an additional 34,263 shares during the period. Finally, TD Asset Management Inc. increased its holdings in shares of Loews by 13.3% in the third quarter. TD Asset Management Inc. now owns 1,876,838 shares of the insurance provider’s stock valued at $89,825,000 after purchasing an additional 220,154 shares during the period. 64.36% of the stock is currently owned by institutional investors.
In other Loews news, insider Kenneth I. Siegel sold 6,242 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $50.23, for a total transaction of $313,535.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jonathan M. Tisch sold 7,800 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $47.51, for a total value of $370,578.00. Following the transaction, the insider now directly owns 2,990,022 shares of the company’s stock, valued at approximately $142,055,945.22. The disclosure for this sale can be found here. Insiders have sold 14,316 shares of company stock worth $697,655 in the last quarter. 12.30% of the stock is currently owned by company insiders.
L has been the topic of a number of recent research reports. Zacks Investment Research upgraded Loews from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Friday, January 5th. Desjardins downgraded Loews to a “hold” rating and set a $76.00 target price on the stock. in a research note on Tuesday, January 30th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $56.00.
Shares of L traded up $0.46 during mid-day trading on Thursday, reaching $50.54. The company had a trading volume of 1,150,680 shares, compared to its average volume of 1,560,798. Loews Co. has a 52-week low of $45.01 and a 52-week high of $53.59. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $16,582.66, a price-to-earnings ratio of 17.51 and a beta of 0.70.
Loews (NYSE:L) last issued its earnings results on Monday, February 12th. The insurance provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.12. The firm had revenue of $3.56 billion for the quarter. Loews had a return on equity of 4.08% and a net margin of 8.47%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.73 EPS. equities analysts anticipate that Loews Co. will post 3.43 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 13th. Shareholders of record on Wednesday, February 28th were given a dividend of $0.0625 per share. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $0.25 dividend on an annualized basis and a yield of 0.49%. Loews’s dividend payout ratio is currently 8.74%.
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Loews Company Profile
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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