Strs Ohio cut its holdings in shares of Loews Co. (NYSE:L) by 27.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 114,515 shares of the insurance provider’s stock after selling 43,493 shares during the period. Strs Ohio’s holdings in Loews were worth $5,528,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in L. Reilly Financial Advisors LLC grew its position in Loews by 402.4% in the 2nd quarter. Reilly Financial Advisors LLC now owns 2,135 shares of the insurance provider’s stock valued at $103,000 after buying an additional 1,710 shares during the last quarter. Dupont Capital Management Corp grew its position in Loews by 57.9% in the 2nd quarter. Dupont Capital Management Corp now owns 3,042 shares of the insurance provider’s stock valued at $147,000 after buying an additional 1,116 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new position in Loews in the 2nd quarter valued at $176,000. Fort Washington Investment Advisors Inc. OH purchased a new position in Loews in the 1st quarter valued at $201,000. Finally, Atria Investments LLC purchased a new stake in shares of Loews during the 1st quarter worth $206,000. Institutional investors and hedge funds own 62.13% of the company’s stock.
Several brokerages have commented on L. Citigroup upgraded shares of Loews from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $63.10 to $30.70 in a research report on Monday, May 14th. Zacks Investment Research lowered shares of Loews from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 3rd. ValuEngine lowered shares of Loews from a “buy” rating to a “hold” rating in a research report on Friday, May 18th. Finally, Deutsche Bank boosted their target price on shares of Loews from $51.00 to $54.00 and gave the stock a “hold” rating in a research report on Wednesday, August 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Loews has an average rating of “Hold” and an average target price of $53.68.
NYSE:L opened at $50.11 on Wednesday. The firm has a market cap of $15.85 billion, a PE ratio of 17.52 and a beta of 0.68. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.35 and a quick ratio of 0.35. Loews Co. has a 52-week low of $45.01 and a 52-week high of $53.59.
Loews (NYSE:L) last released its quarterly earnings results on Monday, July 30th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.03. The business had revenue of $3.59 billion during the quarter. Loews had a return on equity of 4.11% and a net margin of 8.15%. During the same period last year, the firm earned $0.68 EPS. analysts expect that Loews Co. will post 3.4 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 11th. Stockholders of record on Wednesday, August 29th will be paid a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a dividend yield of 0.50%. The ex-dividend date is Tuesday, August 28th. Loews’s dividend payout ratio (DPR) is presently 8.74%.
In other news, VP Marc A. Alpert sold 2,141 shares of Loews stock in a transaction on Friday, August 10th. The stock was sold at an average price of $49.97, for a total transaction of $106,985.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.30% of the company’s stock.
Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States, Canada, the United Kingdom, Continental Europe, and Singapore. The company offers management and professional liability insurance and risk management services, and other specialized property and casualty coverages; commercial surety and fidelity bonds; and warranty and alternative risk services primarily for vehicles and cell phones.
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