Andra AP fonden acquired a new stake in shares of Loews Co. (NYSE:L) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 120,600 shares of the insurance provider’s stock, valued at approximately $5,780,000.
A number of other hedge funds have also recently made changes to their positions in L. Teacher Retirement System of Texas boosted its holdings in shares of Loews by 25.3% in the fourth quarter. Teacher Retirement System of Texas now owns 669,398 shares of the insurance provider’s stock worth $30,471,000 after buying an additional 135,066 shares during the last quarter. MML Investors Services LLC bought a new stake in Loews during the 4th quarter worth approximately $373,000. Bank of New York Mellon Corp raised its stake in Loews by 18.8% during the 4th quarter. Bank of New York Mellon Corp now owns 2,478,852 shares of the insurance provider’s stock worth $112,837,000 after acquiring an additional 393,140 shares during the period. Candriam Luxembourg S.C.A. raised its stake in Loews by 6.8% during the 4th quarter. Candriam Luxembourg S.C.A. now owns 42,914 shares of the insurance provider’s stock worth $1,953,000 after acquiring an additional 2,727 shares during the period. Finally, BNP Paribas Arbitrage SA raised its stake in Loews by 160.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 246,355 shares of the insurance provider’s stock worth $11,808,000 after acquiring an additional 151,847 shares during the period. 62.68% of the stock is currently owned by institutional investors.
In other Loews news, VP Marc A. Alpert sold 4,767 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $50.95, for a total value of $242,878.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Richard Waldo Scott sold 6,228 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $51.99, for a total transaction of $323,793.72. Following the completion of the transaction, the senior vice president now owns 29,732 shares of the company’s stock, valued at $1,545,766.68. The disclosure for this sale can be found here. Insiders have sold 36,000 shares of company stock valued at $1,892,556 over the last three months. Insiders own 14.20% of the company’s stock.
Loews (NYSE:L) last posted its quarterly earnings data on Monday, April 29th. The insurance provider reported $1.27 EPS for the quarter, topping the consensus estimate of $0.96 by $0.31. The company had revenue of $3.76 billion during the quarter. Loews had a net margin of 5.17% and a return on equity of 4.72%. During the same period in the previous year, the firm earned $0.80 earnings per share. On average, research analysts forecast that Loews Co. will post 3.4 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Wednesday, May 29th were paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend was Tuesday, May 28th. Loews’s dividend payout ratio is currently 8.80%.
Several research firms have recently issued reports on L. ValuEngine upgraded shares of Loews from a “hold” rating to a “buy” rating in a research report on Tuesday, July 2nd. Zacks Investment Research raised shares of Loews from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Loews has a consensus rating of “Hold” and a consensus target price of $64.50.
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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