Loews Corporation (L) Holdings Lifted by Public Employees Retirement Association of Colorado
Public Employees Retirement Association of Colorado raised its stake in shares of Loews Corporation (NYSE:L) by 3.6% during the fourth quarter, HoldingsChannel reports. The firm owned 51,642 shares of the insurance provider’s stock after purchasing an additional 1,774 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Loews were worth $2,584,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Legal & General Group Plc increased its stake in Loews by 3.4% during the 3rd quarter. Legal & General Group Plc now owns 1,542,196 shares of the insurance provider’s stock valued at $73,811,000 after purchasing an additional 50,182 shares in the last quarter. Thompson Siegel & Walmsley LLC increased its stake in shares of Loews by 2.8% in the third quarter. Thompson Siegel & Walmsley LLC now owns 1,787,145 shares of the insurance provider’s stock worth $85,533,000 after acquiring an additional 48,612 shares during the period. Westpac Banking Corp increased its stake in shares of Loews by 29.1% in the third quarter. Westpac Banking Corp now owns 21,183 shares of the insurance provider’s stock worth $1,014,000 after acquiring an additional 4,778 shares during the period. Bessemer Group Inc. increased its stake in shares of Loews by 106.5% in the third quarter. Bessemer Group Inc. now owns 125,733 shares of the insurance provider’s stock worth $6,018,000 after acquiring an additional 64,852 shares during the period. Finally, TD Asset Management Inc. increased its stake 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 worth $89,825,000 after acquiring an additional 220,154 shares during the period. Institutional investors and hedge funds own 59.43% of the company’s stock.
Shares of Loews Corporation (NYSE L) opened at $48.09 on Wednesday. The firm has a market cap of $15,989.98, a price-to-earnings ratio of 13.94 and a beta of 0.71. Loews Corporation has a 52 week low of $45.01 and a 52 week high of $53.59. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.46.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 13th. Investors of record on Wednesday, February 28th will be issued a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.52%. Loews’s dividend payout ratio (DPR) is presently 7.25%.
A number of analysts have recently weighed in on the stock. Desjardins lowered shares of Loews to a “hold” rating and set a $76.00 price objective on the stock. in a research note on Tuesday, January 30th. ValuEngine lowered shares of Loews from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th. Finally, Zacks Investment Research upgraded shares of Loews from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research note on Friday, January 5th. Two 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 company. Loews presently has an average rating of “Hold” and a consensus price target of $56.00.
In related news, Director Ann E. Berman sold 1,383 shares of the stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $50.30, for a total transaction of $69,564.90. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jonathan M. Tisch sold 7,800 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $47.51, for a total transaction of $370,578.00. Following the sale, the insider now directly owns 2,990,022 shares in the company, valued at $142,055,945.22. The disclosure for this sale can be found here. Insiders have sold 28,360 shares of company stock worth $1,400,277 over the last three months. 11.80% of the stock is currently owned by insiders.
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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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