Penserra Capital Management LLC Takes Position in Loews Co. (L)
Penserra Capital Management LLC acquired a new stake in Loews Co. (NYSE:L) in the third quarter, according to its most recent filing with the SEC. The fund acquired 33,819 shares of the insurance provider’s stock, valued at approximately $1,698,000.
A number of other institutional investors have also added to or reduced their stakes in L. Reilly Financial Advisors LLC grew its position in shares of Loews by 402.4% during the 2nd quarter. Reilly Financial Advisors LLC now owns 2,135 shares of the insurance provider’s stock valued at $103,000 after purchasing an additional 1,710 shares in the last quarter. Braun Bostich & Associates Inc. grew its position in shares of Loews by 1,286.0% during the 2nd quarter. Braun Bostich & Associates Inc. now owns 2,176 shares of the insurance provider’s stock valued at $105,000 after purchasing an additional 2,019 shares in the last quarter. Dupont Capital Management Corp grew its position in shares of Loews by 57.9% during the 2nd quarter. Dupont Capital Management Corp now owns 3,042 shares of the insurance provider’s stock valued at $147,000 after purchasing an additional 1,116 shares in the last quarter. Federated Investors Inc. PA grew its position in shares of Loews by 385.9% during the 2nd quarter. Federated Investors Inc. PA now owns 3,304 shares of the insurance provider’s stock valued at $160,000 after purchasing an additional 2,624 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Loews during the 2nd quarter valued at $176,000. Institutional investors and hedge funds own 62.57% of the company’s stock.
In other news, Director Ann E. Berman sold 2,216 shares of Loews stock in a transaction on Tuesday, November 6th. The shares were sold at an average price of $49.27, for a total transaction of $109,182.32. Following the completion of the sale, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $73,905. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.30% of the company’s stock.
Loews (NYSE:L) last posted its quarterly earnings data on Monday, November 5th. The insurance provider reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.10). Loews had a return on equity of 4.75% and a net margin of 8.94%. The company had revenue of $3.61 billion for the quarter. During the same period in the prior year, the company earned $0.53 earnings per share. The business’s revenue was up 2.5% compared to the same quarter last year. Sell-side analysts forecast that Loews Co. will post 3.15 EPS for the current fiscal year.
Separately, Deutsche Bank boosted their price target on shares of Loews from $51.00 to $54.00 and gave the company a “hold” rating in a research report on Wednesday, August 1st. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $53.68.
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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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