Loews Co. (NYSE:L) Shares Purchased by Parametric Portfolio Associates LLC
Parametric Portfolio Associates LLC increased its stake in shares of Loews Co. (NYSE:L) by 2.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 826,286 shares of the insurance provider’s stock after purchasing an additional 17,151 shares during the period. Parametric Portfolio Associates LLC owned 0.27% of Loews worth $45,173,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Glassman Wealth Services raised its position in shares of Loews by 182.0% during the 1st quarter. Glassman Wealth Services now owns 516 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 333 shares during the last quarter. Cornerstone Advisors Inc. raised its holdings in Loews by 23.8% in the 2nd quarter. Cornerstone Advisors Inc. now owns 1,003 shares of the insurance provider’s stock valued at $55,000 after acquiring an additional 193 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in Loews in the 2nd quarter valued at about $74,000. Whitener Capital Management Inc. raised its holdings in Loews by 13.6% in the 2nd quarter. Whitener Capital Management Inc. now owns 2,858 shares of the insurance provider’s stock valued at $156,000 after acquiring an additional 342 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings in Loews by 8.4% in the 2nd quarter. Parallel Advisors LLC now owns 2,896 shares of the insurance provider’s stock valued at $158,000 after acquiring an additional 224 shares during the last quarter. Hedge funds and other institutional investors own 62.11% of the company’s stock.
In other news, VP Marc A. Alpert sold 1,626 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $49.26, for a total value of $80,096.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 14.20% of the company’s stock.
Loews (NYSE:L) last released its quarterly earnings data on Monday, August 5th. The insurance provider reported $0.82 EPS for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.07. The company had revenue of $3.62 billion during the quarter. Loews had a net margin of 5.30% and a return on equity of 4.72%. During the same quarter in the previous year, the company posted $0.76 EPS. On average, analysts forecast that Loews Co. will post 3.35 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 28th were paid a $0.0625 dividend. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $0.25 annualized dividend and a dividend yield of 0.49%. Loews’s dividend payout ratio (DPR) is 8.80%.
L has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Loews from a “sell” rating to a “hold” rating and set a $50.00 price objective for the company in a report on Wednesday, August 28th. ValuEngine downgraded shares of Loews from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $65.20.
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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