Parametric Portfolio Associates LLC lowered its stake in Loews Co. (NYSE:L) by 1.5% during the third quarter, HoldingsChannel.com reports. The firm owned 814,038 shares of the insurance provider’s stock after selling 12,248 shares during the period. Parametric Portfolio Associates LLC’s holdings in Loews were worth $41,907,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. M&T Bank Corp increased its holdings in Loews by 1.6% during the 2nd quarter. M&T Bank Corp now owns 13,770 shares of the insurance provider’s stock worth $752,000 after purchasing an additional 214 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of 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 in the last quarter. Captrust Financial Advisors grew its holdings in shares of Loews by 20.8% in the 2nd quarter. Captrust Financial Advisors now owns 1,404 shares of the insurance provider’s stock valued at $77,000 after acquiring an additional 242 shares in the last quarter. Wetherby Asset Management Inc. grew its holdings in shares of Loews by 4.0% in the 2nd quarter. Wetherby Asset Management Inc. now owns 7,165 shares of the insurance provider’s stock valued at $392,000 after acquiring an additional 275 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in shares of Loews by 1.1% in the 2nd quarter. CIBC Asset Management Inc now owns 26,693 shares of the insurance provider’s stock valued at $1,459,000 after acquiring an additional 296 shares in the last quarter. 61.64% of the stock is currently owned by institutional investors.
In related news, CFO David B. Edelson sold 9,741 shares of Loews stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $50.89, for a total transaction of $495,719.49. Following the completion of the transaction, the chief financial officer now owns 26,927 shares in the company, valued at $1,370,315.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth I. Siegel sold 3,026 shares of Loews stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $51.14, for a total value of $154,749.64. Following the transaction, the senior vice president now owns 5,625 shares of the company’s stock, valued at approximately $287,662.50. The disclosure for this sale can be found here. Insiders have sold 14,393 shares of company stock valued at $730,566 in the last quarter. 14.20% of the stock is currently owned by corporate insiders.
Loews (NYSE:L) last announced its quarterly earnings data on Monday, October 28th. The insurance provider reported $0.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.51). The company had revenue of $3.68 billion during the quarter. Loews had a net margin of 3.83% and a return on equity of 4.45%. During the same period last year, the firm earned $0.84 EPS. On average, sell-side analysts expect that Loews Co. will post 2.95 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 27th will be issued a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date is Tuesday, November 26th. Loews’s payout ratio is currently 8.80%.
Several equities analysts have recently weighed in on L shares. Zacks Investment Research upgraded 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. TheStreet cut Loews from a “b” rating to a “c+” rating in a report on Monday, October 28th. Four research analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and a consensus price target of $63.33.
Loews Company Profile
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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