Metropolitan Life Insurance Co NY cut its holdings in shares of Loews Co. (NYSE:L) by 3.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,456 shares of the insurance provider’s stock after selling 1,300 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in Loews were worth $2,031,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Ontario Teachers Pension Plan Board raised its position in Loews by 128.8% during the second quarter. Ontario Teachers Pension Plan Board now owns 91,115 shares of the insurance provider’s stock valued at $4,981,000 after acquiring an additional 51,288 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Loews by 2.7% during the 2nd quarter. Bank of America Corp DE now owns 926,333 shares of the insurance provider’s stock worth $50,644,000 after acquiring an additional 24,643 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Loews by 1,649,000.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 164,910 shares of the insurance provider’s stock worth $9,016,000 after acquiring an additional 164,900 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Loews by 14.2% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 508,345 shares of the insurance provider’s stock valued at $27,334,000 after acquiring an additional 63,184 shares during the period. Finally, BlackRock Inc. grew its position in shares of Loews by 3.8% during the 2nd quarter. BlackRock Inc. now owns 19,005,207 shares of the insurance provider’s stock valued at $1,039,014,000 after acquiring an additional 700,123 shares during the period. 61.64% of the stock is owned by institutional investors.
In related news, CFO David B. Edelson sold 9,741 shares of the business’s stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 26,927 shares in the company, valued at $1,370,315.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kenneth I. Siegel sold 3,026 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $51.14, for a total value of $154,749.64. Following the completion of the transaction, the senior vice president now directly owns 5,625 shares of the company’s stock, valued at $287,662.50. The disclosure for this sale can be found here. Insiders have sold 14,821 shares of company stock valued at $752,129 in the last three months. Corporate insiders own 14.20% of the company’s stock.
Loews (NYSE:L) last posted its quarterly earnings data on Monday, October 28th. The insurance provider reported $0.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.51). The company had revenue of $3.68 billion for the quarter. Loews had a return on equity of 4.45% and a net margin of 3.83%. During the same period in the previous year, the company earned $0.84 EPS. Sell-side analysts predict that Loews Co. will post 2.95 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 27th will be given a $0.0625 dividend. The ex-dividend date is Tuesday, November 26th. This represents a $0.25 annualized dividend and a dividend yield of 0.52%. Loews’s dividend payout ratio (DPR) is 8.80%.
A number of equities analysts recently weighed in on the company. Zacks Investment Research raised Loews from a “sell” rating to a “hold” rating and set a $50.00 price target for the company in a report on Wednesday, August 28th. TheStreet downgraded Loews from a “b” rating to a “c+” rating in a research report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating, Loews has an average rating of “Hold” and an average 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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