Ameriprise Financial Inc. reduced its stake in shares of Loews Corporation (NYSE:L) by 0.5% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 982,573 shares of the insurance provider’s stock after selling 5,186 shares during the period. Ameriprise Financial Inc. owned approximately 0.29% of Loews Corporation worth $45,953,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Loews Corporation by 0.3% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,839 shares of the insurance provider’s stock worth $742,000 after buying an additional 51 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its position in shares of Loews Corporation by 0.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 8,490 shares of the insurance provider’s stock worth $349,000 after buying an additional 60 shares in the last quarter. Cedar Wealth Management LLC increased its position in shares of Loews Corporation by 5.2% in the third quarter. Cedar Wealth Management LLC now owns 3,820 shares of the insurance provider’s stock worth $157,000 after buying an additional 190 shares in the last quarter. Creative Planning increased its position in shares of Loews Corporation by 3.7% in the first quarter. Creative Planning now owns 5,672 shares of the insurance provider’s stock worth $265,000 after buying an additional 205 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. increased its position in shares of Loews Corporation by 3.4% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 7,585 shares of the insurance provider’s stock worth $332,000 after buying an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 58.82% of the company’s stock.
Shares of Loews Corporation (NYSE:L) traded down 0.31% during trading on Monday, hitting $47.99. 714,558 shares of the stock traded hands. The company has a market cap of $16.16 billion, a price-to-earnings ratio of 19.20 and a beta of 0.71. Loews Corporation has a 52 week low of $38.17 and a 52 week high of $48.39. The firm’s 50-day moving average price is $46.84 and its 200-day moving average price is $46.78.
Loews Corporation (NYSE:L) last posted its quarterly earnings data on Monday, May 1st. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.21. The business had revenue of $3.30 billion during the quarter. Loews Corporation had a return on equity of 4.67% and a net margin of 6.23%. During the same quarter in the previous year, the business posted $0.30 earnings per share. On average, equities research analysts anticipate that Loews Corporation will post $3.18 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 13th. Investors of record on Wednesday, May 31st were issued a dividend of $0.0625 per share. The ex-dividend date of this dividend was Friday, May 26th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.52%. Loews Corporation’s payout ratio is presently 10.25%.
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A number of equities research analysts recently commented on the stock. Jefferies Group LLC reissued a “sell” rating and issued a $35.00 price objective on shares of Loews Corporation in a research note on Tuesday, June 6th. BidaskClub raised shares of Loews Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, Zacks Investment Research cut shares of Loews Corporation from a “buy” rating to a “hold” rating in a research report on Monday. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $43.33.
Loews Corporation Company Profile
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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