Texas Permanent School Fund cut its holdings in shares of Loews Co. (NYSE:L) by 4.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,294 shares of the insurance provider’s stock after selling 2,318 shares during the quarter. Texas Permanent School Fund’s holdings in Loews were worth $2,554,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of L. Teacher Retirement System of Texas increased its holdings in shares of Loews by 25.3% in the fourth quarter. Teacher Retirement System of Texas now owns 669,398 shares of the insurance provider’s stock worth $30,471,000 after purchasing an additional 135,066 shares during the last quarter. MML Investors Services LLC bought a new stake in shares of Loews in the fourth quarter worth about $373,000. Bank of New York Mellon Corp increased its holdings in shares of Loews by 18.8% in the fourth quarter. Bank of New York Mellon Corp now owns 2,478,852 shares of the insurance provider’s stock worth $112,837,000 after purchasing an additional 393,140 shares during the last quarter. Candriam Luxembourg S.C.A. increased its holdings in shares of Loews by 6.8% in the fourth quarter. Candriam Luxembourg S.C.A. now owns 42,914 shares of the insurance provider’s stock worth $1,953,000 after purchasing an additional 2,727 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its holdings in shares of Loews by 160.7% in the first quarter. BNP Paribas Arbitrage SA now owns 246,355 shares of the insurance provider’s stock worth $11,808,000 after purchasing an additional 151,847 shares during the last quarter. 65.60% of the stock is currently owned by institutional investors and hedge funds.
NYSE L traded up $0.26 during trading hours on Friday, hitting $52.18. 20,628 shares of the company were exchanged, compared to its average volume of 1,123,323. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.34 and a quick ratio of 0.34. Loews Co. has a 52 week low of $42.06 and a 52 week high of $52.35. The stock has a market capitalization of $15.79 billion, a P/E ratio of 18.36 and a beta of 0.69.
Loews (NYSE:L) last announced its earnings results on Monday, April 29th. The insurance provider reported $1.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.31. Loews had a return on equity of 4.72% and a net margin of 5.17%. The business had revenue of $3.76 billion during the quarter. During the same quarter last year, the firm earned $0.80 EPS. As a group, equities research analysts anticipate that Loews Co. will post 3.4 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 11th. Shareholders of record on Wednesday, May 29th will be given a dividend of $0.0625 per share. The ex-dividend date of this dividend is Tuesday, May 28th. This represents a $0.25 annualized dividend and a dividend yield of 0.48%. Loews’s dividend payout ratio (DPR) is presently 8.80%.
Several equities research analysts have weighed in on L shares. Scotiabank reissued an “average” rating and set a $68.00 price objective on shares of Loews in a research note on Friday, February 22nd. Barclays reissued an “average” rating and set a $72.00 price objective on shares of Loews in a research note on Thursday, February 21st. Finally, Zacks Investment Research cut Loews from a “hold” rating to a “sell” rating in a research note on Thursday, January 17th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $64.50.
In other Loews news, Director Ann E. Berman sold 1,399 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $48.24, for a total transaction of $67,487.76. Following the completion of the transaction, the director now owns 1,500 shares in the company, valued at $72,360. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph L. Bower sold 812 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $47.56, for a total value of $38,618.72. Following the transaction, the director now owns 10,886 shares of the company’s stock, valued at approximately $517,738.16. The disclosure for this sale can be found here. Insiders have sold 23,805 shares of company stock valued at $1,153,895 in the last 90 days. Company insiders own 14.20% of the company’s stock.
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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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