Envestnet Asset Management Inc. cut its stake in shares of Loews Co. (NYSE:L) by 37.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,379 shares of the insurance provider’s stock after selling 2,017 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Loews were worth $164,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in L. BlackRock Inc. boosted its position in Loews by 0.7% during the 2nd quarter. BlackRock Inc. now owns 17,835,298 shares of the insurance provider’s stock worth $861,090,000 after buying an additional 115,776 shares during the period. Boston Partners boosted its position in Loews by 1.3% during the 2nd quarter. Boston Partners now owns 8,256,576 shares of the insurance provider’s stock worth $398,628,000 after buying an additional 109,345 shares during the period. Diamond Hill Capital Management Inc. boosted its position in Loews by 1.0% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 5,758,393 shares of the insurance provider’s stock worth $278,015,000 after buying an additional 54,226 shares during the period. Wells Fargo & Company MN boosted its position in Loews by 0.4% during the 2nd quarter. Wells Fargo & Company MN now owns 5,551,024 shares of the insurance provider’s stock worth $268,003,000 after buying an additional 24,357 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its position in Loews by 10.7% during the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,213,350 shares of the insurance provider’s stock worth $159,800,000 after buying an additional 311,032 shares during the period. 62.41% of the stock is currently owned by institutional investors.
Several research firms recently commented on L. Deutsche Bank lifted their target price on shares of Loews from $51.00 to $54.00 and gave the stock a “hold” rating in a research report on Wednesday, August 1st. Zacks Investment Research upgraded shares of Loews from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a research report on Wednesday, May 30th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $53.68.
NYSE:L opened at $50.74 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.35 and a current ratio of 0.35. Loews Co. has a one year low of $45.52 and a one year high of $53.59. The company has a market cap of $16.36 billion, a P/E ratio of 17.74 and a beta of 0.67.
Loews (NYSE:L) last issued its quarterly earnings results on Monday, July 30th. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.03. The firm had revenue of $3.59 billion for the quarter. Loews had a net margin of 8.15% and a return on equity of 4.11%. During the same quarter last year, the firm posted $0.68 EPS. analysts expect that Loews Co. will post 3.4 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 11th. Stockholders of record on Wednesday, August 29th were given a $0.0625 dividend. The ex-dividend date of this dividend was Tuesday, August 28th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.49%. Loews’s dividend payout ratio (DPR) is currently 8.74%.
Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States, Canada, the United Kingdom, Continental Europe, and Singapore. The company offers management and professional liability insurance and risk management services, and other specialized property and casualty coverages; commercial surety and fidelity bonds; and warranty and alternative risk services primarily for vehicles and cell phones.
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