D.A. Davidson & CO. cut its holdings in shares of Loews Co. (NYSE:L) by 25.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,499 shares of the insurance provider’s stock after selling 1,568 shares during the quarter. D.A. Davidson & CO.’s holdings in Loews were worth $205,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. St. James Investment Company LLC raised its stake in shares of Loews by 71.1% in the 3rd quarter. St. James Investment Company LLC now owns 1,065,751 shares of the insurance provider’s stock valued at $53,533,000 after acquiring an additional 442,857 shares in the last quarter. Schwerin Boyle Capital Management Inc. boosted its stake in Loews by 519.0% in the 3rd quarter. Schwerin Boyle Capital Management Inc. now owns 431,425 shares of the insurance provider’s stock valued at $21,670,000 after buying an additional 361,725 shares in the last quarter. BlackRock Inc. boosted its stake in Loews by 2.0% in the third quarter. BlackRock Inc. now owns 18,192,680 shares of the insurance provider’s stock worth $913,818,000 after purchasing an additional 357,382 shares in the last quarter. Prudential Financial Inc. boosted its stake in Loews by 38.8% in the third quarter. Prudential Financial Inc. now owns 801,459 shares of the insurance provider’s stock worth $40,257,000 after purchasing an additional 224,244 shares in the last quarter. Finally, Morgan Stanley boosted its stake in Loews by 26.7% in the third quarter. Morgan Stanley now owns 824,564 shares of the insurance provider’s stock worth $41,419,000 after purchasing an additional 173,600 shares in the last quarter. Hedge funds and other institutional investors own 64.24% of the company’s stock.
Loews stock opened at $46.77 on Thursday. The firm has a market cap of $14.43 billion, a price-to-earnings ratio of 16.35 and a beta of 0.64. Loews Co. has a one year low of $42.06 and a one year high of $53.04. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.33 and a current ratio of 0.33.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 12th. Stockholders of record on Wednesday, February 27th will be given a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.53%. The ex-dividend date is Tuesday, February 26th. Loews’s dividend payout ratio (DPR) is presently 8.74%.
In related news, insider Andrew H. Tisch sold 22,916 shares of the business’s stock in a transaction dated Wednesday, January 2nd. The stock was sold at an average price of $45.10, for a total value of $1,033,511.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles M. Diker sold 664 shares of Loews stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $48.48, for a total value of $32,190.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,181 shares of company stock valued at $2,371,101. Corporate insiders own 12.30% of the company’s stock.
A number of equities research analysts have recently weighed in on L shares. Raymond James restated a “buy” rating and set a $66.00 target price on shares of Loews in a research report on Wednesday, November 14th. Zacks Investment Research cut Loews from a “hold” rating to a “sell” rating in a research note on Thursday, January 17th. Finally, CIBC reaffirmed an “average” rating and set a $70.00 price objective on shares of Loews in a research report on Thursday, November 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $54.94.
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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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