Wells Fargo & Company MN raised its position in Loews Co. (NYSE:L) by 2.5% during the first quarter, HoldingsChannel.com reports. The firm owned 5,526,667 shares of the insurance provider’s stock after buying an additional 133,196 shares during the quarter. Wells Fargo & Company MN’s holdings in Loews were worth $274,841,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Diamond Hill Capital Management Inc. grew its stake in shares of Loews by 3.8% in the first quarter. Diamond Hill Capital Management Inc. now owns 5,704,167 shares of the insurance provider’s stock valued at $283,668,000 after buying an additional 206,886 shares in the last quarter. Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of Loews in the first quarter valued at about $201,000. Xact Kapitalforvaltning AB grew its stake in shares of Loews by 16.6% in the fourth quarter. Xact Kapitalforvaltning AB now owns 26,265 shares of the insurance provider’s stock valued at $1,314,000 after buying an additional 3,748 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Loews by 47.6% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 269,279 shares of the insurance provider’s stock valued at $13,472,000 after buying an additional 86,822 shares in the last quarter. Finally, OLD Mutual Customised Solutions Proprietary Ltd. grew its stake in shares of Loews by 40.3% in the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 18,100 shares of the insurance provider’s stock valued at $906,000 after buying an additional 5,200 shares in the last quarter. Institutional investors own 66.19% of the company’s stock.
A number of research firms have recently issued reports on L. Zacks Investment Research lowered Loews from a “buy” rating to a “hold” rating in a research note on Tuesday, April 17th. Desjardins lowered Loews to a “hold” rating and set a $76.00 price objective for the company. in a research note on Tuesday, January 30th. Finally, Citigroup upgraded Loews from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $63.10 to $30.70 in a research note on Monday. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. Loews presently has a consensus rating of “Hold” and an average target price of $49.68.
Shares of Loews opened at $51.45 on Friday, according to MarketBeat. Loews Co. has a fifty-two week low of $51.03 and a fifty-two week high of $51.40. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.47. The company has a market cap of $16.38 billion, a price-to-earnings ratio of 17.99 and a beta of 0.69.
Loews (NYSE:L) last issued its earnings results on Monday, April 30th. The insurance provider reported $0.89 EPS for the quarter, topping the consensus estimate of $0.78 by $0.11. The company had revenue of $3.58 billion during the quarter. Loews had a return on equity of 4.07% and a net margin of 8.29%. Loews’s revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.87 EPS. equities analysts expect that Loews Co. will post 3.5 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 12th. Stockholders of record on Wednesday, May 30th will be given a $0.0625 dividend. The ex-dividend date is Tuesday, May 29th. This represents a $0.25 annualized dividend and a dividend yield of 0.49%. Loews’s payout ratio is 8.74%.
In other news, insider Kenneth I. Siegel sold 6,242 shares of Loews stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $50.23, for a total value of $313,535.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 12.30% of the stock is currently owned by company insiders.
Loews Company Profile
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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