Great West Life Assurance Co. Can reduced its holdings in Loews Co. (NYSE:L) by 9.7% in the 3rd quarter, Holdings Channel reports. The firm owned 218,352 shares of the insurance provider’s stock after selling 23,506 shares during the quarter. Great West Life Assurance Co. Can’s holdings in Loews were worth $10,976,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Dupont Capital Management Corp increased its holdings in Loews by 57.9% during the 2nd quarter. Dupont Capital Management Corp now owns 3,042 shares of the insurance provider’s stock worth $147,000 after acquiring an additional 1,116 shares during the period. Raymond James Financial Services Advisors Inc. bought a new stake in Loews during the 2nd quarter worth approximately $367,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Loews by 5.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 870,941 shares of the insurance provider’s stock worth $42,049,000 after acquiring an additional 45,065 shares during the period. Cognios Capital LLC bought a new stake in Loews during the 2nd quarter worth approximately $1,935,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Loews during the 2nd quarter worth approximately $299,000. Hedge funds and other institutional investors own 63.41% of the company’s stock.
In other news, Director Ann E. Berman sold 2,216 shares of the company’s stock in a transaction on Tuesday, November 6th. The shares were sold at an average price of $49.27, for a total value of $109,182.32. Following the completion of the sale, the director now owns 1,500 shares of the company’s stock, valued at approximately $73,905. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles M. Diker sold 664 shares of the company’s stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $48.48, for a total transaction of $32,190.72. The disclosure for this sale can be found here. 12.30% of the stock is owned by corporate insiders.
L has been the topic of a number of analyst reports. CIBC reaffirmed an “average” rating and set a $70.00 target price on shares of Loews in a report on Thursday, November 15th. Raymond James reissued a “buy” rating and issued a $66.00 price target on shares of Loews in a report on Wednesday, November 14th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Loews currently has an average rating of “Hold” and a consensus target price of $58.45.
Shares of NYSE:L opened at $46.92 on Friday. The firm has a market capitalization of $14.76 billion, a PE ratio of 16.41 and a beta of 0.70. Loews Co. has a one year low of $44.78 and a one year high of $53.59. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.33 and a current ratio of 0.33.
Loews (NYSE:L) last issued its quarterly earnings results on Monday, November 5th. The insurance provider reported $0.88 EPS for the quarter, missing the Zacks’ consensus estimate of $0.98 by ($0.10). The company had revenue of $3.61 billion during the quarter. Loews had a return on equity of 4.75% and a net margin of 8.94%. Loews’s revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.53 earnings per share. Research analysts expect that Loews Co. will post 3 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Stockholders of record on Wednesday, November 28th will be issued a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Tuesday, November 27th. Loews’s payout ratio is 8.74%.
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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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