WEALTHFRONT Corp Reduces Stake in Loews Co. (L)

WEALTHFRONT Corp lessened its position in Loews Co. (NYSE:L) by 7.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 14,465 shares of the insurance provider’s stock after selling 1,109 shares during the quarter. WEALTHFRONT Corp’s holdings in Loews were worth $727,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of L. Dupont Capital Management Corp raised its stake in shares of Loews by 57.9% in the 2nd quarter. Dupont Capital Management Corp now owns 3,042 shares of the insurance provider’s stock worth $147,000 after buying an additional 1,116 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Loews in the 2nd quarter worth $367,000. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Loews by 5.5% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 870,941 shares of the insurance provider’s stock worth $42,049,000 after buying an additional 45,065 shares in the last quarter. Cognios Capital LLC bought a new stake in shares of Loews in the 2nd quarter worth $1,935,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Loews in the 2nd quarter worth $299,000. 63.41% of the stock is currently owned by institutional investors.

In other news, Director Ann E. Berman sold 2,216 shares of Loews stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $49.27, for a total transaction of $109,182.32. Following the transaction, the director now owns 1,500 shares in the company, valued at $73,905. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles M. Diker sold 664 shares of Loews stock in a transaction on 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. Insiders own 12.30% of the company’s stock.

Shares of NYSE L opened at $45.78 on Friday. Loews Co. has a 52-week low of $44.78 and a 52-week 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. The firm has a market capitalization of $14.74 billion, a P/E ratio of 16.01 and a beta of 0.70.

Loews (NYSE:L) last issued its quarterly earnings results on Monday, November 5th. The insurance provider reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.10). Loews had a net margin of 8.94% and a return on equity of 4.75%. The business had revenue of $3.61 billion for the quarter. During the same quarter last year, the company earned $0.53 EPS. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. As a group, research analysts expect that Loews Co. will post 3 EPS for the current fiscal year.

The firm 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 dividend of $0.0625 per share. The ex-dividend date is Tuesday, November 27th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.55%. Loews’s dividend payout ratio is 8.74%.

A number of equities analysts recently issued reports on L shares. CIBC restated an “average” rating and issued a $70.00 target price on shares of Loews in a report on Thursday, November 15th. Raymond James restated a “buy” rating and issued a $66.00 target price on shares of Loews in a report on Wednesday, November 14th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $58.45.

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Loews 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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Institutional Ownership by Quarter for Loews (NYSE:L)

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