Stevens Capital Management LP acquired a new position in shares of Loews Co. (NYSE:L) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 68,061 shares of the insurance provider’s stock, valued at approximately $3,721,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Cornerstone Advisors Inc. grew its holdings in shares of Loews by 23.8% during the second quarter. Cornerstone Advisors Inc. now owns 1,003 shares of the insurance provider’s stock valued at $55,000 after purchasing an additional 193 shares during the last quarter. Bessemer Securities LLC increased its position in Loews by 0.5% during the second quarter. Bessemer Securities LLC now owns 42,415 shares of the insurance provider’s stock worth $2,319,000 after buying an additional 208 shares in the last quarter. World Asset Management Inc increased its position in Loews by 1.1% during the second quarter. World Asset Management Inc now owns 20,275 shares of the insurance provider’s stock worth $1,108,000 after buying an additional 227 shares in the last quarter. Bank of Hawaii increased its position in Loews by 3.0% during the first quarter. Bank of Hawaii now owns 9,343 shares of the insurance provider’s stock worth $448,000 after buying an additional 270 shares in the last quarter. Finally, Wetherby Asset Management Inc. increased its position in Loews by 4.0% during the second quarter. Wetherby Asset Management Inc. now owns 7,165 shares of the insurance provider’s stock worth $392,000 after buying an additional 275 shares in the last quarter. 62.43% of the stock is currently owned by institutional investors.
Loews stock traded up $0.11 during midday trading on Thursday, reaching $48.25. The stock had a trading volume of 1,879 shares, compared to its average volume of 936,620. Loews Co. has a twelve month low of $42.06 and a twelve month high of $56.20. The stock has a market capitalization of $15.15 billion, a PE ratio of 17.00 and a beta of 0.64. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.34 and a quick ratio of 0.34. The firm has a 50-day moving average price of $53.81.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Wednesday, August 28th will be paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend is Tuesday, August 27th. Loews’s dividend payout ratio is presently 8.80%.
In related news, VP Mark S. Schwartz sold 9,083 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $53.42, for a total value of $485,213.86. Following the transaction, the vice president now owns 5,000 shares in the company, valued at $267,100. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joseph L. Bower sold 706 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $51.71, for a total value of $36,507.26. Following the completion of the transaction, the director now owns 12,845 shares in the company, valued at approximately $664,214.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,106 shares of company stock worth $1,175,165. 14.20% of the stock is currently owned by insiders.
Several equities analysts have weighed in on the company. ValuEngine downgraded Loews from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Zacks Investment Research raised Loews from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Tuesday, May 7th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $66.60.
Loews Company Profile
Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States and internationally. It operates through CNA Financial Corporation; Diamond Offshore Drilling, Inc; Boardwalk Pipeline Partners, LP; and Loews Hotels Holding Corporation segments. The company offers specialty insurance products, such as management and professional liability insurance coverages and products; surety and fidelity bonds; and warranty and alternative risk services.
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