Public Employees Retirement System of Ohio decreased its stake in Loews Co. (NYSE:L) by 24.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,793 shares of the insurance provider’s stock after selling 29,126 shares during the period. Public Employees Retirement System of Ohio’s holdings in Loews were worth $4,964,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. boosted its position in shares of Loews by 13.6% in the second quarter. Pacer Advisors Inc. now owns 26,144 shares of the insurance provider’s stock worth $1,429,000 after buying an additional 3,128 shares during the period. Veritable L.P. purchased a new position in Loews in the second quarter valued at about $207,000. Bank of New York Mellon Corp boosted its holdings in Loews by 2.4% in the second quarter. Bank of New York Mellon Corp now owns 2,915,180 shares of the insurance provider’s stock valued at $159,372,000 after purchasing an additional 67,736 shares during the last quarter. Quantamental Technologies LLC boosted its holdings in Loews by 61.7% in the second quarter. Quantamental Technologies LLC now owns 4,305 shares of the insurance provider’s stock valued at $235,000 after purchasing an additional 1,642 shares during the last quarter. Finally, M&T Bank Corp boosted its holdings in Loews by 1.6% in the second quarter. M&T Bank Corp now owns 13,770 shares of the insurance provider’s stock valued at $752,000 after purchasing an additional 214 shares during the last quarter. 62.11% of the stock is owned by institutional investors.
Several analysts have issued reports on the company. Zacks Investment Research upgraded Loews from a “sell” rating to a “hold” rating and set a $50.00 price objective on the stock in a research note on Wednesday, August 28th. ValuEngine cut Loews from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $65.20.
Loews (NYSE:L) last posted its earnings results on Monday, August 5th. The insurance provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.75 by $0.07. Loews had a return on equity of 4.72% and a net margin of 5.30%. The firm had revenue of $3.62 billion for the quarter. During the same quarter in the prior year, the business earned $0.76 earnings per share. As a group, sell-side analysts forecast that Loews Co. will post 3.35 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Wednesday, August 28th were paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Tuesday, August 27th. Loews’s payout ratio is currently 8.80%.
In other Loews news, VP Marc A. Alpert sold 1,626 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $49.26, for a total transaction of $80,096.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 14.20% of the company’s stock.
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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