Vanguard Group Inc. lowered its holdings in shares of Loews Co. (NYSE:L) by 0.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,699,909 shares of the insurance provider’s stock after selling 134,968 shares during the period. Vanguard Group Inc. owned 9.49% of Loews worth $1,569,025,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of L. Cornerstone Advisors Inc. raised its position in Loews by 23.8% during the 2nd quarter. Cornerstone Advisors Inc. now owns 1,003 shares of the insurance provider’s stock worth $55,000 after buying an additional 193 shares during the last quarter. Bessemer Securities LLC raised its position in Loews by 0.5% during the 2nd 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 during the last quarter. M&T Bank Corp raised its position in Loews by 1.6% during the 2nd quarter. M&T Bank Corp now owns 13,770 shares of the insurance provider’s stock worth $752,000 after buying an additional 214 shares during the last quarter. Parallel Advisors LLC raised its position in Loews by 8.4% during the 2nd quarter. Parallel Advisors LLC now owns 2,896 shares of the insurance provider’s stock worth $158,000 after buying an additional 224 shares during the last quarter. Finally, World Asset Management Inc raised its position in Loews by 1.1% during the 2nd 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 during the last quarter. Hedge funds and other institutional investors own 62.10% of the company’s stock.
Shares of L traded down $0.08 during trading hours on Friday, reaching $50.97. The company had a trading volume of 2,231,451 shares, compared to its average volume of 929,728. The firm has a 50 day simple moving average of $49.70 and a 200-day simple moving average of $50.95. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $15.51 billion, a price-to-earnings ratio of 17.95 and a beta of 0.67. Loews Co. has a 12-month low of $42.06 and a 12-month high of $56.20.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 28th were issued a $0.0625 dividend. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.49%. Loews’s dividend payout ratio is presently 8.80%.
A number of brokerages have commented on L. ValuEngine downgraded shares of Loews from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Zacks Investment Research upgraded shares of Loews from a “sell” rating to a “hold” rating and set a $50.00 price objective for the company in a research report on Wednesday, August 28th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $65.20.
In other news, VP Marc A. Alpert sold 1,626 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $49.26, for a total value of $80,096.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 14.20% of the company’s stock.
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.
Further Reading: Are sell-side analysts objective?
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