Prudential Financial Inc. decreased its stake in shares of Loews Co. (NYSE:L) by 24.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 731,693 shares of the insurance provider’s stock after selling 243,230 shares during the period. Prudential Financial Inc. owned about 0.22% of Loews worth $34,250,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Parallel Advisors LLC increased its holdings in Loews by 285.2% during the first quarter. Parallel Advisors LLC now owns 2,681 shares of the insurance provider’s stock valued at $126,000 after buying an additional 1,985 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in Loews during the first quarter valued at approximately $175,000. Advisors Preferred LLC purchased a new stake in Loews during the first quarter valued at approximately $210,000. Princeton Alpha Management LP purchased a new stake in Loews during the first quarter valued at approximately $212,000. Finally, CENTRAL TRUST Co increased its holdings in Loews by 2.3% during the second quarter. CENTRAL TRUST Co now owns 5,117 shares of the insurance provider’s stock valued at $239,000 after buying an additional 117 shares during the last quarter. Institutional investors own 58.59% of the company’s stock.
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Loews Co. (NYSE L) traded up 0.57% during trading on Friday, reaching $47.49. 1,298,263 shares of the company traded hands. The firm has a 50-day moving average price of $47.62 and a 200-day moving average price of $47.13. The company has a market capitalization of $15.99 billion, a P/E ratio of 14.03 and a beta of 0.71. Loews Co. has a 52 week low of $39.71 and a 52 week high of $49.58.
Loews (NYSE:L) last posted its earnings results on Monday, July 31st. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.76. Loews had a net margin of 8.27% and a return on equity of 4.97%. The firm had revenue of $3.36 billion during the quarter. During the same quarter in the prior year, the firm earned $0.59 earnings per share. Analysts forecast that Loews Co. will post $3.05 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Wednesday, August 30th were issued a $0.0625 dividend. This represents a $0.25 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend was Monday, August 28th. Loews’s payout ratio is presently 7.53%.
L has been the subject of a number of analyst reports. Jefferies Group LLC reissued a “sell” rating and issued a $35.00 price objective on shares of Loews in a research note on Tuesday, June 6th. BidaskClub raised shares of Loews from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, Zacks Investment Research cut shares of Loews from a “buy” rating to a “hold” rating in a research note on Monday, June 19th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. Loews currently has an average rating of “Hold” and a consensus target price of $43.33.
Loews Corporation is a holding company. The Company, through its subsidiaries, is engaged in commercial property and casualty insurance; operation of offshore oil and gas drilling rigs; transportation and storage of natural gas and natural gas liquids, and operation of a chain of hotels. The Company has five segments consisted of its four individual operating subsidiaries, CNA Financial Corporation (CNA), Diamond Offshore Drilling, Inc (Diamond Offshore), Boardwalk Pipeline Partners, LP (Boardwalk Pipeline) and Loews Hotels Holding Corporation (Loews Hotels), and the Corporate segment.
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