Pegasus Partners Ltd. bought a new position in shares of Loews Co. (NYSE:L) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 52,167 shares of the insurance provider’s stock, valued at approximately $2,594,000.
Other large investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its holdings in shares of Loews by 36.3% in the 4th quarter. Bank of Montreal Can now owns 200,690 shares of the insurance provider’s stock worth $10,041,000 after purchasing an additional 53,495 shares during the last quarter. National Pension Service lifted its holdings in shares of Loews by 3.2% in the 4th quarter. National Pension Service now owns 311,442 shares of the insurance provider’s stock worth $15,581,000 after purchasing an additional 9,648 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in shares of Loews by 4.5% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,635,976 shares of the insurance provider’s stock worth $81,853,000 after purchasing an additional 69,776 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Loews by 30.4% in the 4th quarter. State of Alaska Department of Revenue now owns 48,433 shares of the insurance provider’s stock worth $2,421,000 after purchasing an additional 11,293 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of Loews in the 4th quarter worth approximately $1,614,000. 66.19% of the stock is currently owned by institutional investors.
In other Loews news, insider Kenneth I. Siegel sold 6,242 shares of Loews stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $50.23, for a total transaction of $313,535.66. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 12.30% of the stock is owned by insiders.
Several analysts recently issued reports on L shares. Desjardins downgraded Loews to a “hold” rating and set a $76.00 price target on the stock. in a report on Tuesday, January 30th. Zacks Investment Research downgraded Loews from a “buy” rating to a “hold” rating in a report on Tuesday, April 17th. Citigroup raised Loews from a “neutral” rating to a “buy” rating and cut their target price for the company from $63.10 to $30.70 in a research note on Monday, May 14th. Finally, ValuEngine downgraded Loews from a “buy” rating to a “hold” rating in a research note on Friday. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. Loews currently has a consensus rating of “Hold” and an average target price of $49.68.
Shares of Loews opened at $51.31 on Friday, MarketBeat reports. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.34 and a current ratio of 0.34. The firm has a market cap of $16.38 billion, a price-to-earnings ratio of 17.45 and a beta of 0.69. Loews Co. has a 1-year low of $45.01 and a 1-year high of $53.59.
Loews (NYSE:L) last announced its earnings results on Monday, April 30th. The insurance provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.11. The firm had revenue of $3.58 billion for the quarter. Loews had a return on equity of 4.07% and a net margin of 8.29%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.87 EPS. research analysts forecast that Loews Co. will post 3.5 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 12th. Shareholders of record on Wednesday, May 30th will be paid a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend is Tuesday, May 29th. Loews’s payout ratio is currently 8.74%.
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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