Tocqueville Asset Management L.P. reduced its position in shares of Loews Co. (NYSE:L) by 27.8% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 91,011 shares of the insurance provider’s stock after selling 35,050 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Loews were worth $4,976,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. Legacy Bridge LLC acquired a new stake in shares of Loews during the 1st quarter valued at approximately $25,000. Glassman Wealth Services increased its position in Loews by 182.0% in the first quarter. Glassman Wealth Services now owns 516 shares of the insurance provider’s stock worth $25,000 after buying an additional 333 shares during the period. Cornerstone Advisors Inc. increased its position in Loews by 23.8% in the second 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 period. Steward Partners Investment Advisory LLC acquired a new stake in Loews in the second quarter worth $74,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Loews in the first quarter worth $122,000. 62.43% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have weighed in on L. ValuEngine lowered 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 target price on the stock in a research report on Tuesday, May 7th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $66.60.
Loews (NYSE:L) last issued its earnings results on Monday, August 5th. The insurance provider reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.07. The firm had revenue of $3.62 billion for the quarter. Loews had a return on equity of 4.72% and a net margin of 5.30%. During the same period in the prior year, the business earned $0.76 earnings per share. On average, equities research analysts expect that Loews Co. will post 3.35 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 28th will be issued a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date is Tuesday, August 27th. Loews’s dividend payout ratio (DPR) is 8.80%.
In other news, insider David B. Edelson sold 2,899 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $51.99, for a total transaction of $150,719.01. Following the transaction, the insider now directly owns 26,927 shares of the company’s stock, valued at $1,399,934.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark S. Schwartz sold 9,083 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $53.42, for a total value of $485,213.86. Following the transaction, the vice president now directly owns 5,000 shares in the company, valued at $267,100. The disclosure for this sale can be found here. Insiders have sold 31,233 shares of company stock worth $1,649,678 over the last three months. Corporate 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.
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