M&T Bank Corp Has $752,000 Stake in Loews Co. (NYSE:L)

M&T Bank Corp lifted its holdings in shares of Loews Co. (NYSE:L) by 1.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,770 shares of the insurance provider’s stock after acquiring an additional 214 shares during the quarter. M&T Bank Corp’s holdings in Loews were worth $752,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Glassman Wealth Services boosted its holdings in Loews by 182.0% in the 1st quarter. Glassman Wealth Services now owns 516 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 333 shares during the period. Cornerstone Advisors Inc. grew its holdings in shares of 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 purchasing an additional 193 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in Loews during the second quarter worth about $74,000. Whitener Capital Management Inc. grew its stake in Loews by 13.6% during the second quarter. Whitener Capital Management Inc. now owns 2,858 shares of the insurance provider’s stock worth $156,000 after buying an additional 342 shares in the last quarter. Finally, Parallel Advisors LLC increased its holdings in Loews by 8.4% in the 2nd quarter. Parallel Advisors LLC now owns 2,896 shares of the insurance provider’s stock valued at $158,000 after buying an additional 224 shares during the period. 62.11% of the stock is currently owned by institutional investors and hedge funds.

In other Loews news, VP Marc A. Alpert sold 1,626 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $49.26, for a total value of $80,096.76. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 14.20% of the company’s stock.

Loews stock traded down $0.23 during mid-day trading on Wednesday, hitting $49.68. 10,842 shares of the stock were exchanged, compared to its average volume of 1,009,062. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.51. Loews Co. has a 12 month low of $42.06 and a 12 month high of $56.20. The firm’s fifty day simple moving average is $50.34 and its two-hundred day simple moving average is $50.81. The stock has a market capitalization of $15.00 billion, a price-to-earnings ratio of 17.45 and a beta of 0.67.

Loews (NYSE:L) last posted its quarterly earnings data 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 during the quarter. Loews had a return on equity of 4.72% and a net margin of 5.30%. During the same period last year, the business posted $0.76 earnings per share. As a group, analysts forecast that Loews Co. will post 3.35 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Wednesday, August 28th were paid a $0.0625 dividend. This represents a $0.25 annualized dividend and a yield of 0.50%. The ex-dividend date was Tuesday, August 27th. Loews’s dividend payout ratio (DPR) is currently 8.80%.

A number of equities analysts have recently commented on the company. Zacks Investment Research raised Loews from a “sell” rating to a “hold” rating and set a $50.00 price target for the company in a report on Wednesday, August 28th. ValuEngine cut shares of Loews from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $65.20.

Loews 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: What does an equal weight rating mean?

Institutional Ownership by Quarter for Loews (NYSE:L)

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