7,070 Shares in Loews Co. (L) Purchased by Colony Group LLC
Colony Group LLC acquired a new position in shares of Loews Co. (NYSE:L) in the second quarter, Holdings Channel reports. The institutional investor acquired 7,070 shares of the insurance provider’s stock, valued at approximately $341,000.
Several other large investors have also recently modified their holdings of L. Knights of Columbus Asset Advisors LLC raised its position in shares of Loews by 39.1% in the first quarter. Knights of Columbus Asset Advisors LLC now owns 50,558 shares of the insurance provider’s stock valued at $2,514,000 after buying an additional 14,208 shares in the last quarter. Flinton Capital Management LLC raised its position in shares of Loews by 302.9% in the second quarter. Flinton Capital Management LLC now owns 30,688 shares of the insurance provider’s stock valued at $1,482,000 after buying an additional 23,072 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Loews in the second quarter valued at approximately $367,000. Wells Fargo & Company MN raised its position in shares of Loews by 0.4% in the second quarter. Wells Fargo & Company MN now owns 5,551,024 shares of the insurance provider’s stock valued at $268,003,000 after buying an additional 24,357 shares in the last quarter. Finally, Pegasus Partners Ltd. acquired a new stake in shares of Loews in the first quarter valued at approximately $2,594,000. Institutional investors own 62.43% of the company’s stock.
A number of equities research analysts have recently weighed in on L shares. Zacks Investment Research upgraded shares of Loews from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a research report on Wednesday, May 30th. Deutsche Bank boosted their price objective on shares of Loews from $51.00 to $54.00 and gave the company a “hold” rating in a research report on Wednesday, August 1st. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $53.68.
Loews (NYSE:L) last announced its quarterly earnings data on Monday, July 30th. The insurance provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.73 by $0.03. Loews had a net margin of 8.15% and a return on equity of 4.11%. The business had revenue of $3.59 billion during the quarter. During the same quarter in the prior year, the firm earned $0.68 earnings per share. sell-side analysts anticipate that Loews Co. will post 3.4 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 11th. Shareholders of record on Wednesday, August 29th were given a dividend of $0.0625 per share. The ex-dividend date was Tuesday, August 28th. This represents a $0.25 annualized dividend and a yield of 0.49%. Loews’s dividend payout ratio is currently 8.74%.
In other news, VP Marc A. Alpert sold 2,141 shares of the company’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $49.97, for a total transaction of $106,985.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.30% of the stock is owned by insiders.
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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