Bp Plc Has $1,545,000 Stake in Loews Corporation (L)
Bp Plc held its position in Loews Corporation (NYSE:L) during the second quarter, Holdings Channel reports. The fund owned 33,000 shares of the insurance provider’s stock at the end of the second quarter. Bp Plc’s holdings in Loews Corporation were worth $1,545,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Parallel Advisors LLC raised its position in Loews Corporation by 285.2% in the first quarter. Parallel Advisors LLC now owns 2,681 shares of the insurance provider’s stock worth $126,000 after buying an additional 1,985 shares during the period. Private Advisor Group LLC bought a new stake in shares of Loews Corporation during the first quarter worth about $127,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Loews Corporation during the first quarter worth about $175,000. Cedar Wealth Management LLC increased its stake in shares of Loews Corporation by 5.0% in the first quarter. Cedar Wealth Management LLC now owns 4,010 shares of the insurance provider’s stock worth $188,000 after buying an additional 190 shares in the last quarter. Finally, Advisors Preferred LLC bought a new stake in shares of Loews Corporation during the first quarter worth about $210,000. 58.85% of the stock is owned by hedge funds and other institutional investors.
Shares of Loews Corporation (L) opened at 48.27 on Friday. Loews Corporation has a 12 month low of $39.71 and a 12 month high of $49.58. The company has a 50-day moving average price of $47.74 and a 200-day moving average price of $47.08. The company has a market capitalization of $16.25 billion, a P/E ratio of 14.26 and a beta of 0.71.
Loews Corporation (NYSE:L) last issued its earnings results on Monday, July 31st. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.76. The company had revenue of $3.36 billion during the quarter. Loews Corporation had a return on equity of 4.84% and a net margin of 8.44%. During the same quarter in the previous year, the company earned $0.59 earnings per share. On average, analysts forecast that Loews Corporation will post $3.04 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Wednesday, August 30th will be issued a $0.0625 dividend. This represents a $0.25 annualized dividend and a yield of 0.52%. The ex-dividend date is Monday, August 28th. Loews Corporation’s payout ratio is currently 7.53%.
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A number of analysts recently issued reports on L shares. Zacks Investment Research downgraded Loews Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 14th. BidaskClub downgraded Loews Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Finally, Jefferies Group LLC restated a “sell” rating and issued a $35.00 price target on shares of Loews Corporation in a research report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. Loews Corporation has a consensus rating of “Hold” and an average target price of $43.33.
About Loews Corporation
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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