Loews Corporation (L) Stake Increased by Cibc World Markets Corp
Cibc World Markets Corp grew its holdings in Loews Corporation (NYSE:L) by 35.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,021 shares of the insurance provider’s stock after buying an additional 10,210 shares during the quarter. Cibc World Markets Corp’s holdings in Loews Corporation were worth $1,827,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the company. Suntrust Banks Inc. increased its position in shares of Loews Corporation by 0.6% in the second quarter. Suntrust Banks Inc. now owns 33,980 shares of the insurance provider’s stock valued at $1,590,000 after buying an additional 187 shares in the last quarter. Horizon Investments LLC increased its position in shares of Loews Corporation by 95.5% in the second quarter. Horizon Investments LLC now owns 27,242 shares of the insurance provider’s stock valued at $1,247,000 after buying an additional 13,304 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Loews Corporation in the second quarter valued at approximately $1,158,000. M&T Bank Corp increased its position in shares of Loews Corporation by 2.3% in the second quarter. M&T Bank Corp now owns 34,959 shares of the insurance provider’s stock valued at $1,636,000 after buying an additional 776 shares in the last quarter. Finally, California Public Employees Retirement System increased its position in shares of Loews Corporation by 0.4% in the second quarter. California Public Employees Retirement System now owns 742,280 shares of the insurance provider’s stock valued at $34,746,000 after buying an additional 2,700 shares in the last quarter. Institutional investors and hedge funds own 58.58% of the company’s stock.
A number of analysts have recently commented on L shares. Zacks Investment Research cut Loews Corporation from a “buy” rating to a “hold” rating in a research report on Monday, June 19th. BidaskClub upgraded Loews Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, Jefferies Group LLC restated a “sell” rating and issued a $35.00 price objective 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 assigned a hold rating and one has issued a buy rating to the company’s stock. Loews Corporation presently has a consensus rating of “Hold” and a consensus target price of $43.33.
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Shares of Loews Corporation (NYSE L) opened at 47.86 on Friday. Loews Corporation has a 52 week low of $39.71 and a 52 week high of $49.58. The firm has a market capitalization of $16.11 billion, a price-to-earnings ratio of 14.14 and a beta of 0.71. The stock has a 50 day moving average price of $47.57 and a 200-day moving average price of $47.13.
Loews Corporation (NYSE:L) last released its quarterly earnings data on Monday, July 31st. The insurance provider reported $0.76 earnings per share for the quarter, meeting the consensus estimate of $0.76. Loews Corporation had a return on equity of 4.84% and a net margin of 8.44%. The firm had revenue of $3.36 billion during the quarter. During the same period in the previous year, the business earned $0.59 earnings per share. On average, analysts anticipate that Loews Corporation will post $3.05 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Wednesday, August 30th were paid a $0.0625 dividend. This represents a $0.25 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend was Monday, August 28th. Loews Corporation’s payout ratio is currently 7.53%.
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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