Prudential Financial Inc. Lowers Stake in Loews Corporation (L)
Prudential Financial Inc. reduced its stake in Loews Corporation (NYSE:L) by 24.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 731,693 shares of the insurance provider’s stock after selling 243,230 shares during the period. Prudential Financial Inc. owned 0.22% of Loews Corporation worth $34,250,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of L. Macquarie Group Ltd. boosted its stake in shares of Loews Corporation by 34.0% in the fourth quarter. Macquarie Group Ltd. now owns 20,900 shares of the insurance provider’s stock valued at $979,000 after buying an additional 5,300 shares in the last quarter. Nationwide Fund Advisors boosted its stake in shares of Loews Corporation by 3.6% in the first quarter. Nationwide Fund Advisors now owns 194,310 shares of the insurance provider’s stock valued at $9,088,000 after buying an additional 6,666 shares in the last quarter. Glen Harbor Capital Management LLC boosted its stake in shares of Loews Corporation by 5.8% in the first quarter. Glen Harbor Capital Management LLC now owns 12,740 shares of the insurance provider’s stock valued at $596,000 after buying an additional 700 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Loews Corporation by 8.7% in the first quarter. Janney Montgomery Scott LLC now owns 6,988 shares of the insurance provider’s stock valued at $327,000 after buying an additional 558 shares in the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD boosted its position in shares of Loews Corporation by 12.5% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 24,273 shares of the insurance provider’s stock valued at $1,135,000 after buying an additional 2,691 shares in the last quarter. Institutional investors own 58.61% of the company’s stock.
Loews Corporation (NYSE:L) opened at 46.91 on Friday. The stock’s 50 day moving average is $47.94 and its 200 day moving average is $47.17. Loews Corporation has a 52 week low of $39.71 and a 52 week high of $49.58. The stock has a market cap of $15.79 billion, a PE ratio of 13.86 and a beta of 0.71.
Loews Corporation (NYSE:L) last announced its quarterly earnings data on Monday, July 31st. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.76. The company had revenue of $3.36 billion for the quarter. Loews Corporation had a net margin of 8.44% and a return on equity of 4.84%. During the same period in the prior year, the firm posted $0.59 earnings per share. Analysts predict that Loews Corporation will post $3.05 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Wednesday, August 30th will be paid a $0.0625 dividend. The ex-dividend date is Monday, August 28th. This represents a $0.25 annualized dividend and a yield of 0.53%. Loews Corporation’s dividend payout ratio is currently 7.53%.
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L has been the topic of several analyst reports. Jefferies Group LLC reiterated a “sell” rating and set a $35.00 price target on shares of Loews Corporation in a research note on Tuesday, June 6th. BidaskClub upgraded shares of Loews Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, Zacks Investment Research cut shares of Loews Corporation from a “buy” rating to a “hold” rating in a research note on Monday, June 19th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target 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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