State of Tennessee Treasury Department Has $3.54 Million Position in Loews Corporation (L)
State of Tennessee Treasury Department increased its position in shares of Loews Corporation (NYSE:L) by 0.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 75,515 shares of the insurance provider’s stock after purchasing an additional 110 shares during the quarter. State of Tennessee Treasury Department’s holdings in Loews Corporation were worth $3,535,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its holdings in Loews Corporation by 285.2% during the first quarter. Parallel Advisors LLC now owns 2,681 shares of the insurance provider’s stock worth $126,000 after purchasing an additional 1,985 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in Loews Corporation in the first quarter valued at about $175,000. Princeton Alpha Management LP purchased a new position in Loews Corporation in the first quarter valued at about $212,000. CENTRAL TRUST Co boosted its stake in Loews Corporation by 2.3% in the second quarter. CENTRAL TRUST Co now owns 5,117 shares of the insurance provider’s stock valued at $239,000 after acquiring an additional 117 shares during the last quarter. Finally, Regentatlantic Capital LLC purchased a new position in Loews Corporation in the second quarter valued at about $255,000. Institutional investors and hedge funds own 58.59% of the company’s stock.
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A number of research firms have weighed in on L. Zacks Investment Research cut shares of Loews Corporation from a “buy” rating to a “hold” rating in a research note on Monday, June 19th. BidaskClub upgraded shares of Loews Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, Jefferies Group LLC reiterated a “sell” rating and issued a $35.00 target price on shares of Loews Corporation in a research note on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $43.33.
Loews Corporation (NYSE:L) opened at 47.16 on Thursday. Loews Corporation has a 1-year low of $39.71 and a 1-year high of $49.58. The stock has a market capitalization of $15.87 billion, a PE ratio of 13.94 and a beta of 0.71. The firm has a 50-day moving average of $47.70 and a 200-day moving average 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 analysts’ consensus estimates of $0.76. The business had revenue of $3.36 billion during the quarter. Loews Corporation had a net margin of 8.44% and a return on equity of 4.84%. During the same quarter in the prior year, the business posted $0.59 earnings per share. Equities analysts expect that Loews Corporation will post $3.05 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Wednesday, August 30th were paid a dividend of $0.0625 per share. The ex-dividend date of this dividend was Monday, August 28th. This represents a $0.25 dividend on an annualized basis and a yield of 0.53%. Loews Corporation’s dividend 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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