Zurcher Kantonalbank Zurich Cantonalbank Reduces Position in Loews Corporation (L)
Zurcher Kantonalbank Zurich Cantonalbank cut its position in shares of Loews Corporation (NYSE:L) by 13.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 167,521 shares of the insurance provider’s stock after selling 24,924 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Loews Corporation were worth $7,842,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of L. BlackRock Inc. raised its position in Loews Corporation by 2,869.0% in the first quarter. BlackRock Inc. now owns 17,358,322 shares of the insurance provider’s stock valued at $811,848,000 after buying an additional 16,773,671 shares during the last quarter. Janus Capital Management LLC raised its position in Loews Corporation by 157.4% in the first quarter. Janus Capital Management LLC now owns 1,327,375 shares of the insurance provider’s stock valued at $62,082,000 after buying an additional 811,689 shares during the last quarter. Vanguard Group Inc. raised its position in Loews Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 18,257,124 shares of the insurance provider’s stock valued at $853,885,000 after buying an additional 646,147 shares during the last quarter. Boston Partners raised its position in Loews Corporation by 5.0% in the first quarter. Boston Partners now owns 8,223,810 shares of the insurance provider’s stock valued at $384,628,000 after buying an additional 391,579 shares during the last quarter. Finally, Marathon Asset Management LLP raised its position in Loews Corporation by 21.4% in the second quarter. Marathon Asset Management LLP now owns 2,085,610 shares of the insurance provider’s stock valued at $97,627,000 after buying an additional 368,098 shares during the last quarter. Institutional investors and hedge funds own 58.61% of the company’s stock.
Shares of Loews Corporation (NYSE:L) opened at 46.62 on Thursday. Loews Corporation has a 12 month low of $39.71 and a 12 month high of $49.58. The stock’s 50 day moving average is $47.98 and its 200 day moving average is $47.16. The firm has a market cap of $15.69 billion, a P/E ratio of 13.78 and a beta of 0.71.
Loews Corporation (NYSE:L) last issued its quarterly earnings results on Monday, July 31st. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, hitting the Zacks’ 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 prior year, the business posted $0.59 earnings per share. Equities research analysts expect that Loews Corporation will post $3.05 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Wednesday, August 30th will be given a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date is Monday, August 28th. Loews Corporation’s dividend payout ratio (DPR) is presently 7.53%.
Several research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Loews Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. BidaskClub lowered shares of Loews Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Finally, Jefferies Group LLC restated a “sell” rating and set a $35.00 price target on shares of Loews Corporation in a report on Tuesday, June 6th. Two 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 company’s stock. The company presently has an average rating of “Hold” and a consensus 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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