Pictet Asset Management Ltd. boosted its holdings in Loews Co. (NYSE:L) by 7.7% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 194,861 shares of the insurance provider’s stock after buying an additional 13,916 shares during the period. Pictet Asset Management Ltd. owned 0.06% of Loews worth $9,788,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Greenwood Gearhart Inc. grew its position in shares of Loews by 0.5% during the second quarter. Greenwood Gearhart Inc. now owns 189,468 shares of the insurance provider’s stock valued at $9,148,000 after purchasing an additional 1,034 shares in the last quarter. Oppenheimer & Co. Inc. grew its position in shares of Loews by 5.9% during the second quarter. Oppenheimer & Co. Inc. now owns 18,935 shares of the insurance provider’s stock valued at $914,000 after purchasing an additional 1,050 shares in the last quarter. Dupont Capital Management Corp grew its position in shares of Loews by 57.9% during the second quarter. Dupont Capital Management Corp now owns 3,042 shares of the insurance provider’s stock valued at $147,000 after purchasing an additional 1,116 shares in the last quarter. Bank of Hawaii grew its position in shares of Loews by 20.2% during the third quarter. Bank of Hawaii now owns 6,713 shares of the insurance provider’s stock valued at $337,000 after purchasing an additional 1,130 shares in the last quarter. Finally, Regentatlantic Capital LLC grew its position in shares of Loews by 20.0% during the third quarter. Regentatlantic Capital LLC now owns 8,809 shares of the insurance provider’s stock valued at $442,000 after purchasing an additional 1,466 shares in the last quarter. Institutional investors and hedge funds own 63.41% of the company’s stock.
L opened at $45.78 on Friday. The stock has a market capitalization of $14.74 billion, a P/E ratio of 13.96 and a beta of 0.70. Loews Co. has a 12 month low of $44.78 and a 12 month high of $53.59. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.52.
Loews (NYSE:L) last released its quarterly earnings results on Monday, November 5th. The insurance provider reported $0.88 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by ($0.10). The company had revenue of $3.61 billion during the quarter. Loews had a return on equity of 4.75% and a net margin of 8.94%. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.53 EPS. Analysts anticipate that Loews Co. will post 3 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 11th. Investors of record on Wednesday, November 28th will be given a $0.0625 dividend. The ex-dividend date of this dividend is Tuesday, November 27th. This represents a $0.25 annualized dividend and a yield of 0.55%. Loews’s dividend payout ratio is currently 8.74%.
Several research firms recently commented on L. CIBC reiterated an “average” rating and issued a $70.00 price target on shares of Loews in a research report on Thursday, November 15th. Raymond James reiterated a “buy” rating and issued a $66.00 price target on shares of Loews in a research report on Wednesday, November 14th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Loews presently has an average rating of “Hold” and a consensus price target of $58.45.
In other Loews news, Director Charles M. Diker sold 664 shares of the firm’s stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $48.48, for a total value of $32,190.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ann E. Berman sold 2,216 shares of the firm’s stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $49.27, for a total transaction of $109,182.32. Following the completion of the sale, the director now directly owns 1,500 shares of the company’s stock, valued at approximately $73,905. The disclosure for this sale can be found here. Company insiders own 12.30% of the company’s stock.
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Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States, Canada, the United Kingdom, Continental Europe, and Singapore. The company offers management and professional liability insurance and risk management services, and other specialized property and casualty coverages; commercial surety and fidelity bonds; and warranty and alternative risk services primarily for vehicles and cell phones.
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