Victory Capital Management Inc. reduced its stake in Loews Corp. (NYSE:L) by 6.9% during the second quarter, Holdings Channel reports. The firm owned 3,419 shares of the company’s stock after selling 254 shares during the period. Victory Capital Management Inc.’s holdings in Loews Corp. were worth $140,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of L. Acadian Asset Management LLC acquired a new position in shares of Loews Corp. during the first quarter valued at about $488,000. Aperio Group LLC raised its position in shares of Loews Corp. by 1.1% in the first quarter. Aperio Group LLC now owns 147,301 shares of the company’s stock valued at $5,636,000 after buying an additional 1,552 shares during the last quarter. IFP Advisors Inc raised its position in shares of Loews Corp. by 233.4% in the first quarter. IFP Advisors Inc now owns 5,404 shares of the company’s stock valued at $207,000 after buying an additional 3,783 shares during the last quarter. Pacad Investment Ltd. acquired a new position in shares of Loews Corp. during the first quarter valued at about $616,000. Finally, TIAA CREF Investment Management LLC raised its position in shares of Loews Corp. by 0.3% in the first quarter. TIAA CREF Investment Management LLC now owns 485,703 shares of the company’s stock valued at $18,583,000 after buying an additional 1,563 shares during the last quarter. Institutional investors and hedge funds own 56.99% of the company’s stock.
Shares of Loews Corp. (NYSE:L) traded up 1.03% during mid-day trading on Wednesday, hitting $41.29. 173,532 shares of the stock were exchanged. The stock has a market cap of $13.92 billion, a PE ratio of 794.04 and a beta of 0.86. The stock’s 50 day moving average is $41.14 and its 200-day moving average is $40.27. Loews Corp. has a 12 month low of $33.84 and a 12 month high of $42.07.
Loews Corp. (NYSE:L) last issued its earnings results on Monday, August 1st. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.63 by $0.82. The company had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.32 billion. Loews Corp. had a net margin of 0.14% and a return on equity of 2.77%. During the same period in the prior year, the firm posted $0.59 earnings per share. On average, analysts anticipate that Loews Corp. will post $2.50 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 13th. Investors of record on Wednesday, August 31st were issued a $0.0625 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $0.25 annualized dividend and a dividend yield of 0.61%. Loews Corp.’s payout ratio is currently 833.33%.
Several analysts recently commented on L shares. Zacks Investment Research raised shares of Loews Corp. from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research report on Tuesday. TheStreet downgraded shares of Loews Corp. from a “buy” rating to a “hold” rating in a research report on Monday, August 1st.
Loews Corp. Company Profile
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 gathering and processing of natural gas, and operation of a chain of hotels.
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