Nationwide Fund Advisors lowered its position in Loews Corporation (NYSE:L) by 4.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 198,639 shares of the insurance provider’s stock after selling 9,171 shares during the quarter. Nationwide Fund Advisors owned 0.06% of Loews worth $9,507,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Aviva PLC increased its position in Loews by 2.9% during the 2nd quarter. Aviva PLC now owns 170,632 shares of the insurance provider’s stock worth $7,989,000 after purchasing an additional 4,860 shares in the last quarter. Commonwealth Bank of Australia increased its position in Loews by 38.4% during the 2nd quarter. Commonwealth Bank of Australia now owns 654,351 shares of the insurance provider’s stock worth $30,627,000 after purchasing an additional 181,616 shares in the last quarter. Swiss National Bank increased its position in Loews by 3.0% during the 2nd quarter. Swiss National Bank now owns 1,045,419 shares of the insurance provider’s stock worth $48,936,000 after purchasing an additional 30,600 shares in the last quarter. Hosking Partners LLP increased its position in Loews by 1.7% during the 2nd quarter. Hosking Partners LLP now owns 165,663 shares of the insurance provider’s stock worth $7,755,000 after purchasing an additional 2,731 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new stake in Loews during the 2nd quarter worth about $1,686,000. Institutional investors and hedge funds own 59.39% of the company’s stock.
A number of brokerages have issued reports on L. ValuEngine lowered Loews from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th. Zacks Investment Research lowered Loews from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Finally, BidaskClub lowered Loews from a “hold” rating to a “sell” rating in a research note on Thursday, August 24th.
Loews (NYSE:L) last released its quarterly earnings data on Monday, October 30th. The insurance provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.44. The business had revenue of $3.52 billion for the quarter. Loews had a return on equity of 4.08% and a net margin of 7.04%. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.89 earnings per share. equities analysts predict that Loews Corporation will post 2.75 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Wednesday, November 29th will be paid a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.50%. The ex-dividend date of this dividend is Tuesday, November 28th. Loews’s dividend payout ratio is currently 8.90%.
In related news, VP Mark S. Schwartz sold 6,489 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $50.25, for a total transaction of $326,072.25. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ann E. Berman sold 1,383 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $50.30, for a total value of $69,564.90. The disclosure for this sale can be found here. Insiders sold a total of 1,420,223 shares of company stock worth $68,779,839 over the last ninety days. Corporate insiders own 11.80% of the company’s stock.
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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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