M&T Bank Corp reduced its stake in Loews Co. (NYSE:L) by 6.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 29,029 shares of the insurance provider’s stock after selling 1,886 shares during the quarter. M&T Bank Corp’s holdings in Loews were worth $1,452,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Calton & Associates Inc. bought a new position in Loews in the 4th quarter valued at $137,000. Stuart Chaussee & Associates Inc. bought a new position in Loews in the 4th quarter valued at $167,000. Saratoga Research & Investment Management bought a new position in Loews in the 3rd quarter valued at $176,000. Cerebellum GP LLC bought a new position in Loews in the 4th quarter valued at $196,000. Finally, IBM Retirement Fund bought a new position in Loews in the 3rd quarter valued at $200,000. 59.82% of the stock is owned by institutional investors and hedge funds.
In other news, Director Ann E. Berman sold 1,383 shares of the stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $50.30, for a total transaction of $69,564.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jonathan M. Tisch sold 7,800 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $47.51, for a total value of $370,578.00. Following the transaction, the insider now owns 2,990,022 shares of the company’s stock, valued at approximately $142,055,945.22. The disclosure for this sale can be found here. Insiders have sold a total of 28,360 shares of company stock valued at $1,400,277 in the last quarter. 11.80% of the stock is owned by corporate insiders.
Loews (NYSE:L) last posted its quarterly earnings results on Monday, February 12th. The insurance provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.12. The company had revenue of $3.56 billion during the quarter. Loews had a return on equity of 4.08% and a net margin of 8.47%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.73 EPS. research analysts forecast that Loews Co. will post 3.5 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 13th. Stockholders of record on Wednesday, February 28th will be paid a dividend of $0.0625 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $0.25 annualized dividend and a dividend yield of 0.50%. Loews’s payout ratio is 7.25%.
A number of research analysts have issued reports on the company. Desjardins downgraded Loews to a “hold” rating and set a $76.00 price objective for the company. in a research note on Tuesday, January 30th. Zacks Investment Research upgraded Loews from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Friday, January 5th. Finally, ValuEngine downgraded Loews from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $56.00.
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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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