Metropolitan Life Insurance Co NY decreased its position in Loews Co. (NYSE:L) by 3.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,456 shares of the insurance provider’s stock after selling 1,300 shares during the period. Metropolitan Life Insurance Co NY’s holdings in Loews were worth $2,031,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. CSat Investment Advisory L.P. lifted its holdings in shares of Loews by 74.4% during the second quarter. CSat Investment Advisory L.P. now owns 837 shares of the insurance provider’s stock valued at $45,000 after purchasing an additional 357 shares in the last quarter. Meeder Asset Management Inc. raised its position in Loews by 267.9% in the 3rd quarter. Meeder Asset Management Inc. now owns 883 shares of the insurance provider’s stock worth $45,000 after buying an additional 643 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new position in Loews in the 2nd quarter worth about $74,000. Captrust Financial Advisors lifted its stake in Loews by 20.8% during the 2nd quarter. Captrust Financial Advisors now owns 1,404 shares of the insurance provider’s stock valued at $77,000 after acquiring an additional 242 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in Loews during the 3rd quarter valued at about $82,000. 61.64% of the stock is currently owned by institutional investors.
Shares of NYSE:L opened at $48.50 on Wednesday. Loews Co. has a fifty-two week low of $42.06 and a fifty-two week high of $56.20. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.33 and a current ratio of 0.33. The firm has a fifty day moving average price of $50.51 and a 200 day moving average price of $51.55. The firm has a market cap of $15.14 billion, a price-to-earnings ratio of 17.08 and a beta of 0.67.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 27th will be paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date is Tuesday, November 26th. Loews’s payout ratio is 8.80%.
In other Loews news, VP Marc A. Alpert sold 1,626 shares of Loews stock in a transaction on Monday, September 9th. The shares were sold at an average price of $49.26, for a total transaction of $80,096.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David B. Edelson sold 9,741 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $50.89, for a total transaction of $495,719.49. Following the transaction, the chief financial officer now owns 26,927 shares in the company, valued at approximately $1,370,315.03. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,821 shares of company stock worth $752,129. 14.20% of the stock is owned by insiders.
A number of analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Loews from a “sell” rating to a “hold” rating and set a $50.00 price target for the company in a research note on Wednesday, August 28th. TheStreet downgraded shares of Loews from a “b” rating to a “c+” rating in a research report on Monday, October 28th. Four investment analysts have rated the stock with a hold rating, Loews has a consensus rating of “Hold” and an average target price of $63.33.
Loews Company Profile
Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States and internationally. It operates through CNA Financial Corporation; Diamond Offshore Drilling, Inc; Boardwalk Pipeline Partners, LP; and Loews Hotels Holding Corporation segments. The company offers specialty insurance products, such as management and professional liability insurance coverages and products; surety and fidelity bonds; and warranty and alternative risk services.
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