Toronto Dominion Bank grew its stake in shares of Loews Corporation (NYSE:L) by 25.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 93,653 shares of the insurance provider’s stock after purchasing an additional 19,019 shares during the quarter. Toronto Dominion Bank’s holdings in Loews Corporation were worth $4,383,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Commerce Bank lifted its stake in Loews Corporation by 0.3% in the second quarter. Commerce Bank now owns 7,229 shares of the insurance provider’s stock worth $339,000 after acquiring an additional 24 shares during the period. D.A. Davidson & CO. lifted its stake in Loews Corporation by 1.0% in the second quarter. D.A. Davidson & CO. now owns 2,828 shares of the insurance provider’s stock worth $132,000 after acquiring an additional 27 shares during the period. Capstone Investment Advisors Netherlands B.V. lifted its stake in Loews Corporation by 0.9% in the second quarter. Capstone Investment Advisors Netherlands B.V. now owns 6,076 shares of the insurance provider’s stock worth $284,000 after acquiring an additional 57 shares during the period. CIBC Asset Management Inc lifted its stake in Loews Corporation by 0.3% in the second quarter. CIBC Asset Management Inc now owns 28,352 shares of the insurance provider’s stock worth $1,327,000 after acquiring an additional 73 shares during the period. Finally, Louisiana State Employees Retirement System lifted its stake in Loews Corporation by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 17,100 shares of the insurance provider’s stock worth $800,000 after acquiring an additional 100 shares during the period. 58.56% of the stock is owned by hedge funds and other institutional investors.
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Loews Corporation (NYSE:L) opened at 49.00 on Friday. Loews Corporation has a 12-month low of $40.73 and a 12-month high of $49.58. The stock’s 50 day moving average is $47.83 and its 200 day moving average is $47.38. The firm has a market cap of $16.49 billion, a P/E ratio of 14.48 and a beta of 0.71.
Loews Corporation (NYSE:L) last issued its quarterly earnings data on Monday, July 31st. The insurance provider reported $0.76 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.76. Loews Corporation had a return on equity of 4.84% and a net margin of 8.44%. The company had revenue of $3.36 billion during the quarter. During the same quarter in the prior year, the firm posted $0.59 EPS. On average, equities research analysts expect that Loews Corporation will post $3.05 EPS for the current year.
A number of analysts recently weighed in on L shares. Zacks Investment Research lowered shares of Loews Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. BidaskClub lowered shares of Loews Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $39.00.
About Loews Corporation
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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