Loews Corp. (L) To Go Ex-Dividend on November 28th
Loews Corp. (NYSE:L) announced a quarterly dividend on Tuesday, November 8th. Investors of record on Wednesday, November 30th will be given a dividend of 0.0625 per share on Tuesday, December 13th. This represents a $0.25 annualized dividend and a yield of 0.56%. The ex-dividend date is Monday, November 28th.
Shares of Loews Corp. (NYSE:L) opened at 44.47 on Friday. Loews Corp. has a 1-year low of $33.84 and a 1-year high of $44.81. The company has a market capitalization of $14.98 billion, a P/E ratio of 92.84 and a beta of 0.70. The company has a 50-day moving average price of $42.30 and a 200 day moving average price of $41.09.
Loews Corp. (NYSE:L) last posted its quarterly earnings results on Monday, October 31st. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.28. Loews Corp. had a return on equity of 3.42% and a net margin of 1.24%. The business had revenue of $3.24 billion for the quarter, compared to the consensus estimate of $3.21 billion. During the same period in the prior year, the business earned $0.58 EPS. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities research analysts anticipate that Loews Corp. will post $2.68 EPS for the current year.
Several analysts have recently commented on the company. TheStreet downgraded Loews Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 1st. Zacks Investment Research downgraded Loews Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, October 18th. Finally, Deutsche Bank AG increased their price target on Loews Corp. from $42.00 to $43.00 and gave the company a “hold” rating in a research report on Wednesday, November 2nd.
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In related news, SVP Richard Waldo Scott sold 7,973 shares of the stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $42.29, for a total transaction of $337,178.17. Following the completion of the sale, the senior vice president now directly owns 2,500 shares of the company’s stock, valued at $105,725. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 11.70% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. BlackRock Fund Advisors raised its position in shares of Loews Corp. by 2.8% in the second quarter. BlackRock Fund Advisors now owns 4,292,619 shares of the company’s stock valued at $176,384,000 after buying an additional 116,368 shares during the period. BlackRock Group LTD raised its position in shares of Loews Corp. by 0.3% in the second quarter. BlackRock Group LTD now owns 2,077,406 shares of the company’s stock valued at $85,361,000 after buying an additional 6,389 shares during the period. Guggenheim Capital LLC raised its position in shares of Loews Corp. by 1.3% in the second quarter. Guggenheim Capital LLC now owns 841,499 shares of the company’s stock valued at $34,577,000 after buying an additional 10,566 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Loews Corp. by 7.2% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 655,584 shares of the company’s stock valued at $26,938,000 after buying an additional 43,773 shares during the period. Finally, BlackRock Investment Management LLC raised its position in shares of Loews Corp. by 0.3% in the second quarter. BlackRock Investment Management LLC now owns 587,019 shares of the company’s stock valued at $24,121,000 after buying an additional 1,809 shares during the period. 56.81% of the stock is owned by institutional investors.
About Loews Corp.
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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