Bank of Nova Scotia Purchases 56,935 Shares of Loews Corporation (NYSE:L)

Bank of Nova Scotia raised its position in shares of Loews Corporation (NYSE:L) by 911.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 63,184 shares of the insurance provider’s stock after buying an additional 56,935 shares during the period. Bank of Nova Scotia’s holdings in Loews Corporation were worth $2,955,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Greenwood Gearhart Inc. raised its stake in Loews Corporation by 3.9% in the first quarter. Greenwood Gearhart Inc. now owns 160,650 shares of the insurance provider’s stock worth $7,514,000 after buying an additional 6,052 shares in the last quarter. Janus Capital Management LLC raised its stake in Loews Corporation by 157.4% in the first quarter. Janus Capital Management LLC now owns 1,327,375 shares of the insurance provider’s stock worth $62,082,000 after buying an additional 811,689 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. raised its stake in Loews Corporation by 12.2% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 12,900 shares of the insurance provider’s stock worth $603,000 after buying an additional 1,400 shares in the last quarter. Jane Street Group LLC raised its stake in shares of Loews Corporation by 137.6% in the first quarter. Jane Street Group LLC now owns 17,903 shares of the insurance provider’s stock worth $838,000 after buying an additional 10,367 shares during the period. Finally, Soros Fund Management LLC raised its stake in shares of Loews Corporation by 1.8% in the first quarter. Soros Fund Management LLC now owns 5,600 shares of the insurance provider’s stock worth $262,000 after buying an additional 100 shares during the period. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Loews Corporation (NYSE:L) opened at 47.15 on Tuesday. The company has a 50-day moving average of $46.86 and a 200 day moving average of $46.86. The firm has a market cap of $15.88 billion, a P/E ratio of 18.86 and a beta of 0.70. Loews Corporation has a 12-month low of $39.71 and a 12-month high of $48.39.

Loews Corporation (NYSE:L) last announced its earnings results on Monday, May 1st. The insurance provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.66 by $0.21. The company had revenue of $3.30 billion for the quarter. Loews Corporation had a return on equity of 4.67% and a net margin of 6.23%. During the same quarter in the previous year, the company posted $0.30 EPS. Equities analysts predict that Loews Corporation will post $3.13 EPS for the current year.

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A number of analysts recently issued reports on L shares. Zacks Investment Research lowered shares of Loews Corporation from a “hold” rating to a “sell” rating in a research note on Friday. Jefferies Group LLC restated a “sell” rating and issued a $35.00 price target on shares of Loews Corporation in a research note on Tuesday, June 6th. Finally, BidaskClub lowered shares of Loews Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $43.33.

Loews Corporation Company Profile

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.

Institutional Ownership by Quarter for Loews Corporation (NYSE:L)

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