PNC Financial Services Group Inc. Boosts Stake in Loews Corporation $L

PNC Financial Services Group Inc. boosted its holdings in shares of Loews Corporation (NYSE:L) by 7.1% in the 2nd quarter, Holdings Channel reports. The fund owned 43,631 shares of the insurance provider’s stock after acquiring an additional 2,895 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Loews were worth $3,999,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Aaron Wealth Advisors LLC lifted its stake in Loews by 3.9% in the 2nd quarter. Aaron Wealth Advisors LLC now owns 3,754 shares of the insurance provider’s stock worth $344,000 after purchasing an additional 142 shares in the last quarter. BSW Wealth Partners increased its holdings in shares of Loews by 5.4% in the second quarter. BSW Wealth Partners now owns 2,812 shares of the insurance provider’s stock valued at $258,000 after purchasing an additional 143 shares during the last quarter. Flagship Harbor Advisors LLC lifted its position in Loews by 5.3% during the second quarter. Flagship Harbor Advisors LLC now owns 2,856 shares of the insurance provider’s stock worth $262,000 after buying an additional 143 shares in the last quarter. Fielder Capital Group LLC boosted its stake in Loews by 1.1% during the second quarter. Fielder Capital Group LLC now owns 13,775 shares of the insurance provider’s stock worth $1,263,000 after buying an additional 150 shares during the last quarter. Finally, Flynn Zito Capital Management LLC grew its holdings in Loews by 5.9% in the 1st quarter. Flynn Zito Capital Management LLC now owns 3,309 shares of the insurance provider’s stock valued at $304,000 after buying an additional 183 shares in the last quarter. Institutional investors and hedge funds own 58.33% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “buy (a-)” rating on shares of Loews in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Strong Buy”.

Loews Trading Down 0.3%

Shares of Loews stock opened at $104.13 on Tuesday. The stock has a 50 day moving average of $100.09 and a 200 day moving average of $94.39. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.33 and a current ratio of 0.33. The firm has a market capitalization of $21.52 billion, a price-to-earnings ratio of 16.55 and a beta of 0.73. Loews Corporation has a fifty-two week low of $78.98 and a fifty-two week high of $105.30.

Loews (NYSE:L) last announced its quarterly earnings results on Monday, November 3rd. The insurance provider reported $2.43 EPS for the quarter. The business had revenue of $3.94 billion for the quarter. Loews had a return on equity of 7.43% and a net margin of 7.47%.

Loews Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 9th. Shareholders of record on Wednesday, November 26th will be given a $0.0625 dividend. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $0.25 dividend on an annualized basis and a yield of 0.2%. Loews’s dividend payout ratio is presently 3.62%.

Loews Profile

Loews Corporation provides commercial property and casualty insurance in the United States and internationally. The company offers specialty insurance products, such as management and professional liability, and other coverage products; surety and fidelity bonds; property insurance products that include standard and excess property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto, surplus, and umbrella coverages.