Daiichi Life Insurance Co. Ltd. Buys New Shares in Loews Corporation $L

Daiichi Life Insurance Co. Ltd. purchased a new stake in shares of Loews Corporation (NYSE:L) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 61,170 shares of the insurance provider’s stock, valued at approximately $6,925,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of L. Commerce Bank bought a new position in shares of Loews in the second quarter worth about $404,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Loews during the 2nd quarter valued at about $605,000. Quantbot Technologies LP bought a new position in shares of Loews during the 2nd quarter valued at approximately $4,058,000. Westpac Banking Corp bought a new position in shares of Loews during the 2nd quarter valued at approximately $5,344,000. Finally, Korea Investment CORP purchased a new stake in Loews in the 2nd quarter worth approximately $9,316,000. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of Loews from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the company presently has an average rating of “Strong Buy”.

Loews Stock Performance

NYSE:L opened at $109.85 on Friday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.44. Loews Corporation has a 12-month low of $95.10 and a 12-month high of $121.01. The stock has a 50-day moving average price of $113.74 and a 200 day moving average price of $110.18. The stock has a market capitalization of $22.46 billion, a P/E ratio of 13.46 and a beta of 0.52.

Loews (NYSE:L) last issued its earnings results on Monday, August 3rd. The insurance provider reported $2.16 earnings per share (EPS) for the quarter. Loews had a return on equity of 8.60% and a net margin of 9.02%.The company had revenue of $4.73 billion for the quarter.

Loews Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th will be given a dividend of $0.0625 per share. The ex-dividend date is Wednesday, August 19th. This represents a $0.25 annualized dividend and a yield of 0.2%. Loews’s dividend payout ratio (DPR) is 3.06%.

Insider Buying and Selling

In other Loews news, Director Dino Robusto bought 5,000 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were purchased at an average cost of $104.74 per share, for a total transaction of $523,700.00. Following the transaction, the director owned 10,235 shares of the company’s stock, valued at $1,072,013.90. This represents a 95.51% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 19.00% of the stock is owned by company insiders.

About Loews

Loews Corporation (NYSE: L) is a diversified holding company that owns and operates businesses across insurance, hospitality, energy-related operations and other industrial and investment activities. The company holds controlling and significant minority interests in subsidiaries that run as standalone businesses, with corporate oversight focused on capital allocation, risk management and long-term value creation for shareholders.

One of Loews’ principal businesses is insurance, conducted through CNA Financial, a commercial property and casualty insurer that underwrites a range of business insurance products for corporate and institutional clients.