Bank of New York Mellon Corp Sells 36,254 Shares of Loews Corporation $L

Bank of New York Mellon Corp lessened its stake in shares of Loews Corporation (NYSE:L) by 3.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,126,671 shares of the insurance provider’s stock after selling 36,254 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.54% of Loews worth $113,106,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Loews during the 2nd quarter worth approximately $665,658,000. Geode Capital Management LLC grew its stake in Loews by 0.6% during the second quarter. Geode Capital Management LLC now owns 4,609,107 shares of the insurance provider’s stock worth $420,722,000 after purchasing an additional 28,552 shares during the period. Hsbc Holdings PLC increased its stake in shares of Loews by 0.7% in the 2nd quarter. Hsbc Holdings PLC now owns 728,940 shares of the insurance provider’s stock valued at $66,761,000 after acquiring an additional 4,750 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Loews by 27.5% during the second quarter. AQR Capital Management LLC now owns 592,923 shares of the insurance provider’s stock valued at $53,920,000 after purchasing an additional 127,782 shares during the period. Finally, Swiss National Bank raised its stake in Loews by 3.7% during the 2nd quarter. Swiss National Bank now owns 541,161 shares of the insurance provider’s stock worth $49,603,000 after buying an additional 19,100 shares during the period. Institutional investors and hedge funds own 58.33% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Loews in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, Loews currently has a consensus rating of “Strong Buy”.

Insider Transactions at Loews

In related news, Director Paul J. Fribourg sold 1,442 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $108.13, for a total transaction of $155,923.46. Following the completion of the transaction, the director owned 400 shares in the company, valued at $43,252. This represents a 78.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrew H. Tisch sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $105.07, for a total transaction of $5,253,500.00. Following the completion of the sale, the director directly owned 12,909,642 shares of the company’s stock, valued at approximately $1,356,416,084.94. This represents a 0.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 125,770 shares of company stock worth $13,325,818. Corporate insiders own 18.70% of the company’s stock.

Loews Stock Up 0.8%

L stock opened at $105.54 on Monday. The stock has a fifty day moving average of $104.88 and a 200-day moving average of $100.34. Loews Corporation has a fifty-two week low of $78.98 and a fifty-two week high of $109.06. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.35 and a current ratio of 0.35. The company has a market capitalization of $21.81 billion, a price-to-earnings ratio of 15.30 and a beta of 0.61.

Loews (NYSE:L) last posted its earnings results on Monday, November 3rd. The insurance provider reported $2.43 earnings per share (EPS) for the quarter. Loews had a return on equity of 7.89% and a net margin of 7.95%.The firm had revenue of $4.67 billion for the quarter.

Loews Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 9th. Stockholders of record on Wednesday, November 26th were issued a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Wednesday, November 26th. Loews’s dividend payout ratio is currently 3.62%.

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.