Norges Bank Makes New $577.28 Million Investment in Loews Corporation $L

Norges Bank bought a new position in shares of Loews Corporation (NYSE:L) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,481,709 shares of the insurance provider’s stock, valued at approximately $577,279,000. Norges Bank owned approximately 2.65% of Loews as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of L. Harbor Capital Advisors Inc. purchased a new stake in Loews during the fourth quarter worth $27,000. Harbor Investment Advisory LLC purchased a new stake in Loews during the fourth quarter worth $30,000. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in Loews during the third quarter worth $30,000. Private Trust Co. NA boosted its position in Loews by 896.7% during the fourth quarter. Private Trust Co. NA now owns 299 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 269 shares in the last quarter. Finally, Westfuller Advisors LLC acquired a new position in shares of Loews in the fourth quarter worth $36,000. 58.33% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Andrew H. Tisch sold 50,000 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $108.81, for a total transaction of $5,440,500.00. Following the transaction, the director directly owned 12,480,400 shares in the company, valued at approximately $1,357,992,324. This represents a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 19.00% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “buy (a-)” rating on shares of Loews in a report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the company has an average rating of “Strong Buy”.

Loews Stock Performance

NYSE L opened at $103.61 on Monday. Loews Corporation has a fifty-two week low of $86.77 and a fifty-two week high of $114.90. The stock has a market cap of $21.32 billion, a price-to-earnings ratio of 13.17 and a beta of 0.53. The business has a fifty day moving average of $107.95 and a 200-day moving average of $106.99. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.46.

Loews (NYSE:L) last released its quarterly earnings results on Monday, May 4th. The insurance provider reported $1.63 earnings per share for the quarter. Loews had a return on equity of 8.51% and a net margin of 8.83%.The company had revenue of $4.56 billion during the quarter.

Loews Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 9th. Investors of record on Wednesday, May 27th will be given a dividend of $0.0625 per share. The ex-dividend date is Wednesday, May 27th. This represents a $0.25 annualized dividend and a yield of 0.2%. Loews’s dividend payout ratio is 3.18%.

Loews Company Profile

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.