JPMorgan Chase & Co. Lowers Stock Position in Loews Corporation $L

JPMorgan Chase & Co. lessened its stake in shares of Loews Corporation (NYSE:L) by 8.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,083,054 shares of the insurance provider’s stock after selling 793,830 shares during the quarter. JPMorgan Chase & Co.’s holdings in Loews were worth $956,537,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Harbor Capital Advisors Inc. purchased a new position in Loews during the fourth quarter worth about $27,000. Harbor Investment Advisory LLC purchased a new position in Loews during the fourth quarter worth about $30,000. Private Trust Co. NA boosted its stake 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 buying an additional 269 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in Loews during the third quarter worth about $30,000. Finally, Westfuller Advisors LLC purchased a new position in Loews during the fourth quarter worth about $36,000. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Loews in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Strong Buy”.

Insider Activity

In other Loews news, Director Dino Robusto purchased 5,000 shares of Loews stock in a transaction dated Friday, May 29th. The shares were acquired at an average price of $104.74 per share, with a total value of $523,700.00. Following the completion of the transaction, the director owned 10,235 shares of the company’s stock, valued at $1,072,013.90. This trade represents a 95.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 19.00% of the company’s stock.

Loews Trading Up 0.9%

Shares of L stock opened at $106.88 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market cap of $21.99 billion, a PE ratio of 13.58 and a beta of 0.53. The company has a 50-day moving average of $107.90 and a two-hundred day moving average of $107.05. Loews Corporation has a 1-year low of $87.64 and a 1-year high of $114.90.

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

Loews Announces Dividend

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

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.