Summit Global Investments Purchases Shares of 9,970 Loews Corporation $L

Summit Global Investments purchased a new position in shares of Loews Corporation (NYSE:L) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 9,970 shares of the insurance provider’s stock, valued at approximately $1,129,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank acquired a new stake in shares of Loews during the 4th quarter worth approximately $577,279,000. Goldman Sachs Group Inc. lifted its position in shares of Loews by 32.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,237,922 shares of the insurance provider’s stock valued at $340,986,000 after acquiring an additional 786,381 shares during the period. Caisse de depot et placement du Quebec lifted its position in shares of Loews by 819.0% during the 4th quarter. Caisse de depot et placement du Quebec now owns 448,032 shares of the insurance provider’s stock valued at $47,182,000 after acquiring an additional 399,281 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Loews by 9.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,984,234 shares of the insurance provider’s stock worth $419,581,000 after acquiring an additional 344,995 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Loews by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider’s stock worth $524,599,000 after acquiring an additional 271,234 shares in the last quarter. 58.33% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Loews

In related news, Director Dino Robusto bought 5,000 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were bought at an average price of $104.74 per share, for a total transaction of $523,700.00. Following the completion of the acquisition, the director directly 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 19.00% of the stock is owned by corporate insiders.

Loews Trading Up 0.3%

NYSE:L opened at $113.11 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.36 and a quick ratio of 0.36. Loews Corporation has a one year low of $94.36 and a one year high of $121.01. The company has a market cap of $23.12 billion, a PE ratio of 13.86 and a beta of 0.52. The firm has a 50-day moving average of $113.33 and a 200-day moving average of $109.91.

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

Loews Announces Dividend

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

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.