Loews Corporation (NYSE:L – Get Free Report)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $120.70 and last traded at $120.6110, with a volume of 55460 shares changing hands. The stock had previously closed at $118.54.
Analysts Set New Price Targets
Separately, Weiss Ratings cut shares of Loews from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Monday, July 13th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Loews has a consensus rating of “Buy”.
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Loews Price Performance
Loews (NYSE:L – Get Free Report) last released its quarterly earnings data on Monday, May 4th. The insurance provider reported $1.63 earnings per share for the quarter. The business had revenue of $4.55 billion during the quarter. Loews had a return on equity of 8.51% and a net margin of 8.83%.
Loews Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Wednesday, May 27th were issued 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%.
Insider Buying and Selling at Loews
In related news, Director Dino Robusto purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average price of $104.74 per share, for a total transaction of $523,700.00. Following the transaction, 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 19.00% of the stock is owned by company insiders.
Institutional Trading of Loews
Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Loews by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 19,426,064 shares of the insurance provider’s stock valued at $2,045,759,000 after buying an additional 108,882 shares in the last quarter. Norges Bank purchased a new position in shares of Loews in the fourth quarter worth approximately $577,279,000. Geode Capital Management LLC raised its holdings in shares of Loews by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider’s stock valued at $524,599,000 after acquiring an additional 271,234 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 valued at $419,581,000 after acquiring an additional 344,995 shares during the period. Finally, Invesco Ltd. lifted its position in shares of Loews by 0.4% in the 3rd quarter. Invesco Ltd. now owns 3,363,861 shares of the insurance provider’s stock valued at $337,698,000 after acquiring an additional 12,311 shares in the last quarter. Institutional investors and hedge funds own 58.33% of the company’s stock.
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.
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