Vise Technologies Inc. purchased a new position in shares of Loews Corporation (NYSE:L – Free Report) during the second quarter, Holdings Channel.com reports. The firm purchased 9,790 shares of the insurance provider’s stock, valued at approximately $1,108,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Loews in the 2nd quarter valued at $1,621,369,000. Norges Bank bought a new position in Loews during the fourth quarter worth $577,279,000. Great Lakes Advisors LLC acquired a new stake in Loews in the second quarter worth $184,377,000. Bank of New York Mellon Corp bought a new stake in Loews in the second quarter valued at $107,461,000. Finally, Goldman Sachs Group Inc. increased its stake in Loews by 32.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,237,922 shares of the insurance provider’s stock valued at $340,986,000 after purchasing an additional 786,381 shares in the last quarter. 58.33% of the stock is currently owned by institutional investors.
Loews Trading Down 0.8%
Shares of Loews stock opened at $109.85 on Friday. The stock has a market capitalization of $22.46 billion, a PE ratio of 13.46 and a beta of 0.52. Loews Corporation has a 52 week low of $95.10 and a 52 week high of $121.01. The stock has a 50 day moving average price of $113.74 and a two-hundred day moving average price of $110.18. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.36 and a current ratio of 0.36.
Loews Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Wednesday, August 19th. Loews’s payout ratio is 3.06%.
Insiders Place Their Bets
In other Loews news, Director Dino Robusto acquired 5,000 shares of the stock in a transaction on Friday, May 29th. The shares were purchased 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 owned 10,235 shares in the company, valued at approximately $1,072,013.90. This represents a 95.51% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 19.00% of the company’s stock.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings upgraded shares of Loews from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Strong Buy”.
View Our Latest Stock Analysis on Loews
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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