Elevation Point Wealth Partners LLC Buys New Position in Loews Corporation $L

Elevation Point Wealth Partners LLC bought a new stake in shares of Loews Corporation (NYSE:L) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 18,885 shares of the insurance provider’s stock, valued at approximately $2,138,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in L. Vanguard Group Inc. boosted its holdings in shares of Loews by 0.6% in 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 acquiring an additional 108,882 shares in the last quarter. BlackRock Inc. bought a new stake in Loews during the second quarter worth approximately $1,621,369,000. Norges Bank acquired a new stake in Loews in the fourth quarter worth approximately $577,279,000. Geode Capital Management LLC lifted its position in Loews by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider’s stock worth $524,599,000 after purchasing an additional 271,234 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in Loews by 9.5% during the 4th 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 purchasing an additional 344,995 shares in the last quarter. 58.33% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Loews from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Strong Buy”.

Loews Stock Performance

NYSE:L opened at $109.85 on Monday. Loews Corporation has a twelve month low of $95.10 and a twelve month high of $121.01. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.44. The company has a 50-day moving average of $113.74 and a 200-day moving average of $110.21. The firm has a market cap of $22.46 billion, a price-to-earnings ratio of 13.46 and a beta of 0.52.

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

Loews Dividend Announcement

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 given a $0.0625 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $0.25 annualized dividend and a yield of 0.2%. Loews’s payout ratio is 3.06%.

Insider Activity

In related news, Director Dino Robusto purchased 5,000 shares of the company’s stock in a transaction on Friday, May 29th. The shares were bought at an average price of $104.74 per share, with a total value of $523,700.00. Following the completion of the acquisition, the director owned 10,235 shares of the company’s stock, valued at approximately $1,072,013.90. This represents a 95.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 19.00% 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.