Bank of New York Mellon Corp Sells 36,254 Shares of Loews Corporation $L

Bank of New York Mellon Corp cut its stake in shares of Loews Corporation (NYSE:L) by 3.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,126,671 shares of the insurance provider’s stock after selling 36,254 shares during the period. Bank of New York Mellon Corp’s holdings in Loews were worth $113,106,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in L. CPC Advisors LLC bought a new position in Loews in the 3rd quarter worth $6,568,000. Swedbank AB boosted its stake in Loews by 9.7% during the third quarter. Swedbank AB now owns 443,106 shares of the insurance provider’s stock valued at $44,483,000 after buying an additional 39,313 shares during the last quarter. Assetmark Inc. grew its holdings in shares of Loews by 182.2% in the second quarter. Assetmark Inc. now owns 1,967 shares of the insurance provider’s stock valued at $180,000 after purchasing an additional 1,270 shares in the last quarter. Rakuten Investment Management Inc. purchased a new position in shares of Loews in the 3rd quarter worth $3,827,000. Finally, Permanent Capital Management LP bought a new position in shares of Loews in the 3rd quarter valued at about $1,551,000. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Loews Stock Performance

Shares of NYSE:L opened at $105.54 on Monday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $21.81 billion, a price-to-earnings ratio of 15.30 and a beta of 0.61. Loews Corporation has a 52 week low of $78.98 and a 52 week high of $109.06. The firm has a 50 day moving average of $104.88 and a 200 day moving average of $100.34.

Loews (NYSE:L) last released its quarterly earnings results on Monday, November 3rd. The insurance provider reported $2.43 earnings per share for the quarter. Loews had a net margin of 7.95% and a return on equity of 7.89%. The business had revenue of $4.67 billion for the quarter.

Loews Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 9th. Shareholders of record on Wednesday, November 26th were paid a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a yield of 0.2%. The ex-dividend date was Wednesday, November 26th. Loews’s payout ratio is presently 3.62%.

Insider Buying and Selling

In related news, Director Charles M. Diker sold 1,442 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $107.93, for a total value of $155,635.06. Following the completion of the transaction, the director directly owned 21,594 shares in the company, valued at $2,330,640.42. The trade was a 6.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Andrew H. Tisch sold 50,000 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $105.07, for a total value of $5,253,500.00. Following the transaction, the director owned 12,909,642 shares in the company, valued at $1,356,416,084.94. This represents a 0.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 125,770 shares of company stock worth $13,325,818 in the last quarter. 18.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “buy (a-)” rating on shares of Loews in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, the stock has a consensus rating of “Strong Buy”.

Loews Company Profile

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.