Loews Co. (NYSE:L) is Wallace Capital Management Inc.’s 4th Largest Position

Wallace Capital Management Inc. lessened its stake in Loews Co. (NYSE:L) by 4.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 269,504 shares of the insurance provider’s stock after selling 13,890 shares during the period. Loews comprises approximately 3.1% of Wallace Capital Management Inc.’s investment portfolio, making the stock its 4th largest holding. Wallace Capital Management Inc. owned 0.12% of Loews worth $22,824,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in Loews by 6.4% during the fourth quarter. Bank of New York Mellon Corp now owns 1,287,833 shares of the insurance provider’s stock valued at $109,067,000 after purchasing an additional 77,386 shares in the last quarter. Fidelis Capital Partners LLC acquired a new position in shares of Loews during the 4th quarter worth about $440,000. Y Intercept Hong Kong Ltd purchased a new position in Loews in the 4th quarter valued at about $425,000. Steward Partners Investment Advisory LLC boosted its holdings in Loews by 13.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,433 shares of the insurance provider’s stock worth $206,000 after buying an additional 288 shares during the last quarter. Finally, Prudential Financial Inc. boosted its holdings in Loews by 14.8% in the 4th quarter. Prudential Financial Inc. now owns 162,256 shares of the insurance provider’s stock worth $13,741,000 after buying an additional 20,874 shares during the last quarter. Institutional investors and hedge funds own 58.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Loews from a “hold” rating to a “buy” rating in a research report on Tuesday, May 6th.

Insider Buying and Selling

In related news, SVP Richard Waldo Scott sold 9,019 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $87.92, for a total transaction of $792,950.48. Following the sale, the senior vice president now directly owns 33,901 shares of the company’s stock, valued at $2,980,575.92. This represents a 21.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jonathan M. Tisch sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $84.66, for a total transaction of $4,233,000.00. Following the completion of the transaction, the director now directly owns 6,755,529 shares of the company’s stock, valued at $571,923,085.14. This represents a 0.73% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 156,655 shares of company stock valued at $13,323,294. 19.00% of the stock is currently owned by insiders.

Loews Stock Performance

L opened at $89.39 on Tuesday. The firm has a market capitalization of $18.74 billion, a PE ratio of 13.97 and a beta of 0.70. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.50. Loews Co. has a twelve month low of $73.15 and a twelve month high of $92.42. The firm’s 50-day moving average price is $87.07 and its 200 day moving average price is $85.36.

Loews (NYSE:L) last issued its earnings results on Monday, May 5th. The insurance provider reported $1.74 earnings per share (EPS) for the quarter. The business had revenue of $4.49 billion during the quarter. Loews had a return on equity of 8.04% and a net margin of 8.08%.

Loews Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 28th will be issued a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.28%. The ex-dividend date is Wednesday, May 28th. Loews’s dividend payout ratio is presently 4.11%.

Loews Company Profile

Loews Corporation provides commercial property and casualty insurance in the United States and internationally. The company offers specialty insurance products, such as management and professional liability, and other coverage products; surety and fidelity bonds; property insurance products that include standard and excess property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto, surplus, and umbrella coverages.