Shikiar Asset Management Inc. Invests $503,000 in Loews Corporation $L

Shikiar Asset Management Inc. acquired a new stake in shares of Loews Corporation (NYSE:L) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,015 shares of the insurance provider’s stock, valued at approximately $503,000.

A number of other institutional investors also recently bought and sold shares of L. Norges Bank bought a new stake in shares of Loews during the 2nd quarter valued at about $665,658,000. Geode Capital Management LLC boosted its holdings in shares of Loews by 0.6% in the second quarter. Geode Capital Management LLC now owns 4,609,107 shares of the insurance provider’s stock worth $420,722,000 after buying an additional 28,552 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Loews by 5.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,496,606 shares of the insurance provider’s stock valued at $137,553,000 after buying an additional 73,197 shares during the period. Hsbc Holdings PLC increased its holdings in Loews by 0.7% during the second quarter. Hsbc Holdings PLC now owns 728,940 shares of the insurance provider’s stock valued at $66,761,000 after buying an additional 4,750 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in Loews by 27.5% during the second quarter. AQR Capital Management LLC now owns 592,923 shares of the insurance provider’s stock valued at $53,920,000 after buying an additional 127,782 shares during the last quarter. Institutional investors own 58.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “buy (a-)” rating on shares of Loews in a research report on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the company currently has an average rating of “Strong Buy”.

Insider Activity at Loews

In other news, Director Walter L. Harris sold 1,442 shares of Loews stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $107.88, for a total transaction of $155,562.96. Following the sale, the director owned 24,594 shares in the company, valued at $2,653,200.72. This trade represents a 5.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles M. Diker sold 1,442 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $107.93, for a total transaction 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. This trade represents a 6.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 125,770 shares of company stock worth $13,325,818 in the last three months. Corporate insiders own 18.70% of the company’s stock.

Loews Stock Performance

L opened at $108.12 on Tuesday. The company has a 50 day simple moving average of $103.22 and a two-hundred day simple moving average of $97.41. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.35 and a quick ratio of 0.35. The firm has a market cap of $22.34 billion, a P/E ratio of 15.67 and a beta of 0.61. Loews Corporation has a 1-year low of $78.98 and a 1-year high of $109.06.

Loews (NYSE:L) last released its 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 company had revenue of $4.67 billion for the quarter.

Loews Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 9th. Investors of record on Wednesday, November 26th were given a dividend of $0.0625 per share. The ex-dividend date was Wednesday, November 26th. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. Loews’s dividend payout ratio (DPR) is currently 3.62%.

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.