PNC Financial Services Group Inc. Has $4.75 Million Stock Position in Loews Corporation $L

PNC Financial Services Group Inc. boosted its position in Loews Corporation (NYSE:L) by 23.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 44,501 shares of the insurance provider’s stock after acquiring an additional 8,518 shares during the period. PNC Financial Services Group Inc.’s holdings in Loews were worth $4,750,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Oslo Pensjonsforsikring AS acquired a new position in shares of Loews during the first quarter worth approximately $246,000. Baader Bank Aktiengesellschaft acquired a new stake in Loews in the 1st quarter valued at $404,000. Summit Global Investments grew its position in Loews by 31.6% in the 1st quarter. Summit Global Investments now owns 9,950 shares of the insurance provider’s stock valued at $1,062,000 after purchasing an additional 2,390 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in Loews during the 1st quarter valued at $52,000. Finally, Dimensional Fund Advisors LP increased its stake in Loews by 1.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,270,492 shares of the insurance provider’s stock valued at $242,340,000 after purchasing an additional 28,016 shares in the last quarter. Institutional investors and hedge funds own 58.33% of the company’s stock.

Insiders Place Their Bets

In other news, Director Dino Robusto purchased 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average cost 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 $1,072,013.90. This trade represents a 95.51% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 19.00% of the company’s stock.

Loews Price Performance

Shares of NYSE:L opened at $118.55 on Tuesday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. The stock’s fifty day simple moving average is $110.90 and its two-hundred day simple moving average is $108.76. Loews Corporation has a 1-year low of $89.32 and a 1-year high of $119.10. The stock has a market cap of $24.39 billion, a PE ratio of 15.06 and a beta of 0.52.

Loews (NYSE:L) last posted its quarterly earnings data on Monday, May 4th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter. Loews had a net margin of 8.83% and a return on equity of 8.51%. The firm had revenue of $4.55 billion for the quarter.

Loews Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Wednesday, May 27th were issued a dividend of $0.0625 per share. The ex-dividend date was Wednesday, May 27th. This represents a $0.25 annualized dividend and a yield of 0.2%. Loews’s payout ratio is 3.18%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Loews from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Monday, July 13th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy”.

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.