Walleye Capital LLC Takes $1.60 Million Position in Loews Corporation $L

Walleye Capital LLC bought a new stake in shares of Loews Corporation (NYSE:L) in the 2nd quarter, Holdings Channel.com reports. The firm bought 14,179 shares of the insurance provider’s stock, valued at approximately $1,605,000.

A number of other hedge funds have also recently bought and sold shares of L. Walleye Trading LLC acquired a new stake in Loews in the 2nd quarter valued at about $455,000. Tema ETFs LLC grew its stake in shares of Loews by 65.8% in the 2nd quarter. Tema ETFs LLC now owns 3,640 shares of the insurance provider’s stock worth $412,000 after purchasing an additional 1,444 shares during the last quarter. Contravisory Investment Management Inc. grew its stake in shares of Loews by 2.2% in the 2nd quarter. Contravisory Investment Management Inc. now owns 9,273 shares of the insurance provider’s stock worth $1,050,000 after purchasing an additional 196 shares during the last quarter. Czech National Bank raised its holdings in shares of Loews by 4.4% in the 2nd quarter. Czech National Bank now owns 48,027 shares of the insurance provider’s stock worth $5,437,000 after purchasing an additional 2,011 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Loews by 1.2% in the 2nd quarter. GAMMA Investing LLC now owns 11,578 shares of the insurance provider’s stock worth $1,311,000 after purchasing an additional 135 shares in the last quarter. 58.33% of the stock is owned by institutional investors and hedge funds.

Loews Stock Performance

Shares of NYSE L opened at $113.11 on Friday. The stock’s fifty day simple moving average is $113.33 and its 200 day simple moving average is $109.91. The stock has a market capitalization of $23.12 billion, a price-to-earnings ratio of 13.86 and a beta of 0.52. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.44. Loews Corporation has a 52-week low of $94.36 and a 52-week high of $121.01.

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

Loews Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th will be issued a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a yield of 0.2%. The ex-dividend date is Wednesday, August 19th. Loews’s payout ratio is presently 3.06%.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Loews from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, the stock presently has an average rating of “Strong Buy”.

Insider Transactions at Loews

In other news, Director Dino Robusto acquired 5,000 shares of Loews stock in a transaction on Friday, May 29th. The stock was bought at an average cost of $104.74 per share, with a total value of $523,700.00. Following the completion of the purchase, the director owned 10,235 shares of the company’s stock, valued at $1,072,013.90. This represents a 95.51% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 19.00% of the company’s stock.

Loews 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.