1,238,828 Shares in Loews Corporation $L Acquired by Legal & General Group Plc

Legal & General Group Plc purchased a new stake in Loews Corporation (NYSE:L) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 1,238,828 shares of the insurance provider’s stock, valued at approximately $140,248,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of L. Vanguard Group Inc. raised its stake in shares of Loews by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 19,426,064 shares of the insurance provider’s stock valued at $2,045,759,000 after acquiring an additional 108,882 shares during the period. BlackRock Inc. purchased a new stake in Loews during the 2nd quarter worth $1,621,369,000. Norges Bank acquired a new stake in Loews in the 4th quarter valued at $577,279,000. Geode Capital Management LLC increased its holdings in Loews by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider’s stock valued at $524,599,000 after purchasing an additional 271,234 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Loews by 9.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,984,234 shares of the insurance provider’s stock valued at $419,581,000 after purchasing an additional 344,995 shares in the last quarter. 58.33% of the stock is owned by institutional investors and hedge funds.

Loews Stock Down 1.1%

NYSE L opened at $109.69 on Friday. 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 fifty-two week low of $95.10 and a fifty-two week high of $121.01. The business has a 50 day moving average price of $113.96 and a two-hundred day moving average price of $110.24. The stock has a market cap of $22.42 billion, a PE ratio of 13.44 and a beta of 0.52.

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

Loews Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th will be issued a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Wednesday, August 19th. Loews’s dividend payout ratio (DPR) is presently 3.06%.

Wall Street Analyst Weigh In

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