Bank of America Corp DE Has $35.37 Million Stock Holdings in Loews Co. (NYSE:L)

Bank of America Corp DE lessened its holdings in Loews Co. (NYSE:L - Free Report) by 27.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 417,604 shares of the insurance provider's stock after selling 155,046 shares during the period. Bank of America Corp DE owned approximately 0.19% of Loews worth $35,367,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Venturi Wealth Management LLC grew its stake in Loews by 10.6% during the fourth quarter. Venturi Wealth Management LLC now owns 1,237 shares of the insurance provider's stock worth $105,000 after buying an additional 119 shares during the last quarter. Gilder Gagnon Howe & Co. LLC grew its stake in Loews by 3.2% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 3,884 shares of the insurance provider's stock worth $329,000 after buying an additional 122 shares during the last quarter. Wedmont Private Capital grew its stake in Loews by 5.2% during the fourth quarter. Wedmont Private Capital now owns 3,065 shares of the insurance provider's stock worth $249,000 after buying an additional 151 shares during the last quarter. Mather Group LLC. grew its stake in shares of Loews by 7.7% during the fourth quarter. Mather Group LLC. now owns 2,248 shares of the insurance provider's stock valued at $190,000 after purchasing an additional 161 shares during the last quarter. Finally, Perigon Wealth Management LLC grew its stake in shares of Loews by 5.9% during the fourth quarter. Perigon Wealth Management LLC now owns 3,306 shares of the insurance provider's stock valued at $285,000 after purchasing an additional 183 shares during the last quarter. Institutional investors and hedge funds own 58.33% of the company's stock.

Loews Price Performance

L opened at $88.88 on Friday. Loews Co. has a one year low of $73.15 and a one year high of $92.42. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.34 and a quick ratio of 0.34. The company's 50 day simple moving average is $86.87 and its 200-day simple moving average is $85.15. The stock has a market capitalization of $18.64 billion, a P/E ratio of 13.89 and a beta of 0.70.

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

Loews Dividend Announcement

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

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Loews from a "hold" rating to a "buy" rating in a research note on Tuesday, May 6th.

Insider Buying and Selling at Loews

In other Loews news, 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 value of $4,233,000.00. Following the transaction, the director now directly owns 6,755,529 shares of the company's stock, valued at approximately $571,923,085.14. This trade represents a 0.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Richard Waldo Scott sold 9,019 shares of the stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $87.92, for a total transaction of $792,950.48. Following the completion of the sale, the senior vice president now owns 33,901 shares in the company, valued at approximately $2,980,575.92. This trade represents a 21.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 156,655 shares of company stock valued at $13,323,294. 19.00% of the stock is currently owned by insiders.

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.

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