2,583 Shares in Loews Corporation $L Acquired by Patton Fund Management Inc.

Key Points

• Patton Fund Management Inc. acquired 2,583 shares of Loews Corporation, valued at approximately $237,000, in the second quarter of 2023.
• Loews reported a quarterly EPS of $1.87 and revenue of $4.56 billion, with a return on equity of 7.43%.
• The company declared a quarterly dividend of $0.0625 per share, yielding 0.2%, with a payout ratio of 3.97%.

Patton Fund Management Inc. bought a new position in Loews Corporation (NYSE:L - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,583 shares of the insurance provider's stock, valued at approximately $237,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Wayfinding Financial LLC bought a new stake in shares of Loews in the 1st quarter valued at $25,000. Sierra Ocean LLC increased its stake in Loews by 805.9% in the first quarter. Sierra Ocean LLC now owns 308 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 274 shares in the last quarter. Elequin Capital LP acquired a new position in shares of Loews during the first quarter valued at about $30,000. Zions Bancorporation National Association UT bought a new position in shares of Loews during the 1st quarter worth about $33,000. Finally, NBC Securities Inc. acquired a new stake in shares of Loews in the 1st quarter valued at about $40,000. 58.33% of the stock is currently owned by institutional investors.

Loews Stock Performance

Shares of Loews stock opened at $100.34 on Monday. The business has a 50-day simple moving average of $95.17 and a 200 day simple moving average of $90.73. Loews Corporation has a one year low of $75.16 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.33 and a quick ratio of 0.33. The firm has a market capitalization of $20.81 billion, a price-to-earnings ratio of 15.95 and a beta of 0.73.

Loews (NYSE:L - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The insurance provider reported $1.87 EPS for the quarter. The firm had revenue of $4.56 billion during the quarter. Loews had a return on equity of 7.43% and a net margin of 7.47%.

Loews Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Wednesday, August 20th were paid 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 was Wednesday, August 20th. Loews's payout ratio is 3.97%.

About Loews

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.

Want to see what other hedge funds are holding L? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Loews Corporation (NYSE:L - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.