47,201 Shares in Loews Corporation $L Acquired by Westpac Banking Corp

Key Points

• Westpac Banking Corp acquired 47,201 Loews shares worth approximately $5.34 million during the second quarter. Institutional investors collectively own 58.33% of Loews.
• Loews reported quarterly earnings of $2.16 per share on $4.73 billion in revenue, while its shares recently traded at $109.85. Weiss Ratings upgraded the stock to a “buy (a-)” rating.
• The company declared a quarterly dividend of $0.0625, equivalent to a $0.25 annual payout and a 0.2% yield. Director Dino Robusto also purchased 5,000 shares, increasing his personal stake by 95.51%.

Westpac Banking Corp acquired a new position in Loews Corporation (NYSE:L - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 47,201 shares of the insurance provider's stock, valued at approximately $5,344,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its position 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 worth $2,045,759,000 after acquiring an additional 108,882 shares in the last quarter. BlackRock Inc. bought a new position in Loews during the second quarter worth $1,621,369,000. Norges Bank bought a new position in Loews during the fourth quarter worth $577,279,000. Geode Capital Management LLC boosted its holdings in Loews by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider's stock worth $524,599,000 after purchasing an additional 271,234 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in Loews by 9.5% during the fourth 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 during the last quarter. 58.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Loews from a "buy (b+)" rating to a "buy (a-)" rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Strong Buy".

Loews Trading Down 0.8%

NYSE:L opened at $109.85 on Friday. The firm has a market capitalization of $22.46 billion, a P/E ratio of 13.46 and a beta of 0.52. The business has a 50 day simple moving average of $113.74 and a 200 day simple moving average of $110.18. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.36 and a quick ratio of 0.36. Loews Corporation has a 12-month low of $95.10 and a 12-month high of $121.01.

Loews (NYSE:L - Get Free Report) last issued its earnings results on Monday, August 3rd. The insurance provider reported $2.16 earnings per share for the quarter. The firm had revenue of $4.73 billion for the quarter. Loews had a return on equity of 8.60% and a net margin of 9.02%.

Loews Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th will be given a $0.0625 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $0.25 annualized dividend and a yield of 0.2%. Loews's dividend payout ratio (DPR) is currently 3.06%.

Insiders Place Their Bets

In other news, Director Dino Robusto bought 5,000 shares of Loews stock in a transaction on Friday, May 29th. The stock was purchased at an average cost of $104.74 per share, with a total value of $523,700.00. Following the purchase, the director directly owned 10,235 shares of the company's stock, valued at approximately $1,072,013.90. This trade represents a 95.51% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 19.00% of the stock is currently owned by corporate insiders.

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.

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