Abacus Planning Group Inc. Invests $325,000 in Loews Corporation $L

Key Points

• Abacus Planning Group Inc. invested approximately $325,000 in Loews Corporation by purchasing 3,543 shares during the 2nd quarter.
• Loews Corporation has a market cap of $21.09 billion and reported earnings of $1.87 per share in its last earnings announcement.
• Institutional investors and hedge funds collectively own 58.33% of Loews's stock, indicating strong institutional interest in the company.

Abacus Planning Group Inc. bought a new stake in Loews Corporation (NYSE:L - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,543 shares of the insurance provider's stock, valued at approximately $325,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in shares of Loews during the 1st quarter worth $34,166,000. Swedbank AB increased its holdings in Loews by 44.8% in the first quarter. Swedbank AB now owns 556,350 shares of the insurance provider's stock valued at $51,134,000 after buying an additional 172,004 shares during the last quarter. Northern Trust Corp raised its stake in Loews by 7.2% in the first quarter. Northern Trust Corp now owns 2,249,036 shares of the insurance provider's stock valued at $206,709,000 after buying an additional 151,428 shares in the last quarter. Millennium Management LLC lifted its holdings in Loews by 140.4% during the 1st quarter. Millennium Management LLC now owns 251,175 shares of the insurance provider's stock worth $23,085,000 after buying an additional 146,695 shares during the last quarter. Finally, AustralianSuper Pty Ltd acquired a new position in shares of Loews during the 1st quarter worth about $11,633,000. Institutional investors and hedge funds own 58.33% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "buy (b+)" rating on shares of Loews in a research report on Saturday, September 27th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy".

Loews Stock Performance

Shares of L stock opened at $101.68 on Friday. The stock's 50-day moving average is $96.08 and its two-hundred day moving average is $91.16. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.33 and a current ratio of 0.33. Loews Corporation has a 1 year low of $75.16 and a 1 year high of $102.41. The firm has a market cap of $21.09 billion, a price-to-earnings ratio of 16.17 and a beta of 0.73.

Loews (NYSE:L - Get Free Report) last announced its earnings results on Monday, August 4th. The insurance provider reported $1.87 earnings per share (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 announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Wednesday, August 20th were issued a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Wednesday, August 20th. Loews's payout ratio is presently 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.

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