ABC Arbitrage SA Sells 10,313 Shares of Loews Corporation $L

ABC Arbitrage SA reduced its holdings in shares of Loews Corporation (NYSE:L - Free Report) by 69.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,554 shares of the insurance provider's stock after selling 10,313 shares during the period. ABC Arbitrage SA's holdings in Loews were worth $486,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hancock Whitney Corp grew its holdings in Loews by 3.9% in the third quarter. Hancock Whitney Corp now owns 2,618 shares of the insurance provider's stock worth $263,000 after purchasing an additional 98 shares during the period. IFM Investors Pty Ltd increased its position in Loews by 0.3% in the 4th quarter. IFM Investors Pty Ltd now owns 31,867 shares of the insurance provider's stock valued at $3,356,000 after buying an additional 100 shares in the last quarter. Independent Advisor Alliance raised its stake in Loews by 4.3% during the 4th quarter. Independent Advisor Alliance now owns 2,603 shares of the insurance provider's stock worth $274,000 after buying an additional 107 shares during the period. Ballentine Partners LLC boosted its holdings in Loews by 2.7% in the fourth quarter. Ballentine Partners LLC now owns 4,197 shares of the insurance provider's stock worth $442,000 after acquiring an additional 111 shares in the last quarter. Finally, Sanctuary Advisors LLC raised its position in shares of Loews by 0.8% during the fourth quarter. Sanctuary Advisors LLC now owns 14,006 shares of the insurance provider's stock worth $1,475,000 after purchasing an additional 115 shares during the period. 58.33% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Dino Robusto acquired 5,000 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average cost of $104.74 per share, for a total transaction of $523,700.00. Following the purchase, the director owned 10,235 shares in the company, valued at $1,072,013.90. This trade represents a 95.51% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 19.00% of the company's stock.

Loews Price Performance

Shares of NYSE L opened at $116.50 on Tuesday. Loews Corporation has a twelve month low of $89.32 and a twelve month high of $119.10. The stock's 50 day moving average price is $108.92 and its 200-day moving average price is $108.12. The company has a market capitalization of $23.97 billion, a PE ratio of 14.80 and a beta of 0.52. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.46.

Loews (NYSE:L - Get Free Report) last issued its quarterly earnings results on Monday, May 4th. The insurance provider reported $1.63 earnings per share for the quarter. The company had revenue of $4.55 billion for the quarter. Loews had a net margin of 8.83% and a return on equity of 8.51%.

Loews Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Wednesday, May 27th were given a $0.0625 dividend. The ex-dividend date was Wednesday, May 27th. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. Loews's payout ratio is 3.18%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Loews in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Strong Buy".

About Loews

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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