Alliancebernstein L.P. Sells 25,793 Shares of Loews Corporation $L

Key Points

• Alliancebernstein L.P. reduced its stake in Loews Corporation by 11.5%, selling 25,793 shares to own 198,151 shares valued at approximately $18.2 million.
• GAMMA Investing LLC significantly increased its holdings in Loews by 10,114.9%, now owning 672,138 shares valued at $61.8 million.
• Loews Corporation reported a quarterly revenue of $4.56 billion and earnings per share of $1.87, also announcing a quarterly dividend of $0.0625 per share.

Alliancebernstein L.P. trimmed its stake in shares of Loews Corporation (NYSE:L - Free Report) by 11.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 198,151 shares of the insurance provider's stock after selling 25,793 shares during the quarter. Alliancebernstein L.P. owned about 0.09% of Loews worth $18,212,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of L. GAMMA Investing LLC raised its stake in Loews by 10,114.9% in the first quarter. GAMMA Investing LLC now owns 672,138 shares of the insurance provider's stock valued at $61,776,000 after purchasing an additional 665,558 shares in the last quarter. Nuveen LLC acquired a new position in Loews during the first quarter worth about $34,166,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Loews by 17.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,423,409 shares of the insurance provider's stock valued at $120,549,000 after buying an additional 207,568 shares during the period. Northern Trust Corp increased its stake in shares of 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 during the period. Finally, AustralianSuper Pty Ltd bought a new stake in Loews in the first quarter valued at approximately $11,633,000. Institutional investors and hedge funds own 58.33% of the company's stock.

Loews Price Performance

Loews stock opened at $96.09 on Thursday. The stock has a market capitalization of $19.93 billion, a price-to-earnings ratio of 15.28 and a beta of 0.73. Loews Corporation has a 52-week low of $75.16 and a 52-week high of $97.77. The stock's 50 day moving average price is $93.65 and its two-hundred day moving average price is $89.61. 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 (NYSE:L - Get Free Report) last issued its earnings results on Monday, August 4th. The insurance provider reported $1.87 earnings per share for the quarter. The company had revenue of $4.56 billion for the quarter. Loews had a return on equity of 7.43% and a net margin of 7.47%.

Loews Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Wednesday, August 20th were paid a dividend of $0.0625 per share. The ex-dividend date was Wednesday, August 20th. This represents a $0.25 annualized dividend and a dividend yield of 0.3%. Loews's dividend 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.

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.