Ancora Advisors LLC Buys New Shares in Loews Corporation $L

Key Points

• Ancora Advisors purchased 51,611 Loews shares in the second quarter, valued at approximately $5.09 million. Institutional investors collectively own 58.33% of the company.
• Loews reported quarterly earnings of $2.16 per share on $4.73 billion in revenue, with a 9.02% net margin and 8.60% return on equity.
• The company declared a quarterly dividend of $0.0625, or $0.25 annually, representing a 0.2% yield; Weiss Ratings upgraded the stock to “buy (a-).”

Ancora Advisors LLC purchased a new position in shares of Loews Corporation (NYSE:L - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 51,611 shares of the insurance provider's stock, valued at approximately $5,090,000.

A number of other large investors also recently bought and sold shares of L. DV Equities LLC acquired a new position in Loews in the fourth quarter valued at $25,000. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Loews in the 2nd quarter worth about $26,000. Fiduciary Financial Advisors purchased a new position in shares of Loews in the 2nd quarter worth about $26,000. Keating Financial Advisory Services Inc. acquired a new position in shares of Loews in the 2nd quarter valued at about $28,000. Finally, Paladin Partners LLC acquired a new position in shares of Loews in the 2nd quarter valued at about $30,000. Hedge funds and other institutional investors own 58.33% of the company's stock.

Loews Stock Performance

Shares of NYSE:L opened at $111.06 on Thursday. The company has a market cap of $22.70 billion, a P/E ratio of 13.61 and a beta of 0.52. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.36 and a current ratio of 0.36. Loews Corporation has a one year low of $95.10 and a one year high of $121.01. The business's 50-day simple moving average is $113.92 and its 200 day simple moving average is $110.25.

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

Loews Announces Dividend

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

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Loews news, Director Dino Robusto bought 5,000 shares of the stock in a transaction dated Friday, May 29th. The stock was bought at an average cost of $104.74 per share, for a total transaction of $523,700.00. Following the completion of the purchase, the director directly owned 10,235 shares of the company's stock, valued at approximately $1,072,013.90. The trade was a 95.51% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 19.00% of the stock is currently owned by insiders.

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source