Ancora Advisors LLC Invests $30.40 Million in Loews Corporation $L

Key Points

• Ancora Advisors acquired 2.09 million Loews shares worth approximately $30.4 million during the second quarter, giving it a 1.02% stake. Institutional investors and hedge funds collectively own 58.33% of the company.
• Loews reported quarterly revenue of $4.73 billion and earnings of $2.16 per share, with a 9.02% net margin and 8.60% return on equity.
• Shares opened at $110.84, while the company declared a quarterly dividend of $0.0625, equivalent to a 0.2% annualized yield. Weiss Ratings upgraded Loews to “buy (a-),” and MarketBeat lists the stock’s average rating as “Strong Buy.”

Ancora Advisors LLC purchased a new stake in shares of Loews Corporation (NYSE:L - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,093,530 shares of the insurance provider's stock, valued at approximately $30,398,000. Ancora Advisors LLC owned approximately 1.02% of Loews at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Loews by 12.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 369,994 shares of the insurance provider's stock valued at $38,724,000 after purchasing an additional 39,968 shares in the last quarter. UBS Group AG lifted its holdings in shares of Loews by 4.8% during the fourth quarter. UBS Group AG now owns 811,194 shares of the insurance provider's stock worth $85,427,000 after buying an additional 37,327 shares during the last quarter. Swedbank AB increased its position in Loews by 4.8% during the fourth quarter. Swedbank AB now owns 464,458 shares of the insurance provider's stock worth $48,912,000 after acquiring an additional 21,352 shares during the period. Walleye Capital LLC acquired a new position in Loews during the 2nd quarter valued at $1,605,000. Finally, Deutsche Bank AG acquired a new position in Loews during the 2nd quarter valued at $69,529,000. 58.33% of the stock is owned by institutional investors and hedge funds.

Loews Price Performance

Shares of Loews stock opened at $110.84 on Wednesday. The firm has a market cap of $22.66 billion, a P/E ratio of 13.58 and a beta of 0.52. The firm's 50-day simple moving average is $113.85 and its 200-day simple moving average is $110.25. Loews Corporation has a twelve month low of $95.10 and a twelve month high of $121.01. 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 (NYSE:L - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The insurance provider reported $2.16 earnings per share (EPS) for the quarter. Loews had a net margin of 9.02% and a return on equity of 8.60%. The firm had revenue of $4.73 billion during the quarter.

Loews Announces Dividend

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

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, Director Dino Robusto acquired 5,000 shares of the business's stock in a transaction on Friday, May 29th. The stock was bought at an average cost of $104.74 per share, with a total value of $523,700.00. Following the completion of the acquisition, the director owned 10,235 shares in the company, valued at $1,072,013.90. The trade was a 95.51% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 19.00% of the stock is owned by company insiders.

Loews Company 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.

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