Bank of America Corp DE Acquires Shares of 702,763 Loews Corporation $L

Key Points

• Bank of America acquired 702,763 Loews shares during the second quarter, valued at approximately $79.6 million and representing a 0.34% stake.
• Other major institutions, including BlackRock and Norges Bank, also initiated positions, while Geode Capital, Goldman Sachs, and Dimensional Fund Advisors increased their holdings. Institutional investors collectively own 58.33% of Loews.
• Loews reported quarterly EPS of $2.16 on revenue of $4.73 billion and pays an annualized dividend of $0.25, yielding about 0.2%. The stock carried an average analyst rating of “Buy,” despite Weiss Ratings downgrading it from “buy (a-)” to “buy (b+).”

Bank of America Corp DE bought a new stake in Loews Corporation (NYSE:L - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 702,763 shares of the insurance provider's stock, valued at approximately $79,560,000. Bank of America Corp DE owned 0.34% of Loews at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in L. BlackRock Inc. bought a new stake in shares of Loews during the 2nd quarter worth approximately $1,621,369,000. Norges Bank bought a new stake in shares of Loews during the fourth quarter worth $577,279,000. Geode Capital Management LLC boosted its stake in shares of Loews by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider's stock valued at $524,599,000 after purchasing an additional 271,234 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Loews by 32.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,237,922 shares of the insurance provider's stock valued at $340,986,000 after purchasing an additional 786,381 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Loews by 1.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,270,492 shares of the insurance provider's stock worth $242,340,000 after purchasing an additional 28,016 shares during the last quarter. Institutional investors own 58.33% of the company's stock.

Loews Price Performance

Shares of L stock opened at $107.69 on Friday. Loews Corporation has a 1-year low of $96.17 and a 1-year high of $121.01. The stock's 50-day moving average is $112.50 and its 200 day moving average is $110.16. The company has a market cap of $22.02 billion, a P/E ratio of 13.20 and a beta of 0.51. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.36 and a quick ratio of 0.36.

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

Loews Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Loews from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday, September 8th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy".

Loews Profile

Loews Corporation NYSE: L is a diversified holding company whose businesses operate primarily in the insurance, energy infrastructure, hospitality and packaging sectors. Rather than operating as a single-industry company, Loews manages a portfolio of independently run subsidiaries and focuses on long-term ownership, financial strength and disciplined capital allocation.

Its principal businesses include CNA Financial Corporation, a commercial property and casualty insurance provider; Boardwalk Pipelines, which owns and operates natural gas pipeline and storage assets; Loews Hotels & Co, which manages luxury and upper-upscale hotels and resorts; and Altium Packaging, a manufacturer of rigid plastic containers and packaging solutions.

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