Bank of America Corp DE Boosts Stake in Loews Corporation $L

Key Points

• Bank of America increased its Loews stake by 3.9% in the first quarter, adding 23,742 shares to own 639,021 shares worth approximately $68.2 million. Institutional investors collectively hold 58.33% of Loews stock.
• Loews reported quarterly earnings of $2.16 per share on revenue of $4.73 billion, with a 9.02% net margin and 8.60% return on equity.
• Shares opened at $113.78, while the company announced a quarterly dividend of $0.0625 per share, equivalent to a 0.2% yield. Weiss Ratings upgraded Loews from “buy (b+)” to “buy (a-).”

Bank of America Corp DE raised its stake in shares of Loews Corporation (NYSE:L - Free Report) by 3.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 639,021 shares of the insurance provider's stock after buying an additional 23,742 shares during the quarter. Bank of America Corp DE owned about 0.31% of Loews worth $68,209,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. DV Equities LLC acquired a new position in shares of Loews in the fourth quarter valued at approximately $25,000. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in shares of Loews during the third quarter valued at approximately $30,000. Private Trust Co. NA lifted its stake in shares of Loews by 896.7% during the fourth quarter. Private Trust Co. NA now owns 299 shares of the insurance provider's stock valued at $31,000 after buying an additional 269 shares during the period. SHP Wealth Management acquired a new stake in Loews during the fourth quarter worth approximately $35,000. Finally, Torren Management LLC acquired a new stake in Loews during the fourth quarter worth approximately $36,000. Hedge funds and other institutional investors own 58.33% of the company's stock.

Loews Stock Down 1.5%

L opened at $113.78 on Tuesday. Loews Corporation has a 1 year low of $93.25 and a 1 year high of $121.01. The firm has a 50 day moving average price of $112.74 and a 200 day moving average price of $109.66. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market cap of $23.26 billion, a PE ratio of 13.94 and a beta of 0.52.

Loews (NYSE:L - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The insurance provider reported $2.16 earnings per share 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 for the quarter.

Loews Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th will be issued a dividend of $0.0625 per share. The ex-dividend date is Wednesday, August 19th. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. Loews's payout ratio is presently 3.06%.

Insider Buying and Selling at Loews

In other Loews news, Director Dino Robusto purchased 5,000 shares of the firm's stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average cost of $104.74 per share, with a total value of $523,700.00. Following the transaction, the director owned 10,235 shares in the company, valued at approximately $1,072,013.90. This trade represents 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 this link. Insiders own 19.00% of the company's stock.

Analyst Upgrades and Downgrades

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