Bank of New York Mellon Corp Makes New Investment in Loews Corporation $L

Bank of New York Mellon Corp acquired a new position in shares of Loews Corporation (NYSE:L - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 949,222 shares of the insurance provider's stock, valued at approximately $107,461,000. Bank of New York Mellon Corp owned 0.46% of Loews at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Integrated Wealth Concepts LLC raised its stake in shares of Loews by 22.6% in the first quarter. Integrated Wealth Concepts LLC now owns 3,575 shares of the insurance provider's stock worth $329,000 after purchasing an additional 658 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Loews by 9.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,937 shares of the insurance provider's stock valued at $2,108,000 after acquiring an additional 2,057 shares during the period. Empowered Funds LLC lifted its stake in Loews by 12.2% during the 1st quarter. Empowered Funds LLC now owns 3,807 shares of the insurance provider's stock valued at $350,000 after acquiring an additional 414 shares during the period. Woodline Partners LP boosted its holdings in shares of Loews by 37.5% in the 1st quarter. Woodline Partners LP now owns 14,926 shares of the insurance provider's stock valued at $1,372,000 after acquiring an additional 4,071 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in shares of Loews by 53.5% in the 2nd quarter. Cetera Investment Advisers now owns 7,156 shares of the insurance provider's stock valued at $656,000 after acquiring an additional 2,493 shares during the last quarter. 58.33% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Loews

In other 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 price 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 of the company's stock, valued at approximately $1,072,013.90. This represents a 95.51% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 19.00% of the company's stock.

Loews Stock Up 1.5%

Shares of L stock opened at $111.44 on Tuesday. The stock has a 50 day moving average of $113.80 and a 200 day moving average of $110.24. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.44. The stock has a market cap of $22.78 billion, a P/E ratio of 13.66 and a beta of 0.52. Loews Corporation has a twelve month low of $95.10 and a twelve month high of $121.01.

Loews (NYSE:L - Get Free Report) last released its quarterly earnings data 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 return on equity of 8.60% and a net margin of 9.02%.

Loews Dividend Announcement

The company also recently declared 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 of this dividend is Wednesday, August 19th. This represents a $0.25 dividend on an annualized basis and a yield of 0.2%. Loews's dividend payout ratio is 3.06%.

Analysts Set New Price Targets

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

Loews 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.

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