Bank of New York Mellon Corp Trims Holdings in Loews Corporation $L

Key Points

• Bank of New York Mellon trimmed its Loews stake by 2.6% in the first quarter, selling 26,217 shares and leaving it with 972,965 shares valued at about $103.9 million.
• Several other institutional investors adjusted positions in Loews, and hedge funds and other institutions now own 58.33% of the company’s shares.
• Loews saw an insider purchase as Director Dino Robusto bought 5,000 shares at $104.74 each, while Weiss Ratings slightly lowered its view from “buy (a-)” to “buy (b+).”

Bank of New York Mellon Corp decreased its stake in shares of Loews Corporation (NYSE:L - Free Report) by 2.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 972,965 shares of the insurance provider's stock after selling 26,217 shares during the period. Bank of New York Mellon Corp owned 0.47% of Loews worth $103,854,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Loews by 12.1% in 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 acquiring an additional 39,968 shares during the last quarter. UBS Group AG grew its position in Loews by 4.8% during the 4th quarter. UBS Group AG now owns 811,194 shares of the insurance provider's stock worth $85,427,000 after acquiring an additional 37,327 shares during the last quarter. Accurate Wealth Management LLC purchased a new position in Loews in the 4th quarter worth approximately $2,095,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Loews by 294.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 148,560 shares of the insurance provider's stock valued at $15,645,000 after purchasing an additional 110,901 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in Loews by 5,379.4% in the fourth quarter. SG Americas Securities LLC now owns 165,807 shares of the insurance provider's stock valued at $17,461,000 after purchasing an additional 162,781 shares during the last quarter. Hedge funds and other institutional investors own 58.33% of the company's stock.

Insiders Place Their Bets

In related news, Director Dino Robusto acquired 5,000 shares of Loews stock in a transaction on Friday, May 29th. The shares were acquired 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 $1,072,013.90. This trade represents a 95.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 19.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut shares of Loews from a "buy (a-)" rating to a "buy (b+)" rating in a report on Monday, July 13th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy".

Loews Trading Up 0.1%

L opened at $114.61 on Tuesday. Loews Corporation has a one year low of $89.32 and a one year high of $119.10. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.36 and a quick ratio of 0.36. The business has a 50 day simple moving average of $109.82 and a two-hundred day simple moving average of $108.37. The firm has a market capitalization of $23.58 billion, a price-to-earnings ratio of 14.56 and a beta of 0.52.

Loews (NYSE:L - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The insurance provider reported $1.63 earnings per share for the quarter. Loews had a return on equity of 8.51% and a net margin of 8.83%.The firm had revenue of $4.55 billion for the quarter.

Loews Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Wednesday, May 27th were issued a $0.0625 dividend. The ex-dividend date was Wednesday, May 27th. This represents a $0.25 annualized dividend and a yield of 0.2%. Loews's payout ratio is 3.18%.

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.