Bank of Nova Scotia Makes New $2.41 Million Investment in Loews Corporation $L

Key Points

• Bank of Nova Scotia acquired 21,306 Loews shares worth approximately $2.41 million in the second quarter. Institutional investors collectively own 58.33% of Loews, with BlackRock and Norges Bank among the largest recent buyers.
• Loews reported quarterly EPS of $2.16 on revenue of $4.73 billion, while its shares recently opened at $111.06 and trade at a price-to-earnings ratio of 13.61.
• Weiss Ratings upgraded Loews to “buy (a-),” and MarketBeat reports an average “Strong Buy” rating. The company also announced a quarterly dividend of $0.0625 per share, equivalent to a 0.2% annual yield.

Bank of Nova Scotia bought a new stake in Loews Corporation (NYSE:L - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 21,306 shares of the insurance provider's stock, valued at approximately $2,412,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. purchased a new position in shares of Loews during the 2nd quarter valued at $1,621,369,000. Norges Bank purchased a new stake in Loews in the fourth quarter worth $577,279,000. Great Lakes Advisors LLC bought a new stake in Loews in the second quarter valued at $184,377,000. Bank of New York Mellon Corp purchased a new position in Loews during the 2nd quarter valued at $107,461,000. Finally, Goldman Sachs Group Inc. increased its position in Loews by 32.1% during the 4th 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. 58.33% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Dino Robusto purchased 5,000 shares of the business's stock in a transaction on Friday, May 29th. The stock was acquired at an average cost of $104.74 per share, for a total transaction of $523,700.00. Following the purchase, the director directly owned 10,235 shares in the company, valued at $1,072,013.90. This trade represents a 95.51% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 19.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of 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, the stock presently has an average rating of "Strong Buy".

Loews Price Performance

Shares of L opened at $111.06 on Thursday. The firm has a market cap of $22.70 billion, a PE ratio of 13.61 and a beta of 0.52. 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 firm has a fifty day simple moving average of $113.92 and a two-hundred day simple moving average of $110.25. Loews Corporation has a 1-year low of $95.10 and a 1-year high of $121.01.

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

Loews Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Wednesday, August 19th. Loews's dividend payout ratio (DPR) is presently 3.06%.

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.

Want to see what other hedge funds are holding L? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Loews Corporation (NYSE:L - Free Report).

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