BlackRock Inc. Makes New Investment in Loews Corporation $L

Key Points

• BlackRock acquired 14.32 million Loews shares during the second quarter, worth approximately $1.62 billion and representing a 7.01% stake. Institutional investors collectively own 58.33% of the company.
• 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.
• Weiss Ratings upgraded Loews from “buy (B+)” to “buy (A-),” while the stock carried an overall “Strong Buy” rating. Loews also declared a quarterly dividend of $0.0625 per share, for a 0.2% annualized yield.

BlackRock Inc. acquired a new stake in shares of Loews Corporation (NYSE:L - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,321,779 shares of the insurance provider's stock, valued at approximately $1,621,369,000. BlackRock Inc. owned approximately 7.01% of Loews as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. DV Equities LLC bought a new position in shares of Loews during the fourth quarter valued at approximately $25,000. Private Trust Co. NA lifted its stake in Loews by 896.7% in 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 last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in shares of Loews during the third quarter valued at $30,000. SHP Wealth Management acquired a new position in shares of Loews during the fourth quarter valued at $35,000. Finally, Torren Management LLC bought a new position in shares of Loews during the fourth quarter worth about $36,000. 58.33% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Loews Stock Performance

Shares of L stock opened at $110.73 on Friday. The company has a market capitalization of $22.64 billion, a price-to-earnings ratio of 13.57 and a beta of 0.52. Loews Corporation has a 1-year low of $95.10 and a 1-year high of $121.01. 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's fifty day simple moving average is $113.70 and its 200-day simple moving average is $110.18.

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

Loews Dividend Announcement

The company also recently disclosed 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. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Wednesday, August 19th. Loews's dividend payout ratio (DPR) is currently 3.06%.

Insider Transactions at Loews

In other news, Director Dino Robusto acquired 5,000 shares of Loews stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average price of $104.74 per share, with a total value of $523,700.00. Following the completion of 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 19.00% of the company's stock.

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.

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