Elevate Capital Advisors LLC Purchases Shares of 22,437 Loews Corporation $L

Key Points

• Elevate Capital Advisors LLC has acquired a new stake in Loews Corporation, purchasing 22,437 shares valued at approximately $2,057,000.
• Other hedge funds, including Hennessy Advisors and QRG Capital Management, have also increased their stakes in Loews, with institutional investors owning 58.33% of the company's stock.
• Loews has recently been rated a "buy" by Weiss Ratings, and the company reported a net margin of 7.47% and earnings of $1.87 per share for the last quarter.

Elevate Capital Advisors LLC purchased a new stake in Loews Corporation (NYSE:L - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,437 shares of the insurance provider's stock, valued at approximately $2,057,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Hennessy Advisors Inc. purchased a new stake in Loews in the second quarter valued at $8,983,000. QRG Capital Management Inc. boosted its holdings in Loews by 6.4% in the second quarter. QRG Capital Management Inc. now owns 114,599 shares of the insurance provider's stock valued at $10,504,000 after purchasing an additional 6,930 shares during the last quarter. Abacus Planning Group Inc. purchased a new stake in Loews in the second quarter valued at $325,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Loews by 6.1% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,349 shares of the insurance provider's stock valued at $1,957,000 after purchasing an additional 1,236 shares during the last quarter. Finally, BSW Wealth Partners boosted its holdings in Loews by 5.4% in the second quarter. BSW Wealth Partners now owns 2,812 shares of the insurance provider's stock valued at $258,000 after purchasing an additional 143 shares during the last quarter. 58.33% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Loews in a report on Saturday, September 27th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, Loews currently has an average rating of "Buy".

Loews Trading Up 0.0%

L stock opened at $101.68 on Friday. The company's 50-day simple moving average is $96.08 and its 200-day simple moving average is $91.16. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.43. Loews Corporation has a 52-week low of $75.16 and a 52-week high of $102.41. The firm has a market cap of $21.09 billion, a P/E ratio of 16.17 and a beta of 0.73.

Loews (NYSE:L - Get Free Report) last posted its earnings results on Monday, August 4th. The insurance provider reported $1.87 earnings per share (EPS) for the quarter. Loews had a net margin of 7.47% and a return on equity of 7.43%. The business had revenue of $4.56 billion for the quarter.

Loews Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Wednesday, August 20th were paid a $0.0625 dividend. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $0.25 dividend on an annualized basis and a yield of 0.2%. Loews's dividend payout ratio (DPR) is currently 3.97%.

Loews Company Profile

Loews Corporation provides commercial property and casualty insurance in the United States and internationally. The company offers specialty insurance products, such as management and professional liability, and other coverage products; surety and fidelity bonds; property insurance products that include standard and excess property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto, surplus, and umbrella coverages.

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