First Manhattan CO. LLC. Lowers Stock Holdings in Loews Corporation $L

Key Points

• First Manhattan CO. LLC. reduced its holdings in Loews Corporation by 3.6%, selling 4,074 shares and owning approximately $10.1 million worth of stock by the end of the first quarter.
• Several other institutional investors, including Baird Financial Group Inc. and BNP Paribas Financial Markets, have significantly increased their stakes in Loews during the same quarter.
• Loews Corporation has announced a quarterly dividend of $0.0625, representing an annualized yield of 0.3%.

First Manhattan CO. LLC. lessened its holdings in Loews Corporation (NYSE:L - Free Report) by 3.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 110,071 shares of the insurance provider's stock after selling 4,074 shares during the period. First Manhattan CO. LLC. owned 0.05% of Loews worth $10,117,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in L. Wayfinding Financial LLC purchased a new stake in shares of Loews in the first quarter worth $25,000. Minot DeBlois Advisors LLC purchased a new stake in shares of Loews in the fourth quarter worth $27,000. Sierra Ocean LLC raised its position in shares of Loews by 805.9% in the first quarter. Sierra Ocean LLC now owns 308 shares of the insurance provider's stock worth $28,000 after buying an additional 274 shares in the last quarter. Elequin Capital LP purchased a new stake in shares of Loews in the first quarter worth $30,000. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Loews in the first quarter worth $33,000. Hedge funds and other institutional investors own 58.33% of the company's stock.

Loews Price Performance

Shares of L stock traded down $0.97 on Friday, reaching $96.56. The company's stock had a trading volume of 770,458 shares, compared to its average volume of 702,206. 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 12-month low of $75.16 and a 12-month high of $97.77. The company has a market capitalization of $20.03 billion, a P/E ratio of 15.35 and a beta of 0.73. The stock's 50 day simple moving average is $93.39 and its 200-day simple moving average is $89.34.

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

Loews Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Wednesday, August 20th were given a dividend of $0.0625 per share. The ex-dividend date was Wednesday, August 20th. This represents a $0.25 dividend on an annualized basis and a yield of 0.3%. Loews's dividend payout ratio (DPR) is presently 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.