Great Lakes Advisors LLC Makes New Investment in Loews Corporation $L

Key Points

• Great Lakes Advisors acquired 971,787 shares of Loews worth approximately $184.4 million, making the stock its ninth-largest holding and giving it a 0.48% ownership stake. Institutional investors collectively own 58.33% of Loews.
• Loews reported quarterly revenue of $4.73 billion and earnings of $2.16 per share, while Weiss Ratings upgraded the stock to “buy (a-).” MarketBeat lists a consensus rating of “Strong Buy.”
• Loews shares opened at $112.57, with a market capitalization of $23.01 billion and a price-to-earnings ratio of 13.80. The company declared a quarterly dividend of $0.0625 per share, equivalent to a $0.25 annualized payout and a 0.2% yield.

Great Lakes Advisors LLC purchased a new position in shares of Loews Corporation (NYSE:L - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 971,787 shares of the insurance provider's stock, valued at approximately $184,377,000. Loews accounts for about 1.4% of Great Lakes Advisors LLC's investment portfolio, making the stock its 9th biggest holding. Great Lakes Advisors LLC owned 0.48% of Loews at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of L. Danske Bank A S acquired a new position in shares of Loews in the 2nd quarter valued at approximately $1,546,000. Wealthfront Advisers LLC acquired a new stake in Loews during the 2nd quarter worth approximately $6,884,000. First National Bank of Omaha acquired a new stake in Loews during the 2nd quarter worth approximately $216,000. Meeder Advisory Services Inc. bought a new position in Loews in the second quarter valued at approximately $670,000. Finally, Citizens Financial Group Inc. RI bought a new position in Loews in the second quarter valued at approximately $210,000. Institutional investors own 58.33% of the company's stock.

Wall Street Analyst Weigh In

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.com, the stock has a consensus rating of "Strong Buy".

Insider Buying and Selling at Loews

In other Loews news, Director Dino Robusto acquired 5,000 shares of the stock in a transaction dated Friday, May 29th. The shares were bought at an average cost of $104.74 per share, for a total transaction of $523,700.00. Following the completion of the acquisition, the director directly owned 10,235 shares of the company's stock, 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 Securities & Exchange Commission, which can be accessed through the SEC website. 19.00% of the stock is owned by corporate insiders.

Loews Stock Up 0.2%

L stock opened at $112.57 on Wednesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.36 and a quick ratio of 0.36. The stock has a market capitalization of $23.01 billion, a P/E ratio of 13.80 and a beta of 0.52. The business has a 50-day moving average of $113.57 and a 200-day moving average of $110.10. Loews Corporation has a fifty-two week low of $94.53 and a fifty-two week high of $121.01.

Loews (NYSE:L - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $4.73 billion during the quarter.

Loews Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th will be paid 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 of this dividend is Wednesday, August 19th. Loews's dividend payout ratio (DPR) is currently 3.06%.

Loews 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