Hsbc Holdings PLC Grows Stake in Loews Corporation $L

Key Points

• HSBC increased its Loews stake by 7.6% in the second quarter, buying 44,772 additional shares for a total of 630,332 shares valued at approximately $71.5 million.
• Institutional interest in Loews expanded, with BlackRock, Norges Bank, Legal & General, and Bank of New York Mellon establishing new positions; institutional investors collectively own 58.33% of the company.
• Loews reported quarterly EPS of $2.16 on $4.73 billion in revenue and maintains a small quarterly dividend of $0.0625 per share, equal to a 0.2% yield.

Hsbc Holdings PLC lifted its position in Loews Corporation (NYSE:L - Free Report) by 7.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 630,332 shares of the insurance provider's stock after purchasing an additional 44,772 shares during the quarter. Hsbc Holdings PLC owned about 0.31% of Loews worth $71,453,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in L. BlackRock Inc. purchased a new position in Loews during the second quarter worth about $1,621,369,000. Norges Bank bought a new position in Loews in the 4th quarter worth about $577,279,000. Legal & General Group Plc purchased a new stake in shares of Loews in the 2nd quarter valued at about $140,248,000. Bank of New York Mellon Corp purchased a new stake in shares of Loews in the 2nd quarter valued at about $107,461,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Loews by 32.1% in 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 acquiring an additional 786,381 shares in the last quarter. Hedge funds and other institutional investors own 58.33% of the company's stock.

Loews Stock Performance

Loews stock opened at $109.22 on Tuesday. Loews Corporation has a fifty-two week low of $95.10 and a fifty-two week high of $121.01. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a market cap of $22.33 billion, a P/E ratio of 13.38 and a beta of 0.51. The firm's fifty day moving average price is $113.72 and its 200-day moving average price is $110.21.

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

Loews Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th were paid a dividend of $0.0625 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.25 annualized dividend and a yield of 0.2%. Loews's payout ratio is 3.06%.

Analysts Set New Price Targets

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

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.

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