Hsbc Holdings PLC Invests $71.45 Million in Loews Corporation $L

Key Points

• HSBC Holdings acquired 630,332 Loews shares worth approximately $71.45 million during the second quarter, giving it a 0.31% stake. Institutional investors and hedge funds collectively own 58.33% of the company.
• Loews reported quarterly revenue of $4.73 billion and earnings per share of $2.16. The stock recently traded at $111.06, with a market capitalization of $22.70 billion.
• Weiss Ratings upgraded Loews to “buy (a-)” from “buy (b+),” while the company declared a quarterly dividend of $0.0625 per share, equivalent to a 0.2% yield.

Hsbc Holdings PLC purchased a new position in shares of Loews Corporation (NYSE:L - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 630,332 shares of the insurance provider's stock, valued at approximately $71,453,000. Hsbc Holdings PLC owned approximately 0.31% of Loews as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Loews during the 2nd quarter worth $1,621,369,000. Norges Bank acquired a new stake in shares of Loews in the fourth quarter valued at about $577,279,000. Ancora Advisors LLC purchased a new position in shares of Loews in the second quarter worth about $30,398,000. Legal & General Group Plc purchased a new position in shares of Loews in the second quarter worth about $140,248,000. Finally, Great Lakes Advisors LLC acquired a new position in Loews during the second quarter worth about $184,377,000. 58.33% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Dino Robusto purchased 5,000 shares of the company's stock in a transaction dated Friday, May 29th. The stock was acquired at an average price of $104.74 per share, with a total value of $523,700.00. Following the purchase, the director directly owned 10,235 shares in the company, valued at approximately $1,072,013.90. This represents a 95.51% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 19.00% of the stock is owned by insiders.

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 note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Strong Buy".

Loews Stock Performance

Shares of Loews stock opened at $111.06 on Thursday. The business's 50 day moving average price is $113.92 and its 200 day moving average price is $110.25. The company has a market cap of $22.70 billion, a price-to-earnings ratio of 13.61 and a beta of 0.52. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.36 and a current ratio of 0.36. Loews Corporation has a one year low of $95.10 and a one year high of $121.01.

Loews (NYSE:L - Get Free Report) last issued its earnings results 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 company had revenue of $4.73 billion during the quarter.

Loews Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th will be issued a $0.0625 dividend. This represents a $0.25 annualized dividend and a yield of 0.2%. The ex-dividend date is Wednesday, August 19th. Loews's payout ratio is presently 3.06%.

About Loews

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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