Kayne Anderson Capital Advisors LP Makes New Investment in Loews Corporation $L

Key Points

• Kayne Anderson Capital Advisors acquired 24,744 Loews shares in the second quarter, worth approximately $2.8 million. Institutional investors collectively own 58.33% of the company.
• Loews reported quarterly earnings of $2.16 per share on $4.73 billion in revenue, with an 8.60% return on equity and a 9.02% net margin.
• MarketBeat reports a consensus “Strong Buy” rating, while Loews declared a quarterly dividend of $0.0625, equivalent to a $0.25 annual payout and a 0.2% yield.

Kayne Anderson Capital Advisors LP acquired a new stake in Loews Corporation (NYSE:L - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm acquired 24,744 shares of the insurance provider's stock, valued at approximately $2,801,000.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Loews by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 19,426,064 shares of the insurance provider's stock worth $2,045,759,000 after acquiring an additional 108,882 shares during the period. BlackRock Inc. purchased a new stake in shares of Loews during the 2nd quarter valued at $1,621,369,000. Norges Bank purchased a new stake in shares of Loews during the 4th quarter valued at $577,279,000. Geode Capital Management LLC raised its stake in shares of Loews by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider's stock worth $524,599,000 after purchasing an additional 271,234 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Loews by 9.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,984,234 shares of the insurance provider's stock worth $419,581,000 after purchasing an additional 344,995 shares during the period. Institutional investors own 58.33% of the company's stock.

Insider Activity at Loews

In other news, Director Dino Robusto purchased 5,000 shares of the company's stock in a transaction dated Friday, May 29th. The shares were purchased at an average price of $104.74 per share, with a total value of $523,700.00. Following the transaction, the director directly owned 10,235 shares of the company's stock, valued at approximately $1,072,013.90. This represents a 95.51% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 19.00% of the stock is owned by corporate 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 report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, According to MarketBeat, the company presently has a consensus rating of "Strong Buy".

Loews Trading Down 0.4%

Shares of L stock opened at $110.73 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.44. The firm has a market cap of $22.64 billion, a P/E ratio of 13.57 and a beta of 0.52. The company has a 50 day moving average of $113.70 and a 200-day moving average of $110.18. Loews Corporation has a 12-month low of $95.10 and a 12-month 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 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 for 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 paid a $0.0625 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. 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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