Loews Corporation $L Shares Sold by Swedbank AB

Key Points

• Swedbank AB trimmed its Loews stake by 2.5% in the first quarter, selling 11,561 shares and ending with 452,897 shares worth about $48.3 million.
• Insider buying outweighed the sale in a notable move, as Director Dino Robusto purchased 5,000 shares at an average price of $104.74, boosting his ownership by 95.51%.
• Loews remains well supported by Wall Street and institutions, with 58.33% of shares held by institutional investors, a “Strong Buy” consensus rating, and Weiss Ratings reaffirming a “buy (a-)” view.

Swedbank AB decreased its position in shares of Loews Corporation (NYSE:L - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 452,897 shares of the insurance provider's stock after selling 11,561 shares during the quarter. Swedbank AB owned about 0.22% of Loews worth $48,342,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of L. Vanguard Group Inc. raised its holdings in shares of Loews by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 19,426,064 shares of the insurance provider's stock valued at $2,045,759,000 after buying an additional 108,882 shares during the last quarter. Norges Bank acquired a new position in shares of Loews during the fourth quarter valued at $577,279,000. Geode Capital Management LLC raised its stake in shares of Loews by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider's stock valued at $524,599,000 after purchasing an additional 271,234 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Loews by 9.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,984,234 shares of the insurance provider's stock valued at $419,581,000 after purchasing an additional 344,995 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Loews by 0.4% in the third quarter. Invesco Ltd. now owns 3,363,861 shares of the insurance provider's stock worth $337,698,000 after purchasing an additional 12,311 shares during the period. 58.33% of the stock is currently owned by institutional investors.

Insider Activity at Loews

In other Loews news, Director Dino Robusto bought 5,000 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average cost of $104.74 per share, with a total value of $523,700.00. Following the completion of the purchase, the director directly owned 10,235 shares in the company, valued at approximately $1,072,013.90. This trade represents a 95.51% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 19.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a "buy (a-)" rating on shares of Loews in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Strong Buy".

Loews Stock Down 1.5%

L opened at $115.15 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market capitalization of $23.69 billion, a PE ratio of 14.63 and a beta of 0.52. The stock's fifty day moving average is $108.71 and its 200-day moving average is $107.94. Loews Corporation has a one year low of $89.32 and a one year high of $119.10.

Loews (NYSE:L - Get Free Report) last issued its quarterly earnings results on Monday, May 4th. The insurance provider reported $1.63 EPS for the quarter. Loews had a net margin of 8.83% and a return on equity of 8.51%. The firm had revenue of $4.55 billion for the quarter.

Loews Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Wednesday, May 27th were paid a $0.0625 dividend. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. Loews's payout ratio is currently 3.18%.

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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