Rafferty Asset Management LLC Sells 5,858 Shares of Loews Corporation $L

Key Points

• Rafferty Asset Management LLC reduced its stake in Loews Corporation by 9.2%, selling 5,858 shares, leaving them with a total of 57,922 shares valued at $5,324,000.
• Institutional investors collectively hold 58.33% of Loews' stock, with several firms increasing their positions or initiating new investments in the first quarter of the year.
• Loews recently received an upgrade from a "hold" to a "buy" rating from Wall Street Zen, reflecting positive market sentiment toward the company.

Rafferty Asset Management LLC lowered its position in Loews Corporation (NYSE:L - Free Report) by 9.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 57,922 shares of the insurance provider's stock after selling 5,858 shares during the period. Rafferty Asset Management LLC's holdings in Loews were worth $5,324,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of L. OneDigital Investment Advisors LLC purchased a new stake in Loews in the first quarter worth approximately $224,000. Novem Group bought a new stake in shares of Loews in the 4th quarter worth about $678,000. SG Americas Securities LLC increased its position in shares of Loews by 589.9% during the 1st quarter. SG Americas Securities LLC now owns 10,162 shares of the insurance provider's stock valued at $934,000 after purchasing an additional 8,689 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Loews by 7.4% during the first quarter. American Century Companies Inc. now owns 96,249 shares of the insurance provider's stock valued at $8,846,000 after purchasing an additional 6,660 shares during the period. Finally, Moody Lynn & Lieberson LLC bought a new stake in Loews during the 1st quarter valued at $329,000. 58.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Loews from a "hold" rating to a "buy" rating in a research note on Tuesday, May 6th.

Loews Trading Down 0.7%

Shares of L traded down $0.65 on Tuesday, hitting $96.15. 338,139 shares of the stock traded hands, compared to its average volume of 778,532. The stock's 50 day moving average is $92.84 and its two-hundred day moving average is $89.05. The firm has a market capitalization of $19.95 billion, a P/E ratio of 15.29 and a beta of 0.73. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.43. Loews Corporation has a 1 year low of $75.16 and a 1 year high of $97.41.

Loews (NYSE:L - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The insurance provider reported $1.87 earnings per share for the quarter. Loews had a net margin of 7.47% and a return on equity of 7.43%. The firm had revenue of $4.56 billion for the quarter.

Loews Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Wednesday, August 20th will be given a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Wednesday, August 20th. Loews's dividend payout ratio (DPR) is currently 3.97%.

Loews Profile

Loews Corporation provides commercial property and casualty insurance in the United States and internationally. The company offers specialty insurance products, such as management and professional liability, and other coverage products; surety and fidelity bonds; property insurance products that include standard and excess property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto, surplus, and umbrella coverages.