Royal Bank of Canada Has $73.53 Million Stake in Loews Corporation $L

Key Points

• Royal Bank of Canada has reduced its stake in Loews Corporation by 13.8%, owning 800,038 shares valued at approximately $73.53 million as of its latest SEC filing.
• Other investors, including Jane Street Group LLC and SG Americas Securities LLC, have significantly increased their stakes in Loews during the same period.
• Loews recently reported $1.87 earnings per share for the quarter with a revenue of $4.56 billion, alongside a modest annualized dividend yield of 0.3%.

Royal Bank of Canada trimmed its holdings in shares of Loews Corporation (NYSE:L - Free Report) by 13.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 800,038 shares of the insurance provider's stock after selling 128,361 shares during the period. Royal Bank of Canada owned 0.38% of Loews worth $73,532,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Wayfinding Financial LLC bought a new stake in Loews in the first quarter valued at approximately $25,000. Sierra Ocean LLC boosted its position in shares of Loews by 805.9% during the first quarter. Sierra Ocean LLC now owns 308 shares of the insurance provider's stock worth $28,000 after purchasing an additional 274 shares in the last quarter. Minot DeBlois Advisors LLC bought a new position in shares of Loews during the fourth quarter worth $27,000. Elequin Capital LP bought a new position in shares of Loews during the first quarter worth $30,000. Finally, Zions Bancorporation National Association UT bought a new position in shares of Loews during the first quarter worth $33,000. 58.33% of the stock is owned by institutional investors.

Loews Trading Down 1.0%

Shares of NYSE L traded down $0.97 during midday trading on Friday, reaching $96.56. 770,458 shares of the stock were exchanged, compared to its average volume of 702,206. The business has a 50-day simple moving average of $93.39 and a two-hundred day simple moving average of $89.38. The company has a market capitalization of $20.03 billion, a price-to-earnings ratio of 15.35 and a beta of 0.73. Loews Corporation has a 12 month low of $75.16 and a 12 month high of $97.77. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.33 and a quick ratio of 0.33.

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

Loews Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Wednesday, August 20th were given a dividend of $0.0625 per share. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $0.25 annualized dividend and a dividend yield of 0.3%. Loews's dividend payout ratio is currently 3.97%.

Loews Company 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.