Royal Bank of Canada Trims Stock Holdings in Loews Corporation $L

Key Points

• Royal Bank of Canada cut its Loews stake by 18.3% in the first quarter, selling 120,539 shares and retaining 537,521 shares worth approximately $57.4 million. Institutional investors and hedge funds collectively own 58.33% of Loews.
• Loews reported quarterly EPS of $1.63 on $4.55 billion in revenue, while its shares recently traded at $115.98—near the 52-week high of $121.01.
• The company declared a quarterly dividend of $0.0625, equating to a $0.25 annualized payout and a 0.2% yield. Weiss Ratings upgraded Loews to “buy (a-),” and one analyst maintains a Strong Buy rating.

Royal Bank of Canada decreased its holdings in Loews Corporation (NYSE:L - Free Report) by 18.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 537,521 shares of the insurance provider's stock after selling 120,539 shares during the quarter. Royal Bank of Canada owned about 0.26% of Loews worth $57,374,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in L. Integrated Wealth Concepts LLC lifted its holdings in shares of Loews by 22.6% during the first quarter. Integrated Wealth Concepts LLC now owns 3,575 shares of the insurance provider's stock worth $329,000 after purchasing an additional 658 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Loews by 9.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,937 shares of the insurance provider's stock worth $2,108,000 after acquiring an additional 2,057 shares in the last quarter. Empowered Funds LLC boosted its position in Loews by 12.2% during the first quarter. Empowered Funds LLC now owns 3,807 shares of the insurance provider's stock worth $350,000 after purchasing an additional 414 shares in the last quarter. Woodline Partners LP boosted its position in shares of Loews by 37.5% in the 1st quarter. Woodline Partners LP now owns 14,926 shares of the insurance provider's stock worth $1,372,000 after buying an additional 4,071 shares in the last quarter. Finally, Cetera Investment Advisers grew its position in shares of Loews by 53.5% in the second quarter. Cetera Investment Advisers now owns 7,156 shares of the insurance provider's stock valued at $656,000 after purchasing an additional 2,493 shares during the last quarter. 58.33% of the stock is owned by institutional investors and hedge funds.

Loews Stock Down 0.3%

Shares of NYSE L opened at $115.98 on Friday. The firm has a fifty day moving average of $111.63 and a 200-day moving average of $109.09. Loews Corporation has a 52-week low of $89.32 and a 52-week high of $121.01. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $23.87 billion, a PE ratio of 14.74 and a beta of 0.52.

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

Loews Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Loews from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Strong Buy".

Insider Buying and Selling at Loews

In related news, Director Dino Robusto bought 5,000 shares of the stock in a transaction dated Friday, May 29th. The stock was acquired at an average price of $104.74 per share, for a total transaction of $523,700.00. Following the completion of the purchase, the director owned 10,235 shares in the company, valued at $1,072,013.90. This represents a 95.51% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 19.00% of the stock is owned by insiders.

Loews Profile

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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