State of New Jersey Common Pension Fund D Cuts Position in Loews Corporation $L

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Loews Corporation by 9.0%, lowering its holdings to 49,446 shares valued at approximately $4.5 million as of the latest reporting period.
• Loews Corporation's stock recently saw a price increase of 1.4%, with shares opening at $95.94 and a market capitalization of $19.90 billion.
• Loews announced a quarterly dividend of $0.0625 per share, resulting in an annualized dividend yield of 0.3%, with the payment date set for September 2nd.

State of New Jersey Common Pension Fund D reduced its stake in shares of Loews Corporation (NYSE:L - Free Report) by 9.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,446 shares of the insurance provider's stock after selling 4,904 shares during the period. State of New Jersey Common Pension Fund D's holdings in Loews were worth $4,545,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in L. GAMMA Investing LLC lifted its stake in shares of Loews by 10,114.9% during the first quarter. GAMMA Investing LLC now owns 672,138 shares of the insurance provider's stock worth $61,776,000 after buying an additional 665,558 shares during the period. Nuveen LLC acquired a new stake in shares of Loews during the first quarter worth $34,166,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Loews by 17.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,423,409 shares of the insurance provider's stock worth $120,549,000 after buying an additional 207,568 shares during the period. First Trust Advisors LP lifted its stake in shares of Loews by 51.2% during the fourth quarter. First Trust Advisors LP now owns 531,038 shares of the insurance provider's stock worth $44,974,000 after buying an additional 179,772 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of Loews by 63.2% during the fourth quarter. BNP Paribas Financial Markets now owns 384,459 shares of the insurance provider's stock worth $32,560,000 after buying an additional 148,890 shares during the period. 58.33% of the stock is currently owned by institutional investors and hedge funds.

Loews Price Performance

Shares of L stock traded down $0.1010 on Friday, reaching $96.2590. 766,076 shares of the company were exchanged, compared to its average volume of 728,799. The company has a market cap of $19.97 billion, a price-to-earnings ratio of 15.30 and a beta of 0.69. The business has a 50-day moving average price of $91.94 and a 200 day moving average price of $88.52. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.33 and a current ratio of 0.33. 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 announced its quarterly earnings data on Monday, August 4th. The insurance provider reported $1.87 earnings per share (EPS) for the quarter. Loews had a net margin of 7.47% and a return on equity of 7.43%. The company had revenue of $4.56 billion during the quarter.

Loews Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Wednesday, August 20th will be issued a $0.0625 dividend. This represents a $0.25 annualized dividend and a yield of 0.3%. The ex-dividend date is Wednesday, August 20th. Loews's payout ratio is presently 3.97%.

Analysts Set New Price Targets

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

About Loews

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.