Walleye Capital LLC Acquires New Holdings in Loews Corporation $L

Key Points

• Walleye Capital acquired 14,179 shares of Loews, valued at approximately $1.6 million, during the second quarter. Institutional investors collectively own 58.33% of the company.
• Loews reported quarterly earnings of $2.16 per share on revenue of $4.73 billion, with a 9.02% net margin and 8.60% return on equity.
• Weiss Ratings upgraded Loews to “buy (a-),” while the company declared a quarterly dividend of $0.0625 per share, equivalent to a 0.2% annualized yield.

Walleye Capital LLC bought a new stake in shares of Loews Corporation (NYSE:L - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 14,179 shares of the insurance provider's stock, valued at approximately $1,605,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of L. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Loews by 12.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 369,994 shares of the insurance provider's stock worth $38,724,000 after buying an additional 39,968 shares during the period. UBS Group AG grew its holdings in Loews by 4.8% in the 4th quarter. UBS Group AG now owns 811,194 shares of the insurance provider's stock worth $85,427,000 after buying an additional 37,327 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Loews by 294.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 148,560 shares of the insurance provider's stock valued at $15,645,000 after acquiring an additional 110,901 shares during the period. Swedbank AB increased its position in Loews by 4.8% in the 4th quarter. Swedbank AB now owns 464,458 shares of the insurance provider's stock valued at $48,912,000 after acquiring an additional 21,352 shares during the period. Finally, Empowered Funds LLC raised its stake in Loews by 131.7% during the 1st quarter. Empowered Funds LLC now owns 11,626 shares of the insurance provider's stock valued at $1,241,000 after acquiring an additional 6,609 shares in the last quarter. Institutional investors own 58.33% of the company's stock.

Insider Activity at Loews

In other news, Director Dino Robusto bought 5,000 shares of the company's stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average price of $104.74 per share, with a total value of $523,700.00. Following the completion of the acquisition, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 19.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Loews from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the company currently has an average rating of "Strong Buy".

Loews Stock Performance

Shares of L opened at $113.11 on Friday. The firm has a market capitalization of $23.12 billion, a PE ratio of 13.86 and a beta of 0.52. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.44. The firm has a 50-day moving average price of $113.33 and a 200 day moving average price of $109.91. Loews Corporation has a 52-week low of $94.36 and a 52-week high of $121.01.

Loews (NYSE:L - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The insurance provider reported $2.16 EPS for the quarter. The company had revenue of $4.73 billion for the quarter. Loews had a net margin of 9.02% and a return on equity of 8.60%.

Loews Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th will be paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Wednesday, August 19th. Loews's dividend payout ratio (DPR) is currently 3.06%.

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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