Walleye Capital LLC Reduces Holdings in Loews Corporation $L

Key Points

• Walleye Capital LLC cut its Loews position by 29.9% in the first quarter, selling 10,973 shares and leaving it with 25,729 shares worth about $2.75 million.
• Loews continues to attract mixed institutional activity, with several hedge funds and asset managers increasing their stakes while 58.33% of the stock remains held by institutional investors.
• Insider and analyst signals were mildly positive: Director Dino Robusto bought 5,000 shares in May, while Weiss Ratings trimmed its view slightly from “buy (a-)” to “buy (b+),” leaving the consensus rating at “Buy.”

Walleye Capital LLC reduced its position in shares of Loews Corporation (NYSE:L - Free Report) by 29.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,729 shares of the insurance provider's stock after selling 10,973 shares during the period. Walleye Capital LLC's holdings in Loews were worth $2,746,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in 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 valued at $38,724,000 after acquiring an additional 39,968 shares in the last quarter. UBS Group AG lifted its stake 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 purchasing an additional 37,327 shares in the last quarter. Accurate Wealth Management LLC bought a new position in shares of Loews during the 4th quarter valued at about $2,095,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Loews by 294.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 148,560 shares of the insurance provider's stock valued at $15,645,000 after purchasing an additional 110,901 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Loews by 5,379.4% during the fourth quarter. SG Americas Securities LLC now owns 165,807 shares of the insurance provider's stock valued at $17,461,000 after purchasing an additional 162,781 shares in the last quarter. 58.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut Loews from a "buy (a-)" rating to a "buy (b+)" rating in a report on Monday, July 13th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy".

Insider Buying and Selling

In other Loews news, Director Dino Robusto acquired 5,000 shares of the business's stock in a transaction on Friday, May 29th. The shares were bought at an average price of $104.74 per share, with a total value of $523,700.00. Following the transaction, the director directly owned 10,235 shares of the company's stock, valued at $1,072,013.90. The trade was a 95.51% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 19.00% of the stock is owned by company insiders.

Loews Price Performance

L stock opened at $115.58 on Friday. Loews Corporation has a 12 month low of $89.32 and a 12 month high of $119.10. The company has a 50-day moving average price of $110.45 and a 200 day moving average price of $108.58. The stock has a market cap of $23.78 billion, a PE ratio of 14.69 and a beta of 0.52. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46.

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

Loews Announces Dividend

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

Loews Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.