Loews (NYSE:L) Hits New 12-Month High - Here's What Happened

Key Points

• Loews Corporation's stock reached a new 52-week high of $93.40 during mid-day trading, closing at $92.92 with a volume of 17,438 shares traded.
• The company was upgraded from a "hold" to a "buy" rating by Wall Street Zen, reflecting positive sentiment among analysts.
• Loews announced a quarterly dividend of $0.0625, resulting in an annualized yield of 0.3%, with a dividend payout ratio of 4.11%.

Loews Corporation (NYSE:L - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $93.40 and last traded at $92.92, with a volume of 17438 shares trading hands. The stock had previously closed at $92.82.

Analyst Ratings Changes

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

Loews Stock Down 0.9%

The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.43. The firm has a market cap of $19.33 billion, a price-to-earnings ratio of 14.82 and a beta of 0.69. The firm has a 50-day moving average of $90.44 and a two-hundred day moving average of $87.74.

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

Loews Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Wednesday, August 20th will be paid a $0.0625 dividend. The ex-dividend date of this dividend is Wednesday, August 20th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.3%. Loews's dividend payout ratio is 4.11%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Loews by 2.4% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 336,704 shares of the insurance provider's stock valued at $30,862,000 after acquiring an additional 7,830 shares during the last quarter. Aviva PLC grew its holdings in Loews by 1,921.5% during the second quarter. Aviva PLC now owns 138,816 shares of the insurance provider's stock worth $12,724,000 after purchasing an additional 131,949 shares during the period. RWA Wealth Partners LLC bought a new position in Loews during the second quarter worth about $459,000. AGF Management Ltd. grew its holdings in Loews by 7.1% during the second quarter. AGF Management Ltd. now owns 33,956 shares of the insurance provider's stock worth $3,112,000 after purchasing an additional 2,255 shares during the period. Finally, Savant Capital LLC grew its holdings in Loews by 1.8% during the second quarter. Savant Capital LLC now owns 20,584 shares of the insurance provider's stock worth $1,887,000 after purchasing an additional 364 shares during the period. 58.33% of the stock is owned by institutional investors and hedge funds.

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.