abrdn plc Raises Position in Loews Co. (NYSE:L)

Posted by Defense World Staff on May 24th, 2023

abrdn plc lifted its stake in Loews Co. (NYSE:L – Get Rating) by 7.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,691 shares of the insurance provider’s stock after purchasing an additional 3,465 shares during the period. abrdn plc’s holdings in Loews were worth $3,015,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Loews by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 23,444,021 shares of the insurance provider’s stock valued at $1,168,450,000 after buying an additional 201,136 shares in the last quarter. BlackRock Inc. lifted its position in shares of Loews by 0.6% in the third quarter. BlackRock Inc. now owns 14,716,477 shares of the insurance provider’s stock valued at $733,468,000 after acquiring an additional 83,726 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Loews by 2.7% in the third quarter. Bank of New York Mellon Corp now owns 1,570,752 shares of the insurance provider’s stock worth $78,288,000 after acquiring an additional 40,726 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Loews by 0.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,567,823 shares of the insurance provider’s stock worth $101,627,000 after purchasing an additional 12,319 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its stake in Loews by 0.7% during the 3rd quarter. Nuveen Asset Management LLC now owns 1,007,059 shares of the insurance provider’s stock valued at $50,192,000 after purchasing an additional 6,586 shares during the period. 64.00% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on shares of Loews in a report on Thursday, May 18th. They set a “buy” rating for the company.

Loews Stock Performance

Shares of NYSE L opened at $57.91 on Wednesday. The firm’s fifty day moving average is $57.03 and its two-hundred day moving average is $58.13. Loews Co. has a 52-week low of $49.36 and a 52-week high of $66.34. The company has a market cap of $13.20 billion, a P/E ratio of 13.13 and a beta of 0.82. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.32 and a current ratio of 0.32.

Loews (NYSE:L – Get Rating) last posted its earnings results on Monday, May 1st. The insurance provider reported $1.61 EPS for the quarter. The company had revenue of $3.78 billion for the quarter. Loews had a return on equity of 7.68% and a net margin of 7.27%.

Loews Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 6th. Shareholders of record on Wednesday, May 24th will be given a dividend of $0.0625 per share. The ex-dividend date of this dividend is Tuesday, May 23rd. This represents a $0.25 annualized dividend and a yield of 0.43%. Loews’s dividend payout ratio (DPR) is currently 5.67%.

Insiders Place Their Bets

In other news, Director Philip A. Laskawy sold 625 shares of Loews stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $60.96, for a total value of $38,100.00. Following the completion of the transaction, the director now owns 7,365 shares in the company, valued at approximately $448,970.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Loews news, major shareholder Corp Loews acquired 4,800 shares of the company’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was bought at an average price of $39.79 per share, for a total transaction of $190,992.00. Following the acquisition, the insider now directly owns 243,958,688 shares in the company, valued at $9,707,116,195.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Philip A. Laskawy sold 625 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $60.96, for a total value of $38,100.00. Following the completion of the sale, the director now owns 7,365 shares in the company, valued at approximately $448,970.40. The disclosure for this sale can be found here. Corporate insiders own 18.30% of the company’s stock.

Loews Profile

(Get Rating)

Loews Corp. is a holding company, which engages in the business of commercial property and casualty insurance, transportation and storage of natural gas and natural gas liquids, and operation of a chain of hotels. It operates through the following segments: CNA Financial Corporation, Boardwalk Pipeline Partners, LP and Loews Hotels Holding Corporation, and Corporate.