Commerce Bank reduced its position in shares of Loews Co. (NYSE:L – Get Rating) by 6.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,438 shares of the insurance provider’s stock after selling 405 shares during the quarter. Commerce Bank’s holdings in Loews were worth $317,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. abrdn plc lifted its stake in Loews by 7.2% in the 4th quarter. abrdn plc now owns 51,691 shares of the insurance provider’s stock valued at $3,015,000 after buying an additional 3,465 shares in the last quarter. UBS Group AG lifted its stake in Loews by 20.2% in the 4th quarter. UBS Group AG now owns 260,933 shares of the insurance provider’s stock valued at $15,220,000 after buying an additional 43,797 shares in the last quarter. Illinois Municipal Retirement Fund lifted its stake in Loews by 7.2% in the 4th quarter. Illinois Municipal Retirement Fund now owns 109,959 shares of the insurance provider’s stock valued at $6,414,000 after buying an additional 7,386 shares in the last quarter. CI Investments Inc. lifted its stake in Loews by 85.9% in the 4th quarter. CI Investments Inc. now owns 1,164 shares of the insurance provider’s stock valued at $68,000 after buying an additional 538 shares in the last quarter. Finally, Retirement Systems of Alabama lifted its stake in Loews by 3.1% in the 3rd quarter. Retirement Systems of Alabama now owns 66,425 shares of the insurance provider’s stock valued at $3,311,000 after buying an additional 1,970 shares in the last quarter. 64.00% of the stock is owned by hedge funds and other institutional investors.
Loews Stock Up 0.2 %
L stock opened at $57.11 on Friday. The company has a market cap of $13.02 billion, a price-to-earnings ratio of 12.95 and a beta of 0.82. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.53. Loews Co. has a 12 month low of $49.36 and a 12 month high of $66.34. The firm has a 50-day moving average of $57.18 and a two-hundred day moving average of $58.14.
Loews Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 6th. Stockholders of record on Wednesday, May 24th will be issued a dividend of $0.0625 per share. The ex-dividend date is Tuesday, May 23rd. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.44%. Loews’s dividend payout ratio is currently 5.67%.
Analyst Upgrades and Downgrades
Separately, StockNews.com initiated coverage on shares of Loews in a research note on Thursday, May 18th. They issued a “buy” rating on the stock.
Insider Transactions at Loews
In other news, major shareholder Corp Loews purchased 34,996 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was acquired at an average price of $38.93 per share, for a total transaction of $1,362,394.28. Following the acquisition, the insider now directly owns 243,918,659 shares of the company’s stock, valued at $9,495,753,394.87. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Philip A. Laskawy sold 625 shares of the stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $60.96, for a total transaction of $38,100.00. Following the completion of the transaction, the director now owns 7,365 shares of the company’s stock, valued at approximately $448,970.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Corp Loews acquired 34,996 shares of the stock in a transaction that occurred on Monday, May 1st. The shares were bought at an average cost of $38.93 per share, with a total value of $1,362,394.28. Following the transaction, the insider now directly owns 243,918,659 shares in the company, valued at approximately $9,495,753,394.87. The disclosure for this purchase can be found here. Insiders own 18.30% of the company’s stock.
Loews Profile
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.
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