Mackenzie Financial Corp cut its stake in Loews Co. (NYSE:L – Free Report) by 6.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,397 shares of the insurance provider’s stock after selling 1,188 shares during the quarter. Mackenzie Financial Corp’s holdings in Loews were worth $1,009,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Schroder Investment Management Group grew its holdings in shares of Loews by 3.0% in the fourth quarter. Schroder Investment Management Group now owns 29,986 shares of the insurance provider’s stock valued at $1,749,000 after acquiring an additional 861 shares in the last quarter. abrdn plc grew its holdings in Loews by 7.2% during the fourth quarter. abrdn plc now owns 51,691 shares of the insurance provider’s stock valued at $3,015,000 after purchasing an additional 3,465 shares during the period. UBS Group AG grew its holdings in Loews by 20.2% during the fourth quarter. UBS Group AG now owns 260,933 shares of the insurance provider’s stock valued at $15,220,000 after purchasing an additional 43,797 shares during the period. Illinois Municipal Retirement Fund grew its holdings in Loews by 7.2% during the fourth quarter. Illinois Municipal Retirement Fund now owns 109,959 shares of the insurance provider’s stock valued at $6,414,000 after purchasing an additional 7,386 shares during the period. Finally, CI Investments Inc. grew its holdings in Loews by 85.9% during the fourth quarter. CI Investments Inc. now owns 1,164 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 538 shares during the period. 55.75% of the stock is owned by institutional investors.
Insider Transactions at Loews
In other Loews news, VP Benjamin J. Tisch acquired 110,000 shares of the stock in a transaction that occurred on Friday, June 2nd. The shares were bought at an average price of $57.88 per share, for a total transaction of $6,366,800.00. Following the completion of the transaction, the vice president now owns 350,310 shares of the company’s stock, valued at approximately $20,275,942.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Loews news, Director Ann E. Berman sold 474 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $56.30, for a total transaction of $26,686.20. Following the sale, the director now owns 3,292 shares in the company, valued at $185,339.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Benjamin J. Tisch purchased 110,000 shares of the stock in a transaction on Friday, June 2nd. The shares were purchased at an average price of $57.88 per share, for a total transaction of $6,366,800.00. Following the transaction, the vice president now directly owns 350,310 shares of the company’s stock, valued at $20,275,942.80. The disclosure for this purchase can be found here. Insiders purchased 259,796 shares of company stock valued at $14,119,786 over the last three months. Company insiders own 18.30% of the company’s stock.
Loews Price Performance
Loews (NYSE:L – Get Free Report) last posted its quarterly earnings results on Monday, May 1st. The insurance provider reported $1.61 EPS for the quarter. Loews had a return on equity of 7.68% and a net margin of 7.27%. The firm had revenue of $3.78 billion during the quarter.
Loews Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, June 6th. Stockholders of record on Wednesday, May 24th were issued a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend was Tuesday, May 23rd. Loews’s payout ratio is currently 5.67%.
Wall Street Analysts Forecast Growth
Separately, StockNews.com began coverage on Loews in a report on Thursday, May 18th. They set a “buy” rating for the company.
About Loews
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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