abrdn plc Trims Stake in Loews Co. (NYSE:L)

Posted by Defense World Staff on Jul 25th, 2023

abrdn plc trimmed its holdings in shares of Loews Co. (NYSE:L – Free Report) by 0.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 51,315 shares of the insurance provider’s stock after selling 376 shares during the quarter. abrdn plc’s holdings in Loews were worth $2,977,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in L. Benjamin F. Edwards & Company Inc. grew its position in Loews by 416.7% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 496 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 400 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in shares of Loews during the 1st quarter valued at about $35,000. Eagle Bay Advisors LLC bought a new stake in Loews in the 2nd quarter worth approximately $36,000. MV Capital Management Inc. grew its position in Loews by 3,461.1% during the first quarter. MV Capital Management Inc. now owns 641 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 623 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its stake in shares of Loews by 40.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 705 shares of the insurance provider’s stock worth $40,000 after acquiring an additional 202 shares in the last quarter. 55.75% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Loews news, Director Ann E. Berman sold 474 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $56.30, for a total transaction of $26,686.20. Following the completion of the transaction, the director now owns 3,292 shares of the company’s stock, valued at approximately $185,339.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Benjamin J. Tisch purchased 110,000 shares of Loews 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 directly owns 350,310 shares of the company’s stock, valued at $20,275,942.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ann E. Berman sold 474 shares of the 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 completion of the transaction, the director now directly owns 3,292 shares of the company’s stock, valued at $185,339.60. The disclosure for this sale can be found here. Insiders have bought a total of 259,796 shares of company stock valued at $14,119,786 in the last quarter. Insiders own 18.30% of the company’s stock.

Loews Trading Down 0.0 %

NYSE L opened at $61.48 on Tuesday. The stock has a 50-day moving average of $58.93 and a 200-day moving average of $58.77. 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 1-year low of $49.36 and a 1-year high of $63.24. The firm has a market cap of $14.01 billion, a PE ratio of 13.94 and a beta of 0.83.

Loews (NYSE:L – Get Free Report) last announced its quarterly earnings data on Monday, May 1st. The insurance provider reported $1.61 earnings per share 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 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 6th. Shareholders of record on Wednesday, May 24th were given a dividend of $0.0625 per share. The ex-dividend date of this dividend was Tuesday, May 23rd. This represents a $0.25 annualized dividend and a yield of 0.41%. Loews’s payout ratio is currently 5.67%.

Analyst Upgrades and Downgrades

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

Loews Company Profile

(Free Report)

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.