Spire Wealth Management boosted its position in Loews Co. (NYSE:L – Free Report) by 142.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,327 shares of the insurance provider’s stock after purchasing an additional 3,716 shares during the quarter. Spire Wealth Management’s holdings in Loews were worth $367,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. TCI Wealth Advisors Inc. raised its stake in Loews by 108.1% in the 1st quarter. TCI Wealth Advisors Inc. now owns 489 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 254 shares during the last quarter. Ellevest Inc. raised its stake in Loews by 114.2% in the 1st quarter. Ellevest Inc. now owns 484 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 258 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in Loews by 416.7% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 496 shares of the insurance provider’s stock valued at $29,000 after buying an additional 400 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in Loews in the 1st quarter valued at $35,000. Finally, Eagle Bay Advisors LLC purchased a new stake in Loews in the 2nd quarter valued at $36,000. 55.75% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Separately, StockNews.com started coverage on Loews in a report on Thursday. They issued a “buy” rating for the company.
Loews Stock Down 0.0 %
Shares of NYSE:L opened at $61.59 on Friday. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.52. The business has a fifty day moving average of $60.67 and a two-hundred day moving average of $59.15. The stock has a market cap of $13.89 billion, a P/E ratio of 11.71 and a beta of 0.83. Loews Co. has a 52-week low of $49.36 and a 52-week high of $63.93.
Loews (NYSE:L – Get Free Report) last issued its earnings results on Monday, July 31st. The insurance provider reported $1.58 earnings per share (EPS) for the quarter. The company had revenue of $3.93 billion during the quarter. Loews had a return on equity of 8.72% and a net margin of 8.21%.
Loews Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 29th. Investors of record on Wednesday, August 16th will be given a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date is Tuesday, August 15th. Loews’s payout ratio is 4.75%.
Insider Buying and Selling
In related 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 completion of the sale, the director now directly owns 3,292 shares of the company’s stock, valued at approximately $185,339.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Corp Loews bought 4,456,050 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was bought at an average cost of $39.29 per share, with a total value of $175,078,204.50. Following the transaction, the insider now directly owns 248,414,738 shares in the company, valued at approximately $9,760,215,056.02. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ann E. Berman sold 474 shares of Loews stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $56.30, for a total value 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. In the last ninety days, insiders acquired 4,676,050 shares of company stock valued at $187,644,605. 18.30% of the stock is currently owned by insiders.
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 property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto and umbrella coverages.
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