State of Alaska Department of Revenue Reduces Holdings in Loews Co. (NYSE:L)

State of Alaska Department of Revenue decreased its holdings in Loews Co. (NYSE:L) by 10.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 100,793 shares of the insurance provider’s stock after selling 12,310 shares during the quarter. State of Alaska Department of Revenue’s holdings in Loews were worth $7,890,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Altshuler Shaham Ltd purchased a new position in Loews during the fourth quarter valued at approximately $26,000. Northwest Financial Advisors purchased a new position in Loews during the fourth quarter valued at approximately $28,000. Desjardins Global Asset Management Inc. lifted its holdings in shares of Loews by 225.2% in the fourth quarter. Desjardins Global Asset Management Inc. now owns 491 shares of the insurance provider’s stock worth $34,000 after buying an additional 340 shares in the last quarter. Principal Securities Inc. purchased a new position in shares of Loews in the fourth quarter worth $38,000. Finally, Lindbrook Capital LLC lifted its holdings in shares of Loews by 41.4% in the fourth quarter. Lindbrook Capital LLC now owns 611 shares of the insurance provider’s stock worth $43,000 after buying an additional 179 shares in the last quarter. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Insider Activity

In related news, insider Jonathan M. Tisch sold 50,000 shares of Loews stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $77.24, for a total value of $3,862,000.00. Following the completion of the sale, the insider now directly owns 507,799 shares in the company, valued at approximately $39,222,394.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have sold 150,000 shares of company stock worth $11,588,500. Corporate insiders own 18.70% of the company’s stock.

Loews Price Performance

Shares of L stock traded down $0.55 during mid-day trading on Wednesday, hitting $74.39. The company had a trading volume of 367,885 shares, compared to its average volume of 759,045. Loews Co. has a 52-week low of $58.81 and a 52-week high of $78.55. The stock’s 50 day moving average price is $75.86 and its 200-day moving average price is $74.41. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.34 and a quick ratio of 0.34. The company has a market capitalization of $16.47 billion, a P/E ratio of 11.04 and a beta of 0.84.

Loews (NYSE:L) last posted its quarterly earnings results on Monday, May 6th. The insurance provider reported $2.05 EPS for the quarter. Loews had a net margin of 9.27% and a return on equity of 9.45%. The firm had revenue of $4.23 billion for the quarter.

Loews Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Wednesday, May 29th were issued a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date was Wednesday, May 29th. Loews’s dividend payout ratio is currently 3.71%.

Loews 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 standard and excess property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto, surplus, and umbrella coverages.