Ritholtz Wealth Management Cuts Stake in Loews Corporation $L

Ritholtz Wealth Management lessened its stake in Loews Corporation (NYSE:L) by 5.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,707 shares of the insurance provider’s stock after selling 370 shares during the quarter. Ritholtz Wealth Management’s holdings in Loews were worth $615,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of L. Wayfinding Financial LLC purchased a new position in Loews in the first quarter worth about $25,000. Sierra Ocean LLC grew its holdings in shares of Loews by 805.9% during the first quarter. Sierra Ocean LLC now owns 308 shares of the insurance provider’s stock valued at $28,000 after buying an additional 274 shares during the last quarter. Elequin Capital LP bought a new stake in shares of Loews during the first quarter valued at approximately $30,000. Zions Bancorporation National Association UT purchased a new position in Loews in the 1st quarter worth approximately $33,000. Finally, Trust Co. of Toledo NA OH bought a new position in Loews in the 2nd quarter valued at approximately $60,000. 58.33% of the stock is owned by hedge funds and other institutional investors.

Loews Stock Up 0.6%

L opened at $98.79 on Monday. The stock has a market capitalization of $20.49 billion, a price-to-earnings ratio of 15.71 and a beta of 0.73. The firm has a 50 day moving average price of $97.93 and a 200-day moving average price of $91.95. Loews Corporation has a twelve month low of $75.16 and a twelve month high of $103.52. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.43.

Loews (NYSE:L) last issued its earnings results on Monday, August 4th. The insurance provider reported $1.87 earnings per share (EPS) for the quarter. Loews had a net margin of 7.47% and a return on equity of 7.43%. The company had revenue of $4.56 billion for the quarter.

Loews Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Wednesday, August 20th were issued a $0.0625 dividend. The ex-dividend date of this dividend was Wednesday, August 20th. This represents a $0.25 annualized dividend and a dividend yield of 0.3%. Loews’s payout ratio is presently 3.97%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “buy (b+)” rating on shares of Loews in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Loews presently has an average rating of “Buy”.

About Loews

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.