Reflection Asset Management Acquires New Position in Loews Corporation $L

Reflection Asset Management bought a new position in Loews Corporation (NYSE:L) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 17,570 shares of the insurance provider’s stock, valued at approximately $1,850,000. Loews comprises approximately 1.3% of Reflection Asset Management’s holdings, making the stock its 17th biggest holding.

Several other hedge funds and other institutional investors have also bought and sold shares of L. Norges Bank bought a new stake in shares of Loews in the 4th quarter worth approximately $577,279,000. Goldman Sachs Group Inc. grew its holdings in shares of Loews by 32.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,237,922 shares of the insurance provider’s stock valued at $340,986,000 after purchasing an additional 786,381 shares during the last quarter. Caisse de depot et placement du Quebec grew its holdings in shares of Loews by 819.0% during the 4th quarter. Caisse de depot et placement du Quebec now owns 448,032 shares of the insurance provider’s stock valued at $47,182,000 after purchasing an additional 399,281 shares during the last quarter. Danske Bank A S bought a new position in shares of Loews during the 3rd quarter valued at $35,724,000. Finally, Price T Rowe Associates Inc. MD raised its position in Loews by 9.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,984,234 shares of the insurance provider’s stock worth $419,581,000 after purchasing an additional 344,995 shares during the period. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Insider Transactions at Loews

In related news, Director Dino Robusto acquired 5,000 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was acquired at an average cost of $104.74 per share, for a total transaction of $523,700.00. Following the acquisition, the director owned 10,235 shares of the company’s stock, valued at $1,072,013.90. This trade represents a 95.51% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 19.00% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “buy (a-)” rating on shares of Loews in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, the stock currently has an average rating of “Strong Buy”.

Loews Trading Up 0.2%

NYSE L opened at $107.48 on Friday. Loews Corporation has a fifty-two week low of $88.36 and a fifty-two week high of $114.90. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a 50 day simple moving average of $107.96 and a two-hundred day simple moving average of $107.08. The stock has a market cap of $22.12 billion, a P/E ratio of 13.66 and a beta of 0.53.

Loews (NYSE:L) last posted its earnings results on Monday, May 4th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter. The firm had revenue of $4.55 billion for the quarter. Loews had a return on equity of 8.51% and a net margin of 8.83%.

Loews Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Wednesday, May 27th were issued a $0.0625 dividend. The ex-dividend date was Wednesday, May 27th. This represents a $0.25 annualized dividend and a yield of 0.2%. Loews’s payout ratio is 3.18%.

Loews Profile

Loews Corporation (NYSE: L) is a diversified holding company that owns and operates businesses across insurance, hospitality, energy-related operations and other industrial and investment activities. The company holds controlling and significant minority interests in subsidiaries that run as standalone businesses, with corporate oversight focused on capital allocation, risk management and long-term value creation for shareholders.

One of Loews’ principal businesses is insurance, conducted through CNA Financial, a commercial property and casualty insurer that underwrites a range of business insurance products for corporate and institutional clients.