Loews (NYSE:L) Hits New 52-Week High – Here’s What Happened

Loews Corporation (NYSE:L) reached a new 52-week high during trading on Tuesday . The company traded as high as $116.70 and last traded at $116.32, with a volume of 589866 shares. The stock had previously closed at $116.52.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Loews in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, Loews currently has an average rating of “Strong Buy”.

Loews Stock Down 1.5%

The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average price of $108.71 and a 200-day moving average price of $107.94. The firm has a market cap of $23.69 billion, a P/E ratio of 14.63 and a beta of 0.52.

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

Loews Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders 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 dividend yield of 0.2%. Loews’s payout ratio is currently 3.18%.

Insider Buying and Selling at Loews

In other Loews news, Director Dino Robusto acquired 5,000 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were purchased at an average cost of $104.74 per share, for a total transaction of $523,700.00. Following the completion of the purchase, the director owned 10,235 shares in the company, valued at approximately $1,072,013.90. This trade represents a 95.51% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 19.00% of the company’s stock.

Institutional Trading of Loews

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Loews by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 19,426,064 shares of the insurance provider’s stock valued at $2,045,759,000 after acquiring an additional 108,882 shares during the period. Norges Bank purchased a new stake in shares of Loews during the 4th quarter worth $577,279,000. Geode Capital Management LLC boosted its position in Loews by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider’s stock valued at $524,599,000 after purchasing an additional 271,234 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Loews by 9.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,984,234 shares of the insurance provider’s stock valued at $419,581,000 after purchasing an additional 344,995 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Loews by 0.4% in the third quarter. Invesco Ltd. now owns 3,363,861 shares of the insurance provider’s stock valued at $337,698,000 after purchasing an additional 12,311 shares during the last quarter. Hedge funds and other institutional investors own 58.33% of the company’s stock.

About Loews

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.