Saudi Central Bank Boosts Stake in Loews Corporation $L

Saudi Central Bank increased its holdings in shares of Loews Corporation (NYSE:L) by 83.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,883 shares of the insurance provider’s stock after purchasing an additional 5,399 shares during the quarter. Saudi Central Bank’s holdings in Loews were worth $1,345,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Deutsche Bank AG bought a new stake in shares of Loews in the second quarter worth $69,529,000. Summit Global Investments purchased a new stake in shares of Loews during the 2nd quarter valued at about $1,129,000. Danske Bank A S bought a new position in shares of Loews in the 2nd quarter worth approximately $1,546,000. Walleye Capital LLC purchased a new position in shares of Loews in the second quarter worth approximately $1,605,000. Finally, Bank of America Corp DE raised its position in Loews by 3.9% in the first quarter. Bank of America Corp DE now owns 639,021 shares of the insurance provider’s stock worth $68,209,000 after acquiring an additional 23,742 shares during the period. Institutional investors own 58.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Loews from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Strong Buy”.

Loews Stock Down 1.0%

Shares of L opened at $108.26 on Wednesday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.44. Loews Corporation has a 12-month low of $95.29 and a 12-month high of $121.01. The business’s 50 day moving average is $113.62 and its 200 day moving average is $110.20. The company has a market capitalization of $22.13 billion, a PE ratio of 13.27 and a beta of 0.51.

Loews (NYSE:L) last released its earnings results on Monday, August 3rd. The insurance provider reported $2.16 EPS for the quarter. Loews had a net margin of 9.02% and a return on equity of 8.60%. The firm had revenue of $4.73 billion for the quarter.

Loews Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th were issued a $0.0625 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.2%. Loews’s dividend payout ratio (DPR) is 3.06%.

Loews Company 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.