JPMorgan Chase & Co. Lowers Holdings in Loews Corporation $L

JPMorgan Chase & Co. trimmed its stake in Loews Corporation (NYSE:L) by 12.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,876,884 shares of the insurance provider’s stock after selling 1,456,913 shares during the quarter. JPMorgan Chase & Co.’s holdings in Loews were worth $991,540,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Loews in the 2nd quarter worth $665,658,000. Aviva PLC raised its holdings in shares of Loews by 1,921.5% in the 2nd quarter. Aviva PLC now owns 138,816 shares of the insurance provider’s stock worth $12,724,000 after purchasing an additional 131,949 shares during the period. AQR Capital Management LLC lifted its stake in shares of Loews by 27.5% in the 2nd quarter. AQR Capital Management LLC now owns 592,923 shares of the insurance provider’s stock valued at $53,920,000 after purchasing an additional 127,782 shares in the last quarter. Ossiam grew its holdings in shares of Loews by 2,586.7% during the 2nd quarter. Ossiam now owns 117,597 shares of the insurance provider’s stock worth $10,779,000 after purchasing an additional 113,220 shares during the period. Finally, Letson Investment Management Inc. acquired a new stake in Loews during the 3rd quarter worth approximately $10,317,000. Institutional investors and hedge funds own 58.33% of the company’s stock.

Insider Activity at Loews

In other Loews news, Director Ann E. Berman sold 1,922 shares of Loews stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $110.16, for a total transaction of $211,727.52. Following the sale, the director directly owned 4,998 shares in the company, valued at $550,579.68. The trade was a 27.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles M. Diker sold 1,442 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $107.93, for a total value of $155,635.06. Following the transaction, the director owned 21,594 shares of the company’s stock, valued at approximately $2,330,640.42. This trade represents a 6.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 181,187 shares of company stock valued at $19,435,041. 18.70% of the stock is currently owned by insiders.

Loews Stock Up 1.5%

NYSE L opened at $110.36 on Wednesday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.43. Loews Corporation has a fifty-two week low of $78.98 and a fifty-two week high of $114.90. The business has a 50 day moving average price of $105.77 and a two-hundred day moving average price of $101.88. The stock has a market cap of $22.74 billion, a PE ratio of 13.83 and a beta of 0.61.

Loews (NYSE:L) last announced its earnings results on Monday, February 9th. The insurance provider reported $1.94 earnings per share for the quarter. The business had revenue of $4.73 billion during the quarter. Loews had a net margin of 9.03% and a return on equity of 8.86%.

Loews Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Wednesday, February 25th will be paid a dividend of $0.0625 per share. The ex-dividend date is Wednesday, February 25th. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. Loews’s dividend payout ratio (DPR) is currently 3.13%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Loews in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Strong Buy”.

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.