Commonwealth Equity Services LLC Cuts Stock Holdings in Loews Co. (NYSE:L)

Commonwealth Equity Services LLC reduced its position in shares of Loews Co. (NYSE:L) by 7.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,034 shares of the insurance provider’s stock after selling 348 shares during the period. Commonwealth Equity Services LLC’s holdings in Loews were worth $302,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in L. Vanguard Group Inc. grew its position in shares of Loews by 2.5% in the first quarter. Vanguard Group Inc. now owns 21,156,933 shares of the insurance provider’s stock valued at $1,656,376,000 after purchasing an additional 507,513 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Loews by 1.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,259,802 shares of the insurance provider’s stock valued at $255,210,000 after purchasing an additional 37,953 shares during the last quarter. Northern Trust Corp grew its position in shares of Loews by 11.9% in the fourth quarter. Northern Trust Corp now owns 2,503,105 shares of the insurance provider’s stock valued at $174,191,000 after purchasing an additional 266,729 shares during the last quarter. Hsbc Holdings PLC grew its position in shares of Loews by 9.0% in the fourth quarter. Hsbc Holdings PLC now owns 570,748 shares of the insurance provider’s stock valued at $39,698,000 after purchasing an additional 46,990 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in shares of Loews by 11.1% in the first quarter. California State Teachers Retirement System now owns 506,922 shares of the insurance provider’s stock valued at $39,687,000 after purchasing an additional 50,514 shares during the last quarter. 58.33% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Jonathan M. Tisch sold 62,500 shares of Loews stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $80.84, for a total value of $5,052,500.00. Following the sale, the insider now directly owns 6,781,634 shares in the company, valued at approximately $548,227,292.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Loews news, insider Jonathan M. Tisch sold 62,500 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $80.84, for a total transaction of $5,052,500.00. Following the sale, the insider now directly owns 6,781,634 shares in the company, valued at approximately $548,227,292.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark S. Schwartz sold 2,628 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $80.88, for a total transaction of $212,552.64. Following the sale, the vice president now owns 14,933 shares in the company, valued at $1,207,781.04. The disclosure for this sale can be found here. In the last three months, insiders sold 91,215 shares of company stock valued at $7,399,013. Company insiders own 18.70% of the company’s stock.

Loews Price Performance

L opened at $78.68 on Tuesday. The firm has a market cap of $17.42 billion, a price-to-earnings ratio of 11.67 and a beta of 0.82. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.50. Loews Co. has a twelve month low of $61.43 and a twelve month high of $83.54. The company has a fifty day simple moving average of $79.12 and a 200 day simple moving average of $77.04.

Loews (NYSE:L) last posted its quarterly earnings results on Monday, July 29th. The insurance provider reported $1.67 EPS for the quarter. Loews had a net margin of 9.14% and a return on equity of 9.26%. The business had revenue of $4.27 billion during the quarter.

Loews Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 21st were issued a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.32%. The ex-dividend date was Wednesday, August 21st. Loews’s dividend payout ratio (DPR) is presently 3.71%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Jefferies Financial Group decreased their target price on shares of Loews from $115.00 to $112.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Royal Bank of Canada raised shares of Loews to a “moderate buy” rating in a research note on Friday, July 26th.

Loews Profile

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.