The Manufacturers Life Insurance Company Has $22.11 Million Stock Position in Loews Co. (NYSE:L)

The Manufacturers Life Insurance Company grew its stake in Loews Co. (NYSE:L) by 0.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 295,823 shares of the insurance provider’s stock after purchasing an additional 2,090 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.13% of Loews worth $22,110,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in L. Mitsubishi UFJ Trust & Banking Corp raised its stake in Loews by 5.1% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 174,867 shares of the insurance provider’s stock worth $13,690,000 after buying an additional 8,527 shares during the period. Mediolanum International Funds Ltd acquired a new stake in Loews during the 1st quarter worth $1,516,000. Bessemer Group Inc. raised its stake in Loews by 453.9% during the 1st quarter. Bessemer Group Inc. now owns 18,429 shares of the insurance provider’s stock worth $1,443,000 after buying an additional 15,102 shares during the period. Swedbank AB raised its stake in Loews by 15.6% during the 2nd quarter. Swedbank AB now owns 349,047 shares of the insurance provider’s stock worth $26,088,000 after buying an additional 47,013 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Loews by 25.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 218,841 shares of the insurance provider’s stock worth $17,133,000 after buying an additional 44,426 shares during the period. Institutional investors and hedge funds own 58.33% of the company’s stock.

Loews Price Performance

L stock opened at $79.30 on Wednesday. The stock has a 50-day moving average price of $79.12 and a two-hundred day moving average price of $77.15. The stock has a market cap of $17.56 billion, a PE ratio of 11.77 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 1 year low of $61.43 and a 1 year high of $83.54.

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

Loews Dividend Announcement

The business also recently disclosed 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 payout ratio is 3.71%.

Analyst Ratings Changes

Several analysts recently commented on L shares. Jefferies Financial Group dropped their price objective on Loews from $115.00 to $112.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Royal Bank of Canada upgraded Loews to a “moderate buy” rating in a report on Friday, July 26th.

Insiders Place Their Bets

In other Loews news, insider Jonathan M. Tisch sold 62,500 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $548,227,292.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Ann E. Berman sold 1,087 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.38, for a total value of $88,460.06. Following the sale, the director now owns 4,998 shares in the company, valued at approximately $406,737.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jonathan M. Tisch sold 62,500 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $548,227,292.56. The disclosure for this sale can be found here. Insiders have sold 91,215 shares of company stock valued at $7,399,013 in the last 90 days. 18.70% of the stock is currently owned by insiders.

Loews Company 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.