Loews Corporation $L Shares Sold by Royal Bank of Canada

Royal Bank of Canada reduced its stake in shares of Loews Corporation (NYSE:L) by 18.3% in the 1st quarter, Holdings Channel.com reports. The fund owned 537,521 shares of the insurance provider’s stock after selling 120,539 shares during the quarter. Royal Bank of Canada’s holdings in Loews were worth $57,374,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in L. DV Equities LLC acquired a new position in Loews in the fourth quarter worth $25,000. Harbor Capital Advisors Inc. bought a new position in Loews in the 4th quarter worth about $27,000. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in Loews in the 3rd quarter worth approximately $30,000. Private Trust Co. NA grew its stake in shares of Loews by 896.7% in the fourth quarter. Private Trust Co. NA now owns 299 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 269 shares in the last quarter. Finally, SHP Wealth Management acquired a new position in Loews during the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 58.33% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Loews from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, Loews presently has a consensus rating of “Strong Buy”.

Loews Stock Performance

Loews stock opened at $115.98 on Friday. The firm’s 50 day simple moving average is $111.63 and its 200-day simple moving average is $109.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.36 and a quick ratio of 0.36. Loews Corporation has a fifty-two week low of $89.32 and a fifty-two week high of $121.01. The company has a market cap of $23.87 billion, a P/E ratio of 14.74 and a beta of 0.52.

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

Loews Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Shareholders of record on Wednesday, May 27th were paid a $0.0625 dividend. This represents a $0.25 annualized dividend and a yield of 0.2%. The ex-dividend date was Wednesday, May 27th. Loews’s dividend payout ratio is currently 3.18%.

Insider Buying and Selling at Loews

In other news, Director Dino Robusto acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average cost of $104.74 per share, for a total transaction of $523,700.00. Following the completion of the acquisition, the director owned 10,235 shares in the company, valued at approximately $1,072,013.90. The trade was a 95.51% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 19.00% 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.