Wallace Capital Management Inc. Invests $27.68 Million in Loews Corporation $L

Wallace Capital Management Inc. purchased a new stake in Loews Corporation (NYSE:L) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 244,525 shares of the insurance provider’s stock, valued at approximately $27,683,000. Loews makes up approximately 3.0% of Wallace Capital Management Inc.’s holdings, making the stock its 7th biggest holding. Wallace Capital Management Inc. owned approximately 0.12% of Loews at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of L. Integrated Wealth Concepts LLC boosted its stake in shares of Loews by 22.6% in the first quarter. Integrated Wealth Concepts LLC now owns 3,575 shares of the insurance provider’s stock worth $329,000 after acquiring an additional 658 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Loews by 9.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,937 shares of the insurance provider’s stock valued at $2,108,000 after purchasing an additional 2,057 shares during the last quarter. Empowered Funds LLC raised its stake in Loews by 12.2% in the 1st quarter. Empowered Funds LLC now owns 3,807 shares of the insurance provider’s stock valued at $350,000 after purchasing an additional 414 shares during the last quarter. Woodline Partners LP lifted its holdings in Loews by 37.5% in the 1st quarter. Woodline Partners LP now owns 14,926 shares of the insurance provider’s stock valued at $1,372,000 after purchasing an additional 4,071 shares in the last quarter. Finally, Cetera Investment Advisers lifted its holdings in Loews by 53.5% in the 2nd quarter. Cetera Investment Advisers now owns 7,156 shares of the insurance provider’s stock valued at $656,000 after purchasing an additional 2,493 shares in the last quarter. 58.33% of the stock is currently owned by hedge funds and other institutional investors.

Loews Stock Up 0.2%

L stock opened at $111.06 on Thursday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.44. The firm has a 50-day moving average of $113.92 and a two-hundred day moving average of $110.25. Loews Corporation has a 12 month low of $95.10 and a 12 month high of $121.01. The company has a market cap of $22.70 billion, a price-to-earnings ratio of 13.61 and a beta of 0.52.

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

Loews Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th will be given a dividend of $0.0625 per share. The ex-dividend date is Wednesday, August 19th. This represents a $0.25 dividend on an annualized basis and a yield of 0.2%. Loews’s dividend payout ratio (DPR) is presently 3.06%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, Director Dino Robusto bought 5,000 shares of the company’s stock in a transaction on Friday, May 29th. The stock was bought at an average cost of $104.74 per share, for a total transaction of $523,700.00. Following the acquisition, the director directly owned 10,235 shares in the company, valued at $1,072,013.90. This represents a 95.51% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 19.00% of the company’s stock.

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.