Vanguard Group Inc. Cuts Stake in Loews Co. (NYSE:L)

Vanguard Group Inc. cut its holdings in Loews Co. (NYSE:L) by 1.5% in the fourth quarter, Holdings Channel reports. The fund owned 20,649,420 shares of the insurance provider’s stock after selling 309,749 shares during the quarter. Vanguard Group Inc. owned 0.09% of Loews worth $1,436,993,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Loews by 1.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,587,817 shares of the insurance provider’s stock valued at $110,496,000 after acquiring an additional 21,323 shares during the period. Principal Financial Group Inc. raised its holdings in Loews by 12.8% in the fourth quarter. Principal Financial Group Inc. now owns 242,163 shares of the insurance provider’s stock worth $16,852,000 after purchasing an additional 27,498 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its position in shares of Loews by 70.5% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 14,753 shares of the insurance provider’s stock valued at $1,027,000 after buying an additional 6,101 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Loews by 3.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 297,181 shares of the insurance provider’s stock valued at $20,681,000 after buying an additional 10,473 shares in the last quarter. Finally, SteelPeak Wealth LLC purchased a new position in shares of Loews in the 4th quarter worth approximately $1,909,000. 58.33% of the stock is owned by hedge funds and other institutional investors.

Loews Trading Up 1.3 %

NYSE:L opened at $76.20 on Thursday. The stock has a market capitalization of $16.87 billion, a price-to-earnings ratio of 11.31 and a beta of 0.85. Loews Co. has a 52 week low of $57.47 and a 52 week high of $78.55. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.50. The firm has a 50 day moving average of $75.65 and a 200 day moving average of $73.99.

Loews (NYSE:L) last issued its quarterly earnings data on Monday, May 6th. The insurance provider reported $2.05 EPS for the quarter. Loews had a return on equity of 9.45% and a net margin of 9.27%. The firm had revenue of $4.23 billion during the quarter.

Loews Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Wednesday, May 29th were paid a dividend of $0.0625 per share. The ex-dividend date was Wednesday, May 29th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.33%. Loews’s payout ratio is 3.71%.

Insider Transactions at Loews

In other Loews news, insider Jonathan M. Tisch sold 50,000 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $77.24, for a total value of $3,862,000.00. Following the completion of the transaction, the insider now owns 507,799 shares of the company’s stock, valued at $39,222,394.76. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last 90 days, insiders have sold 150,000 shares of company stock worth $11,588,500. Insiders own 18.70% of the company’s stock.

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.