Loews Co. (NYSE:L) Stake Trimmed by State of Michigan Retirement System

State of Michigan Retirement System lowered its stake in Loews Co. (NYSE:L) by 0.4% during the first quarter, HoldingsChannel reports. The firm owned 53,752 shares of the insurance provider’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Loews were worth $4,208,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Loews during the 4th quarter worth about $511,159,000. Allspring Global Investments Holdings LLC boosted its position in Loews by 1.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,259,802 shares of the insurance provider’s stock worth $255,210,000 after acquiring an additional 37,953 shares during the period. Northern Trust Corp boosted its position in Loews by 11.9% during the 4th quarter. Northern Trust Corp now owns 2,503,105 shares of the insurance provider’s stock worth $174,191,000 after acquiring an additional 266,729 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Loews by 1.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,587,817 shares of the insurance provider’s stock worth $110,496,000 after acquiring an additional 21,323 shares during the period. Finally, Royal Bank of Canada boosted its position in Loews by 2.6% during the 3rd quarter. Royal Bank of Canada now owns 935,189 shares of the insurance provider’s stock worth $59,207,000 after acquiring an additional 23,756 shares during the period. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Insider Activity

In other news, insider Jonathan M. Tisch sold 50,000 shares of Loews stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $77.24, for a total transaction of $3,862,000.00. Following the completion of the sale, the insider now directly owns 507,799 shares in the company, valued at approximately $39,222,394.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 150,000 shares of company stock worth $11,588,500 in the last three months. 18.70% of the stock is owned by insiders.

Loews Trading Up 0.3 %

Shares of NYSE L opened at $74.94 on Wednesday. Loews Co. has a one year low of $58.81 and a one year high of $78.55. The firm has a market capitalization of $16.59 billion, a PE ratio of 11.12 and a beta of 0.84. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.50. The business has a 50-day moving average price of $75.90 and a two-hundred day moving average price of $74.36.

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

Loews Announces Dividend

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

About Loews

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.