Loews Co. (NYSE:L) Position Decreased by Wallace Capital Management Inc.

Wallace Capital Management Inc. lessened its holdings in shares of Loews Co. (NYSE:L) by 1.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 288,351 shares of the insurance provider’s stock after selling 5,232 shares during the quarter. Loews comprises approximately 2.8% of Wallace Capital Management Inc.’s portfolio, making the stock its 6th biggest holding. Wallace Capital Management Inc.’s holdings in Loews were worth $21,551,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Loews by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 21,156,933 shares of the insurance provider’s stock valued at $1,656,376,000 after buying an additional 507,513 shares in the last quarter. Swedbank AB purchased a new position in shares of Loews during the 1st quarter valued at $23,646,000. Northern Trust Corp lifted its stake in shares of Loews by 11.9% during the 4th quarter. Northern Trust Corp now owns 2,503,105 shares of the insurance provider’s stock valued at $174,191,000 after buying an additional 266,729 shares in the last quarter. TD Asset Management Inc lifted its stake in Loews by 77.9% in the 2nd quarter. TD Asset Management Inc now owns 525,920 shares of the insurance provider’s stock worth $39,307,000 after purchasing an additional 230,231 shares in the last quarter. Finally, Bank of Montreal Can lifted its stake in Loews by 106.3% in the 2nd quarter. Bank of Montreal Can now owns 353,160 shares of the insurance provider’s stock worth $27,338,000 after purchasing an additional 182,009 shares in the last quarter. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Insider Activity at Loews

In other Loews news, VP Mark S. Schwartz sold 2,628 shares of the business’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $80.88, for a total value of $212,552.64. Following the completion of the sale, the vice president now directly owns 14,933 shares of the company’s stock, valued at approximately $1,207,781.04. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, VP Mark S. Schwartz sold 2,628 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $80.88, for a total value of $212,552.64. Following the completion of the sale, the vice president now owns 14,933 shares of the company’s stock, valued at approximately $1,207,781.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jonathan C. Locker purchased 6,200 shares of the stock in a transaction dated Tuesday, July 30th. The stock was acquired at an average cost of $80.63 per share, with a total value of $499,906.00. Following the transaction, the director now directly owns 23,068 shares in the company, valued at approximately $1,859,972.84. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 91,215 shares of company stock worth $7,399,013. Insiders own 18.70% of the company’s stock.

Loews Stock Performance

Loews stock opened at $78.90 on Monday. The company’s 50-day moving average price is $79.08 and its 200-day moving average price is $77.11. Loews Co. has a twelve month low of $61.43 and a twelve month high of $83.54. 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 company has a market cap of $17.47 billion, a PE ratio of 11.71 and a beta of 0.82.

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

Loews Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Wednesday, August 21st were issued a dividend of $0.0625 per share. The ex-dividend date was Wednesday, August 21st. This represents a $0.25 annualized dividend and a yield of 0.32%. Loews’s payout ratio is 3.71%.

Analyst Ratings Changes

L has been the topic of several research analyst reports. Royal Bank of Canada upgraded shares of Loews to a “moderate buy” rating in a research note on Friday, July 26th. Jefferies Financial Group reduced their target price on shares of Loews from $115.00 to $112.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st.

Loews 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.