Sumitomo Mitsui Trust Group Inc. Buys 5,655 Shares of Loews Co. (NYSE:L)

Sumitomo Mitsui Trust Group Inc. grew its position in shares of Loews Co. (NYSE:L) by 1.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 509,349 shares of the insurance provider’s stock after purchasing an additional 5,655 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of Loews worth $40,264,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc lifted its position in Loews by 244.0% during the second quarter. Versant Capital Management Inc now owns 375 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 266 shares during the last quarter. Kimelman & Baird LLC purchased a new position in shares of Loews during the 2nd quarter worth about $45,000. Family Firm Inc. purchased a new position in shares of Loews during the second quarter valued at approximately $46,000. Eastern Bank purchased a new position in Loews during the 3rd quarter valued at $47,000. Finally, Innealta Capital LLC purchased a new stake in shares of Loews during the second quarter valued at $51,000. 58.33% of the stock is currently owned by hedge funds and other institutional investors.

Loews Stock Performance

Shares of L stock opened at $83.67 on Friday. The firm has a market cap of $18.22 billion, a price-to-earnings ratio of 11.07 and a beta of 0.82. Loews Co. has a 52-week low of $66.60 and a 52-week high of $84.56. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $79.75 and its 200 day moving average is $78.05.

Loews Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 27th will be given a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.30%. The ex-dividend date is Wednesday, November 27th. Loews’s payout ratio is 3.32%.

Insider Buying and Selling

In other Loews news, Director Andrew H. Tisch sold 75,000 shares of Loews stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $83.16, for a total value of $6,237,000.00. Following the transaction, the director now directly owns 12,089,677 shares of the company’s stock, valued at approximately $1,005,377,539.32. The trade was a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ann E. Berman sold 1,087 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.38, for a total value of $88,460.06. Following the sale, the director now owns 4,998 shares of the company’s stock, valued at approximately $406,737.24. This represents a 17.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 213,587 shares of company stock worth $17,586,460 in the last three months. 18.70% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on L. 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 research report on Wednesday, July 31st. StockNews.com upgraded Loews from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Finally, Royal Bank of Canada upgraded Loews to a “moderate buy” rating in a report on Friday, July 26th.

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.