State of Alaska Department of Revenue Sells 16,615 Shares of Loews Co. (NYSE:L)

State of Alaska Department of Revenue reduced its stake in Loews Co. (NYSE:L) by 17.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 81,208 shares of the insurance provider’s stock after selling 16,615 shares during the quarter. State of Alaska Department of Revenue’s holdings in Loews were worth $6,418,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Loews by 5.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 174,867 shares of the insurance provider’s stock worth $13,690,000 after purchasing an additional 8,527 shares during the period. Mediolanum International Funds Ltd acquired a new position in shares of Loews during the first quarter worth approximately $1,516,000. Bessemer Group Inc. boosted its position in shares of Loews by 453.9% in the first quarter. Bessemer Group Inc. now owns 18,429 shares of the insurance provider’s stock valued at $1,443,000 after acquiring an additional 15,102 shares during the period. Swedbank AB grew its stake in shares of Loews by 15.6% in the second quarter. Swedbank AB now owns 349,047 shares of the insurance provider’s stock worth $26,088,000 after acquiring an additional 47,013 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Loews by 25.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 218,841 shares of the insurance provider’s stock worth $17,133,000 after acquiring an additional 44,426 shares during the period. Institutional investors and hedge funds own 58.33% of the company’s stock.

Insider Transactions at Loews

In other Loews news, insider Jonathan M. Tisch sold 62,500 shares of Loews stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $80.84, for a total transaction of $5,052,500.00. Following the completion of the transaction, the insider now directly owns 6,781,634 shares of the company’s stock, valued at approximately $548,227,292.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jonathan M. Tisch sold 62,500 shares of Loews stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $80.84, for a total value of $5,052,500.00. Following the completion of the transaction, the insider now owns 6,781,634 shares in the company, valued at approximately $548,227,292.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jonathan M. Tisch sold 25,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $81.82, for a total value of $2,045,500.00. Following the sale, the insider now owns 461,395 shares in the company, valued at approximately $37,751,338.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,587 shares of company stock valued at $7,186,460. Corporate insiders own 18.70% of the company’s stock.

Loews Stock Up 1.3 %

Shares of L stock opened at $80.62 on Tuesday. Loews Co. has a one year low of $62.18 and a one year high of $83.54. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.34 and a quick ratio of 0.34. The stock has a fifty day moving average price of $79.69 and a 200 day moving average price of $77.54. The stock has a market cap of $17.85 billion, a P/E ratio of 11.96 and a beta of 0.81.

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

Loews Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 21st were paid a $0.0625 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $0.25 annualized dividend and a dividend yield of 0.31%. Loews’s dividend payout ratio is currently 3.71%.

Wall Street Analyst Weigh In

Several analysts have issued reports on L shares. Royal Bank of Canada upgraded shares of Loews to a “moderate buy” rating in a research report on Friday, July 26th. Jefferies Financial Group decreased their target price on Loews from $115.00 to $112.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st.

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.