Victory Capital Management Inc. Trims Stake in Loews Co. (NYSE:L)

Victory Capital Management Inc. reduced its position in Loews Co. (NYSE:L) by 3.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 126,822 shares of the insurance provider’s stock after selling 4,751 shares during the quarter. Victory Capital Management Inc.’s holdings in Loews were worth $10,025,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its position in shares of Loews by 453.9% during the first quarter. Bessemer Group Inc. now owns 18,429 shares of the insurance provider’s stock worth $1,443,000 after acquiring an additional 15,102 shares during the period. Swedbank AB increased its position in shares of Loews by 15.6% during 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 period. Nisa Investment Advisors LLC boosted its stake in shares of Loews by 8.2% during the second quarter. Nisa Investment Advisors LLC now owns 122,208 shares of the insurance provider’s stock valued at $9,134,000 after purchasing an additional 9,296 shares in the last quarter. iA Global Asset Management Inc. boosted its stake in shares of Loews by 171.4% during the first quarter. iA Global Asset Management Inc. now owns 21,768 shares of the insurance provider’s stock valued at $1,704,000 after purchasing an additional 13,747 shares in the last quarter. Finally, Whittier Trust Co. bought a new position in shares of Loews during the second quarter valued at approximately $239,000. 58.33% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Loews

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

Loews Price Performance

Shares of L opened at $85.27 on Friday. The company has a market cap of $18.57 billion, a price-to-earnings ratio of 11.32 and a beta of 0.82. Loews Co. has a twelve month low of $67.20 and a twelve month high of $85.36. 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 has a 50 day moving average of $80.29 and a two-hundred day moving average of $78.34.

Loews Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 27th will be paid a $0.0625 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $0.25 annualized dividend and a yield of 0.29%. Loews’s dividend payout ratio (DPR) is 3.32%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on L shares. Jefferies Financial Group dropped their price objective on shares of Loews from $115.00 to $112.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Royal Bank of Canada upgraded shares of Loews to a “moderate buy” rating in a research note on Friday, July 26th. Finally, StockNews.com downgraded shares of Loews from a “strong-buy” rating to a “buy” rating in a research note on Wednesday.

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.