Loews (NYSE:L) Reaches New 52-Week High – Here’s What Happened

Loews Corporation (NYSE:L)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $115.00 and last traded at $114.8940, with a volume of 78425 shares traded. The stock had previously closed at $113.21.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “buy (a-)” rating on shares of Loews in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Strong Buy”.

Loews Stock Performance

The firm has a market cap of $23.96 billion, a P/E ratio of 14.80 and a beta of 0.52. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.36. The company’s 50 day moving average is $108.31 and its 200 day moving average is $107.64.

Loews (NYSE:L) last issued its earnings results on Monday, May 4th. The insurance provider reported $1.63 earnings per share for the quarter. The firm had revenue of $4.55 billion for the quarter. Loews had a net margin of 8.83% and a return on equity of 8.51%.

Loews Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Wednesday, May 27th were issued a dividend of $0.0625 per share. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. Loews’s dividend payout ratio (DPR) is 3.18%.

Insiders Place Their Bets

In other news, Director Dino Robusto bought 5,000 shares of the stock in a transaction on Friday, May 29th. The stock was acquired at an average price of $104.74 per share, with a total value of $523,700.00. Following the acquisition, the director directly owned 10,235 shares in the company, valued at approximately $1,072,013.90. This trade represents a 95.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 19.00% of the stock is owned by corporate insiders.

Institutional Trading of Loews

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Loews by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 19,426,064 shares of the insurance provider’s stock valued at $2,045,759,000 after buying an additional 108,882 shares during the period. Norges Bank acquired a new stake in Loews during the 4th quarter worth approximately $577,279,000. Geode Capital Management LLC boosted its position in Loews by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider’s stock worth $524,599,000 after buying an additional 271,234 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Loews by 9.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,984,234 shares of the insurance provider’s stock worth $419,581,000 after buying an additional 344,995 shares during the period. Finally, Invesco Ltd. grew its holdings in Loews by 0.4% during the 3rd quarter. Invesco Ltd. now owns 3,363,861 shares of the insurance provider’s stock worth $337,698,000 after acquiring an additional 12,311 shares during the last quarter. 58.33% of the stock is owned by institutional investors and hedge funds.

Loews Company Profile

Loews Corporation (NYSE: L) is a diversified holding company that owns and operates businesses across insurance, hospitality, energy-related operations and other industrial and investment activities. The company holds controlling and significant minority interests in subsidiaries that run as standalone businesses, with corporate oversight focused on capital allocation, risk management and long-term value creation for shareholders.

One of Loews’ principal businesses is insurance, conducted through CNA Financial, a commercial property and casualty insurer that underwrites a range of business insurance products for corporate and institutional clients.