First Bancorp Inc ME Makes New Investment in Loews Corporation $L

First Bancorp Inc ME acquired a new stake in Loews Corporation (NYSE:L) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 7,883 shares of the insurance provider’s stock, valued at approximately $194,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in L. NewEdge Advisors LLC raised its stake in Loews by 2.3% in the 1st quarter. NewEdge Advisors LLC now owns 4,168 shares of the insurance provider’s stock valued at $445,000 after acquiring an additional 95 shares during the period. Lido Advisors LLC lifted its holdings in Loews by 3.9% during the 1st quarter. Lido Advisors LLC now owns 2,594 shares of the insurance provider’s stock valued at $277,000 after purchasing an additional 97 shares during the last quarter. Hancock Whitney Corp boosted its position in Loews by 3.9% during the third quarter. Hancock Whitney Corp now owns 2,618 shares of the insurance provider’s stock worth $263,000 after purchasing an additional 98 shares during the period. IFM Investors Pty Ltd boosted its position in Loews by 0.3% during the fourth quarter. IFM Investors Pty Ltd now owns 31,867 shares of the insurance provider’s stock worth $3,356,000 after purchasing an additional 100 shares during the period. Finally, Independent Advisor Alliance increased its holdings in shares of Loews by 4.3% in the fourth quarter. Independent Advisor Alliance now owns 2,603 shares of the insurance provider’s stock valued at $274,000 after purchasing an additional 107 shares during the last quarter. 58.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Loews from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, Loews has an average rating of “Strong Buy”.

Insider Activity

In related news, Director Dino Robusto purchased 5,000 shares of Loews stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average price of $104.74 per share, with a total value of $523,700.00. Following the completion of the transaction, the director directly owned 10,235 shares of the company’s stock, valued at $1,072,013.90. This represents a 95.51% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 19.00% of the company’s stock.

Loews Stock Down 0.5%

L opened at $110.84 on Wednesday. The stock has a fifty day moving average of $113.85 and a 200-day moving average of $110.25. The company has a market capitalization of $22.66 billion, a P/E ratio of 13.58 and a beta of 0.52. Loews Corporation has a fifty-two week low of $95.10 and a fifty-two week high of $121.01. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.36 and a current ratio of 0.36.

Loews (NYSE:L) last released its quarterly earnings results on Monday, August 3rd. The insurance provider reported $2.16 EPS for the quarter. Loews had a net margin of 9.02% and a return on equity of 8.60%. The business had revenue of $4.73 billion for the quarter.

Loews Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th will be paid a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Wednesday, August 19th. Loews’s payout ratio is 3.06%.

Loews 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.