Loews Corporation $L Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its stake in Loews Corporation (NYSE:L) by 12.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,876,884 shares of the insurance provider’s stock after selling 1,456,913 shares during the period. JPMorgan Chase & Co. owned 4.78% of Loews worth $991,540,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in L. Versant Capital Management Inc boosted its holdings in shares of Loews by 6.9% in the third quarter. Versant Capital Management Inc now owns 1,606 shares of the insurance provider’s stock valued at $161,000 after acquiring an additional 104 shares in the last quarter. Moody Lynn & Lieberson LLC lifted its holdings in shares of Loews by 2.9% in the 3rd quarter. Moody Lynn & Lieberson LLC now owns 3,678 shares of the insurance provider’s stock valued at $369,000 after buying an additional 105 shares during the period. Trustmark Bank Trust Department boosted its stake in shares of Loews by 0.7% in the second quarter. Trustmark Bank Trust Department now owns 16,263 shares of the insurance provider’s stock valued at $1,491,000 after buying an additional 115 shares in the last quarter. Wedmont Private Capital grew its holdings in Loews by 3.8% during the third quarter. Wedmont Private Capital now owns 3,291 shares of the insurance provider’s stock worth $339,000 after acquiring an additional 120 shares during the period. Finally, Exchange Traded Concepts LLC grew its holdings in Loews by 0.5% during the third quarter. Exchange Traded Concepts LLC now owns 25,996 shares of the insurance provider’s stock worth $2,610,000 after acquiring an additional 120 shares during the period. 58.33% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Ann E. Berman sold 1,922 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $110.16, for a total transaction of $211,727.52. Following the sale, the director owned 4,998 shares in the company, valued at approximately $550,579.68. This trade represents a 27.77% 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 hyperlink. Also, Director Paul J. Fribourg sold 1,442 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $108.13, for a total value of $155,923.46. Following the completion of the transaction, the director owned 400 shares of the company’s stock, valued at $43,252. This trade represents a 78.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 181,187 shares of company stock worth $19,435,041 in the last quarter. Corporate insiders own 18.70% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “buy (a-)” rating on shares of Loews in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, Loews currently has a consensus rating of “Strong Buy”.

Loews Trading Up 1.5%

NYSE:L opened at $110.36 on Wednesday. Loews Corporation has a 52-week low of $78.98 and a 52-week high of $114.90. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.43. The stock has a fifty day simple moving average of $105.77 and a 200-day simple moving average of $101.88. The company has a market capitalization of $22.74 billion, a PE ratio of 13.83 and a beta of 0.61.

Loews (NYSE:L) last posted its earnings results on Monday, February 9th. The insurance provider reported $1.94 earnings per share for the quarter. The firm had revenue of $4.73 billion during the quarter. Loews had a net margin of 9.03% and a return on equity of 8.86%.

Loews Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Wednesday, February 25th will be given a dividend of $0.0625 per share. The ex-dividend date of this dividend is Wednesday, February 25th. This represents a $0.25 annualized dividend and a yield of 0.2%. Loews’s dividend payout ratio (DPR) is presently 3.13%.

About Loews

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.