PNC Financial Services Group Inc. Has $3.92 Million Position in Loews Corporation $L

PNC Financial Services Group Inc. decreased its holdings in shares of Loews Corporation (NYSE:L) by 10.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,039 shares of the insurance provider’s stock after selling 4,592 shares during the period. PNC Financial Services Group Inc.’s holdings in Loews were worth $3,919,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Loews during the second quarter valued at about $665,658,000. Geode Capital Management LLC lifted its position in Loews by 0.6% in the 2nd quarter. Geode Capital Management LLC now owns 4,609,107 shares of the insurance provider’s stock valued at $420,722,000 after acquiring an additional 28,552 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Loews by 0.7% during the 2nd quarter. Hsbc Holdings PLC now owns 728,940 shares of the insurance provider’s stock valued at $66,761,000 after purchasing an additional 4,750 shares during the last quarter. AQR Capital Management LLC increased its holdings in Loews by 27.5% during the 2nd quarter. AQR Capital Management LLC now owns 592,923 shares of the insurance provider’s stock worth $53,920,000 after purchasing an additional 127,782 shares in the last quarter. Finally, Swiss National Bank raised its stake in shares of Loews by 3.7% in the second quarter. Swiss National Bank now owns 541,161 shares of the insurance provider’s stock worth $49,603,000 after purchasing an additional 19,100 shares during the last quarter. 58.33% of the stock is owned by institutional investors.

Loews Trading Up 1.3%

Shares of L stock opened at $109.76 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market capitalization of $22.62 billion, a price-to-earnings ratio of 13.75 and a beta of 0.61. Loews Corporation has a 52-week low of $78.98 and a 52-week high of $114.90. The company has a 50-day simple moving average of $106.08 and a two-hundred day simple moving average of $102.09.

Loews (NYSE:L) last announced 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 for the quarter. Loews had a return on equity of 8.86% and a net margin of 9.03%.

Loews Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Wednesday, February 25th will be paid a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Wednesday, February 25th. Loews’s dividend payout ratio is 3.13%.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Loews in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, According to MarketBeat, the company has a consensus rating of “Strong Buy”.

Insider Activity

In other news, Director Andrew H. Tisch sold 50,000 shares of Loews stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $110.27, for a total transaction of $5,513,500.00. Following the sale, the director directly owned 12,859,642 shares in the company, valued at $1,418,032,723.34. The trade was a 0.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles M. Diker sold 1,442 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $107.93, for a total transaction of $155,635.06. Following the transaction, the director owned 21,594 shares of the company’s stock, valued at approximately $2,330,640.42. The trade was a 6.26% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 181,187 shares of company stock worth $19,435,041. 19.00% of the stock is owned by insiders.

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.