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

JPMorgan Chase & Co. cut its stake in shares of Loews Corporation (NYSE:L) by 8.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 9,083,054 shares of the insurance provider’s stock after selling 793,830 shares during the period. JPMorgan Chase & Co. owned about 4.40% of Loews worth $956,537,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in L. Harbor Capital Advisors Inc. acquired a new position in Loews during the fourth quarter worth $27,000. Harbor Investment Advisory LLC acquired a new stake in shares of Loews in the fourth quarter valued at about $30,000. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in shares of Loews in the third quarter valued at about $30,000. Private Trust Co. NA raised its position in shares of Loews by 896.7% in the fourth quarter. Private Trust Co. NA now owns 299 shares of the insurance provider’s stock valued at $31,000 after buying an additional 269 shares during the last quarter. Finally, Westfuller Advisors LLC acquired a new stake in shares of Loews in the fourth quarter valued at about $36,000. 58.33% of the stock is currently owned by institutional investors and hedge funds.

Loews Price Performance

Shares of NYSE L opened at $106.88 on Wednesday. The firm has a 50-day simple moving average of $107.90 and a 200-day simple moving average of $107.05. The stock has a market capitalization of $21.99 billion, a price-to-earnings ratio of 13.58 and a beta of 0.53. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.46. Loews Corporation has a 52 week low of $87.64 and a 52 week high of $114.90.

Loews (NYSE:L) last issued its earnings results on Monday, May 4th. The insurance provider reported $1.63 EPS for the quarter. The business had revenue of $4.56 billion during 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 $0.0625 dividend. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.2%. Loews’s dividend payout ratio is currently 3.18%.

Insider Activity

In other news, Director Dino Robusto acquired 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average price of $104.74 per share, with a total value of $523,700.00. Following the completion of the acquisition, the director owned 10,235 shares of the company’s stock, valued at $1,072,013.90. This trade represents a 95.51% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 19.00% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “buy (a-)” rating on shares of Loews in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, Loews currently has an average rating of “Strong Buy”.

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.