Rakuten Investment Management Inc. Takes $3.14 Million Position in Loews Corporation $L

Rakuten Investment Management Inc. purchased a new stake in Loews Corporation (NYSE:L) in the 2nd quarter, HoldingsChannel reports. The fund purchased 27,657 shares of the insurance provider’s stock, valued at approximately $3,144,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Loews during the 2nd quarter worth approximately $1,621,369,000. Norges Bank purchased a new stake in shares of Loews in the fourth quarter valued at $577,279,000. Geode Capital Management LLC lifted its holdings in shares of Loews by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider’s stock valued at $524,599,000 after purchasing an additional 271,234 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Loews by 9.5% in the fourth 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. boosted its position in shares of Loews by 0.4% in the third quarter. Invesco Ltd. now owns 3,363,861 shares of the insurance provider’s stock worth $337,698,000 after buying an additional 12,311 shares during the period. Institutional investors and hedge funds own 58.33% of the company’s stock.

Loews Price Performance

NYSE L opened at $109.71 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market capitalization of $22.43 billion, a price-to-earnings ratio of 13.44 and a beta of 0.52. The company has a 50 day simple moving average of $114.01 and a 200-day simple moving average of $110.23. Loews Corporation has a 52-week low of $95.10 and a 52-week high of $121.01.

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

Loews Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.0625 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.2%. Loews’s dividend payout ratio (DPR) is 3.06%.

Analysts Set New Price Targets

Separately, Weiss Ratings raised Loews from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the company 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.