Loews (NYSE:L) Sets New 52-Week High – Here’s What Happened

Loews Corporation (NYSE:L)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $115.00 and last traded at $114.8940, with a volume of 78425 shares changing hands. The stock had previously closed at $113.21.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “buy (a-)” rating on shares of Loews in a research note on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the company presently has an average rating of “Strong Buy”.

Loews Price Performance

The stock has a fifty day moving average of $108.16 and a two-hundred day moving average of $107.48. The stock has a market cap of $23.55 billion, a price-to-earnings ratio of 14.55 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 (NYSE:L) last issued its earnings results on Monday, May 4th. The insurance provider reported $1.63 EPS for the quarter. The company had revenue of $4.55 billion for the quarter. Loews had a net margin of 8.83% and a return on equity of 8.51%.

Loews Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Shareholders of record on Wednesday, May 27th were given a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a yield of 0.2%. The ex-dividend date was Wednesday, May 27th. Loews’s dividend payout ratio is presently 3.18%.

Insider Transactions at Loews

In related news, Director Dino Robusto bought 5,000 shares of the company’s stock in a transaction on Friday, May 29th. The stock was bought at an average cost 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 in the company, valued at approximately $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 this link. Company insiders own 19.00% of the company’s stock.

Hedge Funds Weigh In On Loews

Several hedge funds have recently bought and sold shares of L. Integrated Wealth Concepts LLC raised its stake in shares of Loews by 22.6% during the 1st quarter. Integrated Wealth Concepts LLC now owns 3,575 shares of the insurance provider’s stock worth $329,000 after buying an additional 658 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Loews by 9.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,937 shares of the insurance provider’s stock valued at $2,108,000 after purchasing an additional 2,057 shares in the last quarter. Empowered Funds LLC grew its position in shares of Loews by 12.2% in the first quarter. Empowered Funds LLC now owns 3,807 shares of the insurance provider’s stock valued at $350,000 after purchasing an additional 414 shares during the last quarter. Woodline Partners LP increased its stake in shares of Loews by 37.5% during the 1st quarter. Woodline Partners LP now owns 14,926 shares of the insurance provider’s stock worth $1,372,000 after purchasing an additional 4,071 shares in the last quarter. Finally, Cetera Investment Advisers raised its position in shares of Loews by 53.5% during the 2nd quarter. Cetera Investment Advisers now owns 7,156 shares of the insurance provider’s stock worth $656,000 after purchasing an additional 2,493 shares during the last quarter. 58.33% of the stock is owned by hedge funds and other institutional investors.

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.