Bank of Nova Scotia Invests $2.41 Million in Loews Corporation $L

Bank of Nova Scotia bought a new position in Loews Corporation (NYSE:L) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 21,306 shares of the insurance provider’s stock, valued at approximately $2,412,000.

Several other institutional investors and hedge funds also recently bought and sold shares of L. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Loews by 12.1% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 369,994 shares of the insurance provider’s stock worth $38,724,000 after buying an additional 39,968 shares during the period. UBS Group AG increased its holdings in shares of Loews by 4.8% in the 4th quarter. UBS Group AG now owns 811,194 shares of the insurance provider’s stock valued at $85,427,000 after acquiring an additional 37,327 shares during the period. Swedbank AB increased its holdings in shares of Loews by 4.8% in the 4th quarter. Swedbank AB now owns 464,458 shares of the insurance provider’s stock valued at $48,912,000 after acquiring an additional 21,352 shares during the period. Deutsche Bank AG bought a new position in shares of Loews in the 2nd quarter worth $69,529,000. Finally, Walleye Capital LLC bought a new position in shares of Loews in the 2nd quarter worth $1,605,000. 58.33% of the stock is currently owned by hedge funds and other institutional investors.

Loews Stock Performance

Shares of Loews stock opened at $111.06 on Thursday. The company has a 50 day moving average price of $113.92 and a 200 day moving average price of $110.25. The firm has a market capitalization of $22.70 billion, a P/E ratio of 13.61 and a beta of 0.52. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.44. Loews Corporation has a 52 week low of $95.10 and a 52 week high of $121.01.

Loews (NYSE:L) last released its earnings results on Monday, August 3rd. The insurance provider reported $2.16 earnings per share for the quarter. Loews had a net margin of 9.02% and a return on equity of 8.60%. The company had revenue of $4.73 billion for the quarter.

Loews Dividend Announcement

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

Wall Street Analysts Forecast Growth

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, According to MarketBeat.com, the stock presently has an average rating of “Strong Buy”.

Insider Activity

In other news, Director Dino Robusto bought 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average cost of $104.74 per share, with a total value of $523,700.00. Following the transaction, the director directly owned 10,235 shares in the company, valued at approximately $1,072,013.90. The trade was a 95.51% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 19.00% of the stock is currently 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.