Verition Fund Management LLC Buys Shares of 15,435 Loews Co. (NYSE:L)

Verition Fund Management LLC acquired a new stake in shares of Loews Co. (NYSE:LGet Rating) during the first quarter, HoldingsChannel.com reports. The institutional investor acquired 15,435 shares of the insurance provider’s stock, valued at approximately $1,000,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Loews by 34.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,605 shares of the insurance provider’s stock valued at $1,076,000 after purchasing an additional 4,267 shares during the period. Reynolds Investment Management Inc. bought a new position in Loews in the 1st quarter worth about $1,183,000. The Manufacturers Life Insurance Company increased its stake in Loews by 1.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 160,990 shares of the insurance provider’s stock worth $10,435,000 after acquiring an additional 2,225 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Loews by 8.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 137,916 shares of the insurance provider’s stock worth $8,940,000 after acquiring an additional 10,832 shares during the last quarter. Finally, Eubel Brady & Suttman Asset Management Inc. increased its stake in Loews by 1.6% in the 1st quarter. Eubel Brady & Suttman Asset Management Inc. now owns 294,919 shares of the insurance provider’s stock worth $19,117,000 after acquiring an additional 4,667 shares during the last quarter. 58.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on L shares. TheStreet cut Loews from a “b” rating to a “c” rating in a report on Monday, August 1st. StockNews.com cut Loews from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd.

Insider Activity at Loews

In related news, major shareholder Corp Loews bought 48,199 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The stock was bought at an average cost of $39.56 per share, for a total transaction of $1,906,752.44. Following the acquisition, the insider now directly owns 243,430,501 shares of the company’s stock, valued at approximately $9,630,110,619.56. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders purchased 274,630 shares of company stock worth $10,802,190 in the last ninety days. 17.50% of the stock is owned by company insiders.

Loews Price Performance

L opened at $52.88 on Thursday. The stock has a 50-day moving average price of $56.61 and a 200-day moving average price of $60.51. Loews Co. has a 12-month low of $52.32 and a 12-month high of $68.20. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $12.74 billion, a P/E ratio of 12.27 and a beta of 0.81.

Loews Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 30th. Investors of record on Wednesday, August 17th were issued a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a yield of 0.47%. The ex-dividend date was Tuesday, August 16th. Loews’s dividend payout ratio is presently 5.80%.

About Loews

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Loews Corporation provides commercial property and casualty insurance in the United States and internationally. The company offers specialty insurance products, such as management and professional liability, and other coverage products; surety and fidelity bonds; property insurance products that include property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto and umbrella coverages.

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Institutional Ownership by Quarter for Loews (NYSE:L)

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