Rafferty Asset Management LLC Buys 2,829 Shares of Loews Co. (NYSE:L)

Rafferty Asset Management LLC increased its stake in shares of Loews Co. (NYSE:LFree Report) by 4.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 64,891 shares of the insurance provider’s stock after acquiring an additional 2,829 shares during the quarter. Rafferty Asset Management LLC’s holdings in Loews were worth $4,516,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norges Bank purchased a new stake in Loews during the fourth quarter valued at $511,159,000. UBS Group AG raised its stake in Loews by 60.0% during the fourth quarter. UBS Group AG now owns 555,768 shares of the insurance provider’s stock valued at $38,676,000 after purchasing an additional 208,356 shares in the last quarter. LSV Asset Management purchased a new stake in Loews during the fourth quarter valued at $12,658,000. The Manufacturers Life Insurance Company raised its stake in Loews by 118.9% during the third quarter. The Manufacturers Life Insurance Company now owns 286,708 shares of the insurance provider’s stock valued at $18,151,000 after purchasing an additional 155,713 shares in the last quarter. Finally, Bank of Nova Scotia raised its stake in Loews by 115.4% during the third quarter. Bank of Nova Scotia now owns 270,421 shares of the insurance provider’s stock valued at $17,120,000 after purchasing an additional 144,902 shares in the last quarter. Institutional investors own 58.33% of the company’s stock.

Insider Activity

In other news, insider Jonathan M. Tisch sold 50,000 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $77.39, for a total value of $3,869,500.00. Following the sale, the insider now owns 607,799 shares of the company’s stock, valued at $47,037,564.61. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 150,000 shares of company stock valued at $11,588,500. 18.70% of the stock is currently owned by company insiders.

Loews Price Performance

Loews stock opened at $75.25 on Friday. The company has a market cap of $16.66 billion, a price-to-earnings ratio of 11.16 and a beta of 0.85. The firm’s fifty day moving average is $75.87 and its 200 day moving average is $73.62. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.50. Loews Co. has a 52-week low of $57.47 and a 52-week high of $78.55.

Loews (NYSE:LGet Free Report) last announced its earnings results on Monday, May 6th. The insurance provider reported $2.05 earnings per share for the quarter. Loews had a net margin of 9.27% and a return on equity of 9.45%. The business had revenue of $4.23 billion for the quarter.

Loews Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Wednesday, May 29th will be paid a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Wednesday, May 29th. Loews’s dividend payout ratio is currently 3.71%.

Loews Profile

(Free Report)

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 standard and excess property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto, surplus, and umbrella coverages.

See Also

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Institutional Ownership by Quarter for Loews (NYSE:L)

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