Loews Co. (NYSE:L) Stake Boosted by O Shaughnessy Asset Management LLC

Financial News Live · Nov 20, 2022 01:41

O Shaughnessy Asset Management LLC grew its stake in shares of Loews Co. (NYSE:L – Get Rating) by 18.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 754,490 shares of the insurance provider's stock after purchasing an additional 117,714 shares during the quarter. Loews makes up 0.8% of O Shaughnessy Asset Management LLC's portfolio, making the stock its 25th largest holding. O Shaughnessy Asset Management LLC owned about 0.31% of Loews worth $44,710,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Bank of Nova Scotia grew its holdings in Loews by 121.1% in the 1st quarter. Bank of Nova Scotia now owns 89,092 shares of the insurance provider's stock worth $5,775,000 after buying an additional 48,799 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Loews by 15.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 148,244 shares of the insurance provider's stock worth $8,785,000 after buying an additional 19,525 shares in the last quarter. Victory Capital Management Inc. lifted its position in Loews by 33.8% in the first quarter. Victory Capital Management Inc. now owns 162,227 shares of the insurance provider's stock worth $10,194,000 after purchasing an additional 40,961 shares during the period. Fort Washington Investment Advisors Inc. OH acquired a new stake in Loews in the first quarter worth approximately $201,000. Finally, J.W. Cole Advisors Inc. acquired a new stake in Loews in the first quarter worth approximately $220,000. 58.61% of the stock is owned by institutional investors.

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Loews Stock Up 1.1 %

NYSE:L traded up $0.59 during trading hours on Friday, hitting $56.62. 761,540 shares of the stock traded hands, compared to its average volume of 712,131. The firm has a 50 day moving average price of $54.15 and a 200 day moving average price of $57.57. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.58. Loews Co. has a fifty-two week low of $49.36 and a fifty-two week high of $68.20. The firm has a market cap of $13.44 billion, a price-to-earnings ratio of 14.16 and a beta of 0.86.

Loews Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. Stockholders of record on Wednesday, November 23rd will be paid a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date is Tuesday, November 22nd. Loews's dividend payout ratio (DPR) is presently 6.25%.

Insiders Place Their Bets

In other news, major shareholder Corp Loews purchased 47,899 shares of the firm's stock in a transaction on Thursday, September 8th. The stock was bought at an average cost of $40.08 per share, for a total transaction of $1,919,791.92. Following the completion of the acquisition, the insider now directly owns 243,526,599 shares of the company's stock, valued at $9,760,546,087.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have acquired 274,630 shares of company stock valued at $10,802,190 over the last three months. 17.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on L. StockNews.com upgraded Loews from a "hold" rating to a "buy" rating in a research report on Wednesday, November 2nd. TheStreet downgraded Loews from a "b" rating to a "c" rating in a research report on Monday, August 1st.

Loews Profile

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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.