Allstate Corp Grows Position in Loews Corporation $L

Allstate Corp grew its stake in Loews Corporation (NYSE:L) by 190.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,883 shares of the insurance provider’s stock after purchasing an additional 11,071 shares during the period. Allstate Corp’s holdings in Loews were worth $1,778,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Harbor Capital Advisors Inc. purchased a new position in shares of Loews during the 4th quarter valued at approximately $27,000. Harbor Investment Advisory LLC purchased a new position in shares of Loews during the 4th quarter valued at approximately $30,000. Private Trust Co. NA lifted its position in shares of Loews by 896.7% during the 4th quarter. Private Trust Co. NA now owns 299 shares of the insurance provider’s stock valued at $31,000 after buying an additional 269 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in shares of Loews during the 3rd quarter valued at approximately $30,000. Finally, Westfuller Advisors LLC purchased a new position in shares of Loews during the 4th quarter valued at approximately $36,000. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “buy (a-)” rating on shares of Loews in a research report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Strong Buy”.

Loews Stock Down 2.0%

NYSE L opened at $104.86 on Friday. The business has a fifty day moving average price of $108.00 and a 200 day moving average price of $106.99. Loews Corporation has a one year low of $86.77 and a one year high of $114.90. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market cap of $21.58 billion, a P/E ratio of 13.32 and a beta of 0.56.

Loews (NYSE:L) last posted its quarterly earnings data on Monday, May 4th. The insurance provider reported $1.63 EPS for the quarter. Loews had a return on equity of 8.51% and a net margin of 8.83%.The firm had revenue of $4.56 billion during the quarter.

Loews Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 9th. Shareholders of record on Wednesday, May 27th will be paid a $0.0625 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.2%. Loews’s dividend payout ratio (DPR) is 3.18%.

Insider Activity

In other Loews news, Director Andrew H. Tisch sold 50,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $108.81, for a total value of $5,440,500.00. Following the completion of the sale, the director directly owned 12,480,400 shares of the company’s stock, valued at $1,357,992,324. This trade represents a 0.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 19.00% of the stock is owned by company insiders.

Loews Company 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.