CIBC Asset Management Inc Raises Stake in Loews Corporation $L

CIBC Asset Management Inc grew its stake in Loews Corporation (NYSE:L) by 13.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 140,022 shares of the insurance provider’s stock after acquiring an additional 16,261 shares during the quarter. CIBC Asset Management Inc owned about 0.07% of Loews worth $14,733,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Integrated Wealth Concepts LLC increased its position in Loews by 22.6% during the first quarter. Integrated Wealth Concepts LLC now owns 3,575 shares of the insurance provider’s stock worth $329,000 after purchasing an additional 658 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Loews by 9.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,937 shares of the insurance provider’s stock valued at $2,108,000 after purchasing an additional 2,057 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Loews by 12.2% in the 1st quarter. Empowered Funds LLC now owns 3,807 shares of the insurance provider’s stock valued at $350,000 after buying an additional 414 shares during the period. Woodline Partners LP increased its holdings in shares of Loews by 37.5% during the 1st quarter. Woodline Partners LP now owns 14,926 shares of the insurance provider’s stock worth $1,372,000 after buying an additional 4,071 shares during the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of Loews by 53.5% during the 2nd quarter. Cetera Investment Advisers now owns 7,156 shares of the insurance provider’s stock worth $656,000 after buying an additional 2,493 shares during the last quarter. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Loews Trading Up 0.5%

Shares of L stock opened at $104.95 on Friday. Loews Corporation has a 1-year low of $86.77 and a 1-year high of $114.90. The firm has a market cap of $21.60 billion, a PE ratio of 13.34 and a beta of 0.53. The company has a 50-day moving average of $107.83 and a two-hundred day moving average of $107.01. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.36 and a quick ratio of 0.36.

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

Loews Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 9th. Shareholders of record on Wednesday, May 27th will be given 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 yield of 0.2%. Loews’s payout ratio is presently 3.18%.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, Director Andrew H. Tisch sold 50,000 shares of the business’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 sale, the director owned 12,480,400 shares in the company, valued at approximately $1,357,992,324. The trade was a 0.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dino Robusto bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average cost of $104.74 per share, for a total transaction of $523,700.00. Following the purchase, the director owned 10,235 shares in the company, valued at $1,072,013.90. This represents a 95.51% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 19.00% of the stock is owned by corporate 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.