Goldman Sachs Group Inc. Purchases 786,381 Shares of Loews Corporation $L

Goldman Sachs Group Inc. raised its position in Loews Corporation (NYSE:L) by 32.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,237,922 shares of the insurance provider’s stock after buying an additional 786,381 shares during the quarter. Goldman Sachs Group Inc. owned about 1.57% of Loews worth $340,986,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Kesler Norman & Wride LLC bought a new stake in shares of Loews in the fourth quarter valued at approximately $1,201,000. AXQ Capital LP raised its position in shares of Loews by 83.5% in the fourth quarter. AXQ Capital LP now owns 14,980 shares of the insurance provider’s stock valued at $1,578,000 after purchasing an additional 6,816 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in shares of Loews by 0.7% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 61,373 shares of the insurance provider’s stock valued at $6,463,000 after purchasing an additional 453 shares during the period. MUFG Securities EMEA plc raised its stake in shares of Loews by 1,223.1% during the 4th quarter. MUFG Securities EMEA plc now owns 43,081 shares of the insurance provider’s stock valued at $4,537,000 after purchasing an additional 39,825 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Loews by 84.5% during the 4th quarter. BNP Paribas Financial Markets now owns 374,208 shares of the insurance provider’s stock valued at $39,408,000 after purchasing an additional 171,417 shares during the period. 58.33% of the stock is currently owned by institutional investors.

Loews Price Performance

Shares of NYSE L opened at $107.68 on Friday. The firm has a market capitalization of $22.16 billion, a P/E ratio of 13.68 and a beta of 0.53. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.46. The stock’s 50-day simple moving average is $107.85 and its two-hundred day simple moving average is $107.01. Loews Corporation has a twelve month low of $86.77 and a twelve month high of $114.90.

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

Loews Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 9th. Stockholders of record on Wednesday, May 27th will be issued 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 is presently 3.18%.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, Director Dino Robusto acquired 5,000 shares of Loews stock in a transaction dated 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 transaction, the director owned 10,235 shares of the company’s stock, valued at $1,072,013.90. This trade represents a 95.51% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Andrew H. Tisch sold 50,000 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $108.81, for a total value of $5,440,500.00. Following the transaction, the director owned 12,480,400 shares in the company, valued at $1,357,992,324. This trade represents a 0.40% decrease in their ownership of the stock. Additional details regarding this sale 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.