Bank of New York Mellon Corp Has $105.22 Million Stake in Loews Corporation $L

Bank of New York Mellon Corp cut its position in Loews Corporation (NYSE:L) by 11.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 999,182 shares of the insurance provider’s stock after selling 127,489 shares during the period. Bank of New York Mellon Corp’s holdings in Loews were worth $105,224,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. acquired a new stake in shares of Loews during the fourth quarter worth approximately $27,000. Harbor Investment Advisory LLC bought a new stake in Loews during the 4th quarter worth approximately $30,000. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in Loews during the 3rd quarter valued at $30,000. Private Trust Co. NA increased its holdings in 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 purchasing an additional 269 shares in the last quarter. Finally, Westfuller Advisors LLC bought a new position in Loews in the 4th quarter valued at $36,000. 58.33% of the stock is owned by institutional investors.

Insider Transactions at Loews

In other news, Director Dino Robusto acquired 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average price of $104.74 per share, for a total transaction of $523,700.00. Following the completion of the acquisition, the director owned 10,235 shares in the company, valued at $1,072,013.90. This trade represents a 95.51% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Andrew H. Tisch sold 50,000 shares of Loews stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $108.81, for a total transaction of $5,440,500.00. Following the transaction, the director directly owned 12,480,400 shares in the company, valued at approximately $1,357,992,324. This represents a 0.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 19.00% of the stock is currently owned by company insiders.

Loews Trading Up 0.1%

Shares of L opened at $107.68 on Monday. The stock’s fifty day simple moving average is $107.85 and its 200-day simple moving average is $107.03. The firm has a market capitalization of $22.16 billion, a PE ratio of 13.68 and a beta of 0.53. Loews Corporation has a 12-month low of $86.77 and a 12-month high of $114.90. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.46.

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

Loews Announces Dividend

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 annualized dividend and a yield of 0.2%. Loews’s dividend payout ratio is presently 3.18%.

Analyst Ratings Changes

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

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.