Fifth Third Bancorp Has $3.39 Million Holdings in Loews Corporation $L

Fifth Third Bancorp grew its holdings in Loews Corporation (NYSE:L) by 264.9% during the 1st quarter, Holdings Channel reports. The firm owned 31,743 shares of the insurance provider’s stock after purchasing an additional 23,044 shares during the period. Fifth Third Bancorp’s holdings in Loews were worth $3,388,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of L. Norges Bank acquired a new position in Loews in the fourth quarter valued at approximately $577,279,000. Goldman Sachs Group Inc. grew its holdings in Loews by 32.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,237,922 shares of the insurance provider’s stock worth $340,986,000 after acquiring an additional 786,381 shares during the period. Caisse de depot et placement du Quebec raised its position in shares of Loews by 819.0% during the 4th quarter. Caisse de depot et placement du Quebec now owns 448,032 shares of the insurance provider’s stock valued at $47,182,000 after acquiring an additional 399,281 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Loews by 9.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,984,234 shares of the insurance provider’s stock valued at $419,581,000 after purchasing an additional 344,995 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Loews by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider’s stock valued at $524,599,000 after purchasing an additional 271,234 shares during the period. Institutional investors and hedge funds own 58.33% of the company’s stock.

Insider Activity at Loews

In other news, Director Dino Robusto acquired 5,000 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average price of $104.74 per share, for a total transaction of $523,700.00. Following the transaction, the director directly owned 10,235 shares in the company, valued at approximately $1,072,013.90. This represents a 95.51% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 19.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered Loews from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy”.

Loews Stock Performance

Shares of NYSE:L opened at $114.47 on Monday. The company has a market capitalization of $23.55 billion, a price-to-earnings ratio of 14.55 and a beta of 0.52. The firm’s 50 day simple moving average is $109.60 and its 200 day simple moving average is $108.31. 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 Corporation has a fifty-two week low of $89.32 and a fifty-two week high of $119.10.

Loews (NYSE:L) last issued its quarterly earnings data on Monday, May 4th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter. Loews had a net margin of 8.83% and a return on equity of 8.51%. The firm had revenue of $4.55 billion during the quarter.

Loews Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Wednesday, May 27th were issued a $0.0625 dividend. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. Loews’s payout ratio is 3.18%.

About Loews

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.