Bank of New York Mellon Corp Sells 26,217 Shares of Loews Corporation $L

Bank of New York Mellon Corp lessened its position in Loews Corporation (NYSE:L) by 2.6% in the first quarter, HoldingsChannel reports. The firm owned 972,965 shares of the insurance provider’s stock after selling 26,217 shares during the quarter. Bank of New York Mellon Corp’s holdings in Loews were worth $103,854,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. DV Equities LLC bought a new position in Loews in the fourth quarter worth $25,000. Harbor Capital Advisors Inc. purchased a new position in Loews during the 4th quarter valued at about $27,000. Harbor Investment Advisory LLC purchased a new position in shares of Loews during the fourth quarter valued at approximately $30,000. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in shares of Loews in the 3rd quarter worth approximately $30,000. Finally, Private Trust Co. NA grew its stake in shares of Loews by 896.7% in the 4th quarter. Private Trust Co. NA now owns 299 shares of the insurance provider’s stock worth $31,000 after buying an additional 269 shares during the last quarter. 58.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Loews Stock Up 0.1%

NYSE:L opened at $114.61 on Tuesday. The firm has a market cap of $23.58 billion, a P/E ratio of 14.56 and a beta of 0.52. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.36. Loews Corporation has a fifty-two week low of $89.32 and a fifty-two week high of $119.10. The firm has a 50-day simple moving average of $109.82 and a two-hundred day simple moving average of $108.37.

Loews (NYSE:L) last issued its earnings results 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 business had revenue of $4.55 billion during the quarter.

Loews Announces Dividend

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

Insider Buying and Selling

In other Loews news, Director Dino Robusto bought 5,000 shares of the business’s stock in a transaction on Friday, May 29th. The shares were acquired 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 approximately $1,072,013.90. This trade represents a 95.51% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 19.00% of the company’s stock.

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.