Sanders Morris Harris LLC Makes New Investment in Loews Corporation $L
by Michael Walen · The Markets DailySanders Morris Harris LLC bought a new stake in shares of Loews Corporation (NYSE:L – Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,494 shares of the insurance provider’s stock, valued at approximately $552,000.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC purchased a new stake in shares of Loews during the 2nd quarter worth about $27,000. NewSquare Capital LLC grew its holdings in Loews by 404.1% in the second quarter. NewSquare Capital LLC now owns 368 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 295 shares during the period. Hantz Financial Services Inc. raised its stake in shares of Loews by 14,900.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 450 shares of the insurance provider’s stock worth $41,000 after buying an additional 447 shares during the period. MTM Investment Management LLC purchased a new position in shares of Loews during the 2nd quarter valued at approximately $41,000. Finally, CYBER HORNET ETFs LLC acquired a new stake in Loews in the 2nd quarter valued at $44,000. 58.33% of the stock is owned by hedge funds and other institutional investors.
Loews Stock Up 2.0%
NYSE L opened at $106.01 on Thursday. The business has a fifty day moving average price of $102.90 and a 200 day moving average price of $96.98. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.35 and a current ratio of 0.35. The company has a market cap of $21.91 billion, a P/E ratio of 15.36 and a beta of 0.62. Loews Corporation has a one year low of $78.98 and a one year high of $109.06.
Loews (NYSE:L – Get Free Report) last released its earnings results on Monday, November 3rd. The insurance provider reported $2.43 earnings per share (EPS) for the quarter. The business had revenue of $4.67 billion during the quarter. Loews had a net margin of 7.95% and a return on equity of 7.89%.
Loews Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, December 9th. Stockholders of record on Wednesday, November 26th were issued a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Wednesday, November 26th. Loews’s payout ratio is currently 3.62%.
Wall Street Analyst Weigh In
Separately, Weiss Ratings restated a “buy (a-)” rating on shares of Loews in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, According to MarketBeat, Loews has an average rating of “Strong Buy”.
Get Our Latest Stock Analysis on Loews
Insider Transactions at Loews
In other Loews news, Director Paul J. Fribourg sold 1,442 shares of the firm’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $108.13, for a total value of $155,923.46. Following the completion of the sale, the director directly owned 400 shares of the company’s stock, valued at $43,252. This trade represents a 78.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrew H. Tisch sold 50,000 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $105.07, for a total transaction of $5,253,500.00. Following the completion of the sale, the director directly owned 12,909,642 shares of the company’s stock, valued at $1,356,416,084.94. This represents a 0.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 125,770 shares of company stock valued at $13,325,818. 19.00% of the stock is currently owned by company insiders.
Loews Profile
Loews Corporation provides commercial property and casualty insurance in the United States and internationally. The company offers specialty insurance products, such as management and professional liability, and other coverage products; surety and fidelity bonds; property insurance products that include standard and excess property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto, surplus, and umbrella coverages.
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