PNC Financial Services Group Inc. Acquires 8,518 Shares of Loews Corporation $L

PNC Financial Services Group Inc. increased its holdings in shares of Loews Corporation (NYSE:L) by 23.7% during the first quarter, HoldingsChannel.com reports. The fund owned 44,501 shares of the insurance provider’s stock after buying an additional 8,518 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Loews were worth $4,750,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of L. Oslo Pensjonsforsikring AS bought a new position in Loews in the 1st quarter valued at $246,000. Baader Bank Aktiengesellschaft purchased a new stake in shares of Loews during the 1st quarter valued at $404,000. Summit Global Investments raised its stake in shares of Loews by 31.6% during the 1st quarter. Summit Global Investments now owns 9,950 shares of the insurance provider’s stock worth $1,062,000 after purchasing an additional 2,390 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in shares of Loews during the 1st quarter worth $52,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Loews by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,270,492 shares of the insurance provider’s stock worth $242,340,000 after buying an additional 28,016 shares during the last quarter. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Insider Activity at Loews

In other news, Director Dino Robusto purchased 5,000 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was bought at an average price of $104.74 per share, for a total transaction of $523,700.00. Following the purchase, the director owned 10,235 shares of the company’s stock, valued at $1,072,013.90. The trade was a 95.51% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 19.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Separately, Weiss Ratings lowered shares of 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, According to MarketBeat.com, Loews currently has a consensus rating of “Buy”.

Loews Trading Up 0.6%

NYSE:L opened at $118.55 on Tuesday. Loews Corporation has a 12 month low of $89.32 and a 12 month high of $119.10. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. The firm’s 50 day moving average is $110.90 and its 200 day moving average is $108.76. The stock has a market capitalization of $24.39 billion, a PE ratio of 15.06 and a beta of 0.52.

Loews (NYSE:L) last announced its quarterly earnings data on Monday, May 4th. The insurance provider reported $1.63 earnings per share for the quarter. Loews had a return on equity of 8.51% and a net margin of 8.83%.The business 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 given a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Wednesday, May 27th. Loews’s dividend payout ratio is currently 3.18%.

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.