Kayne Anderson Capital Advisors LP Takes Position in Loews Corporation $L

Kayne Anderson Capital Advisors LP purchased a new stake in shares of Loews Corporation (NYSE:L) during the second quarter, Holdings Channel reports. The institutional investor purchased 24,744 shares of the insurance provider’s stock, valued at approximately $2,801,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Loews during the 2nd quarter valued at $1,621,369,000. Norges Bank bought a new position in shares of Loews in the fourth quarter worth $577,279,000. Great Lakes Advisors LLC bought a new position in shares of Loews in the second quarter worth $184,377,000. Bank of New York Mellon Corp bought a new position in shares of Loews in the second quarter worth $107,461,000. Finally, Goldman Sachs Group Inc. grew its position in shares of Loews by 32.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,237,922 shares of the insurance provider’s stock valued at $340,986,000 after purchasing an additional 786,381 shares in the last quarter. 58.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded Loews from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the company currently has an average rating of “Strong Buy”.

Insider Activity at Loews

In other news, Director Dino Robusto purchased 5,000 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were purchased at an average price of $104.74 per share, with a total value 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 position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 19.00% of the stock is owned by company insiders.

Loews Price Performance

L stock opened at $110.73 on Friday. The firm has a 50 day moving average of $113.70 and a 200-day moving average of $110.18. The firm has a market capitalization of $22.64 billion, a P/E ratio of 13.57 and a beta of 0.52. Loews Corporation has a 12 month low of $95.10 and a 12 month high of $121.01. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.44.

Loews (NYSE:L) last posted its earnings results on Monday, August 3rd. The insurance provider reported $2.16 earnings per share for the quarter. The business had revenue of $4.73 billion for the quarter. Loews had a net margin of 9.02% and a return on equity of 8.60%.

Loews Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th will be 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 is Wednesday, August 19th. Loews’s payout ratio is 3.06%.

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.