Goldman Sachs Group Inc. Acquires 786,381 Shares of Loews Corporation $L

Goldman Sachs Group Inc. lifted its holdings in shares of Loews Corporation (NYSE:L) by 32.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 3,237,922 shares of the insurance provider’s stock after purchasing an additional 786,381 shares during the period. Goldman Sachs Group Inc.’s holdings in Loews were worth $340,986,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank bought a new position in Loews during the 4th quarter worth approximately $577,279,000. Danske Bank A S bought a new position in Loews during the 3rd quarter worth approximately $35,724,000. Geode Capital Management LLC grew its position in Loews by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider’s stock worth $524,599,000 after acquiring an additional 271,234 shares during the last quarter. Arbejdsmarkedets Tillaegspension bought a new position in Loews during the 4th quarter worth approximately $23,883,000. Finally, Dark Forest Capital Management LP grew its position in Loews by 582.8% during the 3rd quarter. Dark Forest Capital Management LP now owns 221,212 shares of the insurance provider’s stock worth $22,207,000 after acquiring an additional 188,812 shares during the last quarter. Institutional investors own 58.33% of the company’s stock.

Loews Trading Up 2.5%

NYSE L opened at $107.68 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.46. Loews Corporation has a twelve month low of $86.77 and a twelve month high of $114.90. The firm has a market capitalization of $22.16 billion, a PE ratio of 13.68 and a beta of 0.53. The stock’s 50 day moving average is $107.85 and its 200 day moving average is $107.01.

Loews (NYSE:L) last released its quarterly earnings results 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 company had revenue of $4.56 billion for the quarter.

Loews Dividend Announcement

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

Insider Activity

In other Loews news, Director Andrew H. Tisch sold 50,000 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $108.81, for a total value of $5,440,500.00. Following the sale, the director directly owned 12,480,400 shares of the company’s stock, valued at approximately $1,357,992,324. The trade was a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dino Robusto bought 5,000 shares of the company’s stock in a transaction on Friday, May 29th. The stock was bought at an average cost of $104.74 per share, for a total transaction of $523,700.00. Following the completion of the acquisition, the director directly owned 10,235 shares of the company’s stock, valued at approximately $1,072,013.90. This represents a 95.51% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 19.00% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “buy (a-)” rating on shares of Loews in a research report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, the stock has a consensus rating of “Strong Buy”.

Loews 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.