Loews Co. (NYSE:L) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its position in Loews Co. (NYSE:L) by 47.8% during the third quarter, Holdings Channel.com reports. The fund owned 37,319 shares of the insurance provider’s stock after purchasing an additional 12,070 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Loews were worth $2,950,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its position in Loews by 244.0% in the second quarter. Versant Capital Management Inc now owns 375 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 266 shares during the period. Kimelman & Baird LLC purchased a new stake in shares of Loews during the second quarter worth about $45,000. Family Firm Inc. purchased a new stake in shares of Loews during the second quarter worth about $46,000. Eastern Bank purchased a new stake in shares of Loews during the third quarter worth about $47,000. Finally, Innealta Capital LLC purchased a new stake in shares of Loews during the second quarter worth about $51,000. Institutional investors and hedge funds own 58.33% of the company’s stock.

Loews Stock Down 0.3 %

Shares of Loews stock opened at $85.82 on Tuesday. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.48. The firm has a market cap of $18.69 billion, a P/E ratio of 11.40 and a beta of 0.82. Loews Co. has a fifty-two week low of $67.20 and a fifty-two week high of $86.90. The business has a 50-day moving average price of $80.58 and a 200 day moving average price of $78.46.

Loews Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 27th will be paid a $0.0625 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.25 dividend on an annualized basis and a yield of 0.29%. Loews’s payout ratio is currently 3.32%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on L. StockNews.com lowered Loews from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 20th. Jefferies Financial Group lowered their price objective on Loews from $115.00 to $112.00 and set a “buy” rating for the company in a report on Wednesday, July 31st.

Insider Buying and Selling at Loews

In other news, Director Andrew H. Tisch sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $83.26, for a total transaction of $4,163,000.00. Following the completion of the transaction, the director now directly owns 11,939,677 shares in the company, valued at approximately $994,097,507.02. The trade was a 0.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jonathan M. Tisch sold 62,500 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $80.84, for a total value of $5,052,500.00. Following the transaction, the insider now owns 6,781,634 shares of the company’s stock, valued at approximately $548,227,292.56. This represents a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 213,587 shares of company stock worth $17,586,460 over the last ninety days. Company insiders own 18.70% of the company’s stock.

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.