Sumitomo Mitsui Trust Group Inc. Trims Holdings in Loews Corporation (NYSE:L)

by · The Cerbat Gem

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of Loews Corporation (NYSE:L – Free Report) by 1.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 506,257 shares of the insurance provider’s stock after selling 5,034 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Loews were worth $46,530,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Loews during the 4th quarter valued at about $623,493,000. Geode Capital Management LLC lifted its position in Loews by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 4,476,087 shares of the insurance provider’s stock valued at $378,087,000 after acquiring an additional 210,594 shares during the last quarter. Invesco Ltd. boosted its position in shares of Loews by 0.8% in the 4th quarter. Invesco Ltd. now owns 4,462,387 shares of the insurance provider’s stock valued at $377,920,000 after purchasing an additional 33,428 shares during the period. Northern Trust Corp boosted its holdings in shares of Loews by 2.6% in the fourth quarter. Northern Trust Corp now owns 2,097,608 shares of the insurance provider’s stock valued at $177,646,000 after acquiring an additional 53,625 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Loews by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,623,291 shares of the insurance provider’s stock worth $137,477,000 after purchasing an additional 11,540 shares during the period. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Loews Trading Up 0.7%

Shares of L stock opened at $92.30 on Wednesday. Loews Corporation has a 1-year low of $73.15 and a 1-year high of $92.49. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.33 and a quick ratio of 0.33. The business’s fifty day moving average price is $88.42 and its 200 day moving average price is $86.38. The firm has a market capitalization of $19.36 billion, a PE ratio of 15.16 and a beta of 0.70.

Loews (NYSE:L – Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The insurance provider reported $1.74 earnings per share (EPS) for the quarter. The company had revenue of $4.49 billion during the quarter. Loews had a net margin of 7.47% and a return on equity of 7.43%.

Loews Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 28th were given a $0.0625 dividend. The ex-dividend date of this dividend was Wednesday, May 28th. This represents a $0.25 annualized dividend and a dividend yield of 0.27%. Loews’s dividend payout ratio is presently 4.11%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded Loews from a “hold” rating to a “buy” rating in a research note on Tuesday, May 6th.

Get Our Latest Report on Loews

Insider Buying and Selling

In related news, SVP Richard Waldo Scott sold 9,019 shares of the stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $87.92, for a total transaction of $792,950.48. Following the sale, the senior vice president owned 33,901 shares of the company’s stock, valued at $2,980,575.92. This trade represents a 21.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 18.70% of the company’s stock.

About Loews

(Free Report)

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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