Verition Fund Management LLC Invests $1 Million in Loews Co. (NYSE:L)

Verition Fund Management LLC acquired a new position in shares of Loews Co. (NYSE:LGet Rating) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,435 shares of the insurance provider’s stock, valued at approximately $1,000,000.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Loews in the fourth quarter worth approximately $424,424,000. National Pension Service increased its holdings in Loews by 2,042.1% in the first quarter. National Pension Service now owns 385,399 shares of the insurance provider’s stock worth $24,982,000 after purchasing an additional 367,407 shares in the last quarter. Ergoteles LLC increased its holdings in Loews by 5,286.4% in the first quarter. Ergoteles LLC now owns 269,484 shares of the insurance provider’s stock worth $17,468,000 after purchasing an additional 264,481 shares in the last quarter. Invesco Ltd. increased its holdings in Loews by 9.3% in the fourth quarter. Invesco Ltd. now owns 3,099,773 shares of the insurance provider’s stock worth $179,043,000 after purchasing an additional 263,772 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Loews by 495.4% in the first quarter. Renaissance Technologies LLC now owns 285,200 shares of the insurance provider’s stock worth $18,487,000 after purchasing an additional 237,300 shares in the last quarter. 58.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

L has been the subject of a number of research analyst reports. TheStreet downgraded Loews from a “b” rating to a “c” rating in a report on Monday, August 1st. StockNews.com downgraded Loews from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd.

Loews Trading Down 1.7 %

NYSE L opened at $52.88 on Thursday. The company has a market cap of $12.74 billion, a price-to-earnings ratio of 12.27 and a beta of 0.81. Loews Co. has a 52 week low of $52.32 and a 52 week high of $68.20. The business has a 50 day moving average price of $56.61 and a 200-day moving average price of $60.51. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.52.

Loews Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 30th. Stockholders of record on Wednesday, August 17th were issued a dividend of $0.0625 per share. The ex-dividend date was Tuesday, August 16th. This represents a $0.25 annualized dividend and a dividend yield of 0.47%. Loews’s dividend payout ratio is 5.80%.

Insider Activity

In other news, major shareholder Corp Loews acquired 76,954 shares of the firm’s stock in a transaction dated Monday, September 19th. The stock was purchased at an average price of $39.26 per share, for a total transaction of $3,021,214.04. Following the completion of the acquisition, the insider now directly owns 243,806,709 shares in the company, valued at approximately $9,571,851,395.34. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders bought a total of 274,630 shares of company stock worth $10,802,190 over the last quarter. 17.50% of the stock is currently owned by corporate insiders.

Loews Company Profile

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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 property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto and umbrella coverages.

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Institutional Ownership by Quarter for Loews (NYSE:L)

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