Envestnet Asset Management Inc. Cuts Position in Loews Corporation (NYSE:L)

Envestnet Asset Management Inc. trimmed its stake in shares of Loews Corporation (NYSE:L) by 0.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 172,295 shares of the insurance provider’s stock after selling 1,528 shares during the period. Envestnet Asset Management Inc. owned 0.08% of Loews worth $15,836,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of L. Norges Bank purchased a new stake in Loews in the fourth quarter valued at $623,493,000. GAMMA Investing LLC increased its stake in Loews by 10,114.9% during the 1st quarter. GAMMA Investing LLC now owns 672,138 shares of the insurance provider’s stock worth $61,776,000 after buying an additional 665,558 shares during the period. Geode Capital Management LLC grew its stake in Loews by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 4,476,087 shares of the insurance provider’s stock worth $378,087,000 after purchasing an additional 210,594 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Loews by 17.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,423,409 shares of the insurance provider’s stock worth $120,549,000 after buying an additional 207,568 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Loews by 51.2% in the 4th quarter. First Trust Advisors LP now owns 531,038 shares of the insurance provider’s stock valued at $44,974,000 after purchasing an additional 179,772 shares in the last quarter. Institutional investors and hedge funds own 58.33% of the company’s stock.

Loews Price Performance

Shares of L opened at $92.24 on Friday. The stock has a fifty day moving average price of $89.53 and a 200 day moving average price of $86.98. The company has a market cap of $19.34 billion, a P/E ratio of 15.15 and a beta of 0.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.33 and a quick ratio of 0.33. Loews Corporation has a 12 month low of $75.16 and a 12 month high of $92.85.

Loews (NYSE:L) last announced its quarterly earnings data on Monday, May 5th. The insurance provider reported $1.74 earnings per share for the quarter. Loews had a return on equity of 7.43% and a net margin of 7.47%. The business had revenue of $4.49 billion during the quarter.

Loews Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 28th were paid a dividend of $0.0625 per share. 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 (DPR) is 4.11%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, SVP Richard Waldo Scott sold 9,019 shares of the stock in a transaction that occurred 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 completion of the sale, the senior vice president owned 33,901 shares in the company, valued at $2,980,575.92. This represents a 21.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 19.00% of the stock is owned by insiders.

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.