Goldman Sachs Group Inc. Cuts Stake in Loews Co. (NYSE:L) (2024)

Posted by Defense World Staff on Jun 18th, 2024

Goldman Sachs Group Inc. lowered its position in Loews Co. (NYSE:L – Free Report) by 0.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 904,260 shares of the insurance provider’s stock after selling 3,632 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.41% of Loews worth $62,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of L. Norges Bank purchased a new stake in shares of Loews during the fourth quarter valued at approximately $511,159,000. Northern Trust Corp boosted its stake in shares of Loews by 11.9% during the fourth quarter. Northern Trust Corp now owns 2,503,105 shares of the insurance provider’s stock valued at $174,191,000 after purchasing an additional 266,729 shares during the period. UBS Group AG boosted its stake in shares of Loews by 60.0% during the fourth quarter. UBS Group AG now owns 555,768 shares of the insurance provider’s stock valued at $38,676,000 after purchasing an additional 208,356 shares during the period. LSV Asset Management purchased a new stake in shares of Loews during the fourth quarter valued at approximately $12,658,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Loews by 118.9% during the third quarter. The Manufacturers Life Insurance Company now owns 286,708 shares of the insurance provider’s stock valued at $18,151,000 after purchasing an additional 155,713 shares during the period. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Loews Stock Performance

NYSE:L opened at $75.21 on Tuesday. The firm has a market cap of $16.65 billion, a PE ratio of 11.16 and a beta of 0.85. Loews Co. has a fifty-two week low of $57.47 and a fifty-two week high of $78.55. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.34 and a current ratio of 0.34. The business has a 50 day moving average price of $75.60 and a 200-day moving average price of $73.93.

Loews (NYSE:L – Get Free Report) last released its quarterly earnings data on Monday, May 6th. The insurance provider reported $2.05 earnings per share for the quarter. The firm had revenue of $4.23 billion during the quarter. Loews had a return on equity of 9.45% and a net margin of 9.27%.

Loews Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Investors of record on Wednesday, May 29th were issued a dividend of $0.0625 per share. The ex-dividend date of this dividend was Wednesday, May 29th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.33%. Loews’s dividend payout ratio is presently 3.71%.

Insider Activity at Loews

In related news, insider Jonathan M. Tisch sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $77.14, for a total transaction of $3,857,000.00. Following the completion of the transaction, the insider now owns 457,799 shares in the company, valued at $35,314,614.86. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 150,000 shares of company stock worth $11,588,500 over the last quarter. 18.70% of the stock is owned by corporate insiders.