Allstate Corp Invests $785,000 in Loews Co. (NYSE:L)

Allstate Corp purchased a new stake in Loews Co. (NYSE:L) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 9,270 shares of the insurance provider’s stock, valued at approximately $785,000.

Several other hedge funds and other institutional investors have also bought and sold shares of L. Halbert Hargrove Global Advisors LLC acquired a new position in shares of Loews in the 4th quarter valued at approximately $26,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Loews during the third quarter worth about $49,000. Human Investing LLC bought a new position in shares of Loews during the fourth quarter worth about $51,000. Graney & King LLC acquired a new stake in Loews in the 4th quarter valued at approximately $56,000. Finally, Intact Investment Management Inc. bought a new stake in Loews in the 4th quarter valued at approximately $68,000. Institutional investors own 58.33% of the company’s stock.

Loews Stock Up 1.4 %

Shares of L stock opened at $91.95 on Tuesday. The firm’s fifty day moving average price is $85.89 and its two-hundred day moving average price is $83.54. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.50. Loews Co. has a 1 year low of $72.91 and a 1 year high of $92.35. The firm has a market capitalization of $19.57 billion, a P/E ratio of 14.37 and a beta of 0.80.

Loews (NYSE:L) last released its earnings results on Monday, February 10th. The insurance provider reported $0.86 earnings per share (EPS) for the quarter. Loews had a return on equity of 8.04% and a net margin of 8.08%.

Loews Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Wednesday, February 26th were paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date of this dividend was Wednesday, February 26th. Loews’s dividend payout ratio is currently 3.91%.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of Loews from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th.

Insider Activity

In other news, Director Jonathan M. Tisch sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $85.08, for a total value of $4,254,000.00. Following the completion of the sale, the director now directly owns 7,105,529 shares of the company’s stock, valued at $604,538,407.32. This trade represents a 0.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Andrew H. Tisch sold 7,533 shares of Loews stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $84.35, for a total value of $635,408.55. Following the transaction, the director now owns 1,568,191 shares of the company’s stock, valued at $132,276,910.85. This represents a 0.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 158,860 shares of company stock valued at $13,486,463. 18.70% of the stock is owned by insiders.

About Loews

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.