Zurcher Kantonalbank Zurich Cantonalbank Reduces Position in Loews Co. (NYSE:L)

Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in Loews Co. (NYSE:L) by 20.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 28,442 shares of the insurance provider’s stock after selling 7,361 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Loews were worth $2,248,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in L. Brooklyn Investment Group purchased a new stake in Loews in the third quarter valued at approximately $40,000. Kimelman & Baird LLC acquired a new stake in Loews during the 2nd quarter valued at approximately $45,000. Family Firm Inc. purchased a new stake in shares of Loews in the 2nd quarter valued at $46,000. Eastern Bank acquired a new stake in shares of Loews in the third quarter worth $47,000. Finally, Innealta Capital LLC purchased a new position in shares of Loews during the second quarter worth $51,000. 58.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of Loews from a “strong-buy” rating to a “buy” rating in a report on Wednesday, November 20th.

Loews Stock Down 0.2 %

Shares of L stock opened at $85.98 on Wednesday. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.48. Loews Co. has a twelve month low of $67.20 and a twelve month high of $87.45. The stock has a 50 day moving average of $81.51 and a 200 day moving average of $78.85. The stock has a market cap of $18.72 billion, a P/E ratio of 11.42 and a beta of 0.83.

Loews Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 27th will be paid a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.29%. The ex-dividend date of this dividend is Wednesday, November 27th. Loews’s dividend payout ratio is currently 3.32%.

Insider Buying and Selling

In related news, Director Charles M. Diker sold 1,146 shares of Loews stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $86.83, for a total value of $99,507.18. Following the sale, the director now owns 19,906 shares of the company’s stock, valued at approximately $1,728,437.98. This trade represents a 5.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew H. Tisch sold 75,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $83.16, for a total transaction of $6,237,000.00. Following the transaction, the director now owns 12,089,677 shares of the company’s stock, valued at $1,005,377,539.32. This represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 188,646 shares of company stock valued at $15,552,007. Corporate insiders own 18.70% of the company’s stock.

Loews Company 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.