Miracle Mile Advisors LLC Raises Stock Holdings in Loews Co. (NYSE:L)

Miracle Mile Advisors LLC boosted its stake in Loews Co. (NYSE:L) by 3.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,855 shares of the insurance provider’s stock after acquiring an additional 130 shares during the period. Miracle Mile Advisors LLC’s holdings in Loews were worth $354,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in Loews in the fourth quarter valued at $623,493,000. Geode Capital Management LLC boosted its holdings in Loews by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 4,476,087 shares of the insurance provider’s stock valued at $378,087,000 after acquiring an additional 210,594 shares in the last quarter. Invesco Ltd. boosted its holdings in Loews by 0.8% in the fourth quarter. Invesco Ltd. now owns 4,462,387 shares of the insurance provider’s stock valued at $377,920,000 after acquiring an additional 33,428 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Loews by 0.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 3,191,888 shares of the insurance provider’s stock valued at $268,640,000 after acquiring an additional 8,750 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Loews by 2.6% in the fourth quarter. Northern Trust Corp now owns 2,097,608 shares of the insurance provider’s stock valued at $177,646,000 after acquiring an additional 53,625 shares in the last quarter. Institutional investors own 58.33% of the company’s stock.

Loews Stock Performance

Shares of L stock opened at $88.07 on Wednesday. Loews Co. has a 12 month low of $73.15 and a 12 month high of $92.42. The stock has a market cap of $18.47 billion, a PE ratio of 13.76 and a beta of 0.71. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.50. The company’s fifty day moving average price is $86.87 and its 200-day moving average price is $85.98.

Loews (NYSE:L) last announced its earnings results on Monday, May 5th. The insurance provider reported $1.74 EPS for the quarter. Loews had a net margin of 8.08% and a return on equity of 8.04%. The firm had revenue of $4.49 billion for the quarter.

Loews Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 28th were issued a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.28%. The ex-dividend date of this dividend was Wednesday, May 28th. Loews’s dividend payout ratio (DPR) is presently 4.11%.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, SVP Richard Waldo Scott sold 9,019 shares of Loews stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $87.92, for a total value of $792,950.48. Following the completion of the transaction, the senior vice president now owns 33,901 shares of the company’s stock, valued at $2,980,575.92. The trade was a 21.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jonathan M. Tisch sold 47,636 shares of Loews stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $84.88, for a total value of $4,043,343.68. Following the completion of the transaction, the director now directly owns 6,705,529 shares of the company’s stock, valued at approximately $569,165,301.52. This represents a 0.71% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.70% of the company’s stock.

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.