Readystate Asset Management LP Invests $942,000 in Loews Corporation $L

Readystate Asset Management LP acquired a new stake in shares of Loews Corporation (NYSE:L) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 8,324 shares of the insurance provider’s stock, valued at approximately $942,000.

A number of other large investors have also added to or reduced their stakes in the stock. HB Wealth Management LLC grew its stake in shares of Loews by 17.6% in the second quarter. HB Wealth Management LLC now owns 13,138 shares of the insurance provider’s stock worth $1,487,000 after acquiring an additional 1,965 shares during the last quarter. Saudi Central Bank raised its position in shares of Loews by 83.3% in the 2nd quarter. Saudi Central Bank now owns 11,883 shares of the insurance provider’s stock worth $1,345,000 after purchasing an additional 5,399 shares during the last quarter. Compass Financial Management LLC purchased a new position in shares of Loews in the 2nd quarter worth about $1,654,000. AlphaGrep UK Ltd bought a new position in Loews in the 2nd quarter worth about $384,000. Finally, Maloon Powers Pitre Higgins & Dennehy LLC purchased a new stake in Loews during the 2nd quarter valued at about $226,000. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Loews from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, Loews currently has a consensus rating of “Strong Buy”.

Loews Stock Performance

Shares of L opened at $109.22 on Tuesday. The business’s fifty day simple moving average is $113.72 and its two-hundred day simple moving average is $110.21. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.44. Loews Corporation has a 12 month low of $95.10 and a 12 month high of $121.01. The company has a market cap of $22.33 billion, a price-to-earnings ratio of 13.38 and a beta of 0.51.

Loews (NYSE:L) last posted its quarterly earnings results on Monday, August 3rd. The insurance provider reported $2.16 earnings per share for the quarter. The firm had revenue of $4.73 billion during the quarter. Loews had a return on equity of 8.60% and a net margin of 9.02%.

Loews Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th were given a $0.0625 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.25 dividend on an annualized basis and a yield of 0.2%. Loews’s payout ratio is 3.06%.

Loews Profile

Loews Corporation (NYSE: L) is a diversified holding company that owns and operates businesses across insurance, hospitality, energy-related operations and other industrial and investment activities. The company holds controlling and significant minority interests in subsidiaries that run as standalone businesses, with corporate oversight focused on capital allocation, risk management and long-term value creation for shareholders.

One of Loews’ principal businesses is insurance, conducted through CNA Financial, a commercial property and casualty insurer that underwrites a range of business insurance products for corporate and institutional clients.