Citigroup Inc. Purchases 69,896 Shares of Loews Co. (NYSE:L)

Citigroup Inc. increased its stake in Loews Co. (NYSE:L - Free Report) by 35.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 266,850 shares of the insurance provider's stock after buying an additional 69,896 shares during the quarter. Citigroup Inc. owned approximately 0.12% of Loews worth $21,094,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc lifted its position in Loews by 244.0% during the second quarter. Versant Capital Management Inc now owns 375 shares of the insurance provider's stock worth $28,000 after acquiring an additional 266 shares during the last quarter. Kimelman & Baird LLC acquired a new stake in shares of Loews in the second quarter valued at approximately $45,000. Family Firm Inc. bought a new stake in shares of Loews during the 2nd quarter valued at $46,000. Eastern Bank acquired a new stake in shares of Loews during the 3rd quarter worth $47,000. Finally, Innealta Capital LLC bought a new position in shares of Loews in the second quarter worth $51,000. 58.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on L shares. Jefferies Financial Group cut their target price on Loews from $115.00 to $112.00 and set a "buy" rating for the company in a research note on Wednesday, July 31st. StockNews.com lowered Loews from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, November 20th.

Loews Trading Up 0.8 %

Shares of NYSE L traded up $0.72 during midday trading on Wednesday, reaching $87.27. The stock had a trading volume of 57,317 shares, compared to its average volume of 713,368. The company's 50 day moving average price is $80.73 and its 200 day moving average price is $78.52. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.34 and a current ratio of 0.34. Loews Co. has a twelve month low of $67.20 and a twelve month high of $87.45. The firm has a market cap of $19.01 billion, a price-to-earnings ratio of 11.50 and a beta of 0.82.

Loews Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 27th will be issued a dividend of $0.0625 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.25 annualized dividend and a yield of 0.29%. Loews's payout ratio is 3.32%.

Insider Buying and Selling

In other Loews news, insider Jonathan M. Tisch sold 62,500 shares of the business's stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $80.84, for a total value of $5,052,500.00. Following the transaction, the insider now directly owns 6,781,634 shares in the company, valued at $548,227,292.56. The trade was a 0.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew H. Tisch sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $83.26, for a total transaction of $4,163,000.00. Following the sale, the director now owns 11,939,677 shares of the company's stock, valued at approximately $994,097,507.02. The trade was a 0.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 213,587 shares of company stock worth $17,586,460 in the last quarter. 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.