Franklin Resources Inc. Sells 73,464 Shares of Loews Co. (NYSE:L)

Franklin Resources Inc. reduced its stake in Loews Co. (NYSE:L - Free Report) by 34.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 139,841 shares of the insurance provider's stock after selling 73,464 shares during the period. Franklin Resources Inc. owned approximately 0.06% of Loews worth $11,235,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its position in Loews by 0.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,611,751 shares of the insurance provider's stock valued at $127,409,000 after buying an additional 8,615 shares in the last quarter. Intech Investment Management LLC boosted its holdings in shares of Loews by 8.0% in the 3rd quarter. Intech Investment Management LLC now owns 137,566 shares of the insurance provider's stock worth $10,875,000 after acquiring an additional 10,213 shares in the last quarter. Swedbank AB grew its position in Loews by 8.8% during the 3rd quarter. Swedbank AB now owns 379,647 shares of the insurance provider's stock worth $30,011,000 after acquiring an additional 30,600 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Loews by 47.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 37,319 shares of the insurance provider's stock valued at $2,950,000 after purchasing an additional 12,070 shares in the last quarter. Finally, Citigroup Inc. increased its holdings in Loews by 35.5% during the 3rd quarter. Citigroup Inc. now owns 266,850 shares of the insurance provider's stock valued at $21,094,000 after purchasing an additional 69,896 shares in the last quarter. 58.33% of the stock is owned by institutional investors and hedge funds.

Loews Trading Up 1.9 %

Loews stock traded up $1.53 during midday trading on Friday, hitting $83.19. 2,785,684 shares of the stock were exchanged, compared to its average volume of 726,493. Loews Co. has a 52 week low of $67.85 and a 52 week high of $87.45. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $18.12 billion, a PE ratio of 11.05 and a beta of 0.83. The company has a fifty day simple moving average of $82.99 and a two-hundred day simple moving average of $79.63.

Loews Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Wednesday, November 27th were given a $0.0625 dividend. The ex-dividend date was Wednesday, November 27th. This represents a $0.25 annualized dividend and a dividend yield of 0.30%. Loews's dividend payout ratio is presently 3.32%.

Insider Buying and Selling

In related news, Director Charles M. Diker sold 1,146 shares of Loews stock in a transaction that occurred on Monday, December 2nd. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction, the director now directly owns 11,939,677 shares of the company's stock, valued at $994,097,507.02. This represents a 0.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 126,146 shares of company stock valued at $10,499,507. 18.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Loews from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, November 20th.

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.