The Manufacturers Life Insurance Company Has $22.80 Million Stake in Loews Co. (NYSE:L)

The Manufacturers Life Insurance Company decreased its holdings in shares of Loews Co. (NYSE:L - Free Report) by 2.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 288,462 shares of the insurance provider's stock after selling 7,361 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.13% of Loews worth $22,803,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Versant Capital Management Inc raised its stake in Loews by 244.0% during the 2nd quarter. Versant Capital Management Inc now owns 375 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 266 shares during the period. Kimelman & Baird LLC purchased a new position in Loews during the 2nd quarter valued at about $45,000. Family Firm Inc. purchased a new stake in shares of Loews in the second quarter worth approximately $46,000. Eastern Bank acquired a new stake in shares of Loews during the third quarter worth approximately $47,000. Finally, Innealta Capital LLC acquired a new position in Loews in the 2nd quarter valued at approximately $51,000. Institutional investors and hedge funds own 58.33% of the company's stock.

Loews Stock Performance

Shares of NYSE:L traded down $0.32 during trading on Friday, hitting $86.73. 408,304 shares of the stock were exchanged, compared to its average volume of 755,357. Loews Co. has a 1-year low of $67.20 and a 1-year high of $87.45. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.34 and a current ratio of 0.34. The company's fifty day simple moving average is $81.20 and its 200-day simple moving average is $78.73. The company has a market capitalization of $18.89 billion, a price-to-earnings ratio of 11.52 and a beta of 0.82.

Loews Announces Dividend

The business 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 of this dividend is Wednesday, November 27th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.29%. Loews's payout ratio is presently 3.32%.

Insider Activity

In other Loews news, Director Ann E. Berman sold 1,087 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.38, for a total value of $88,460.06. Following the completion of the sale, the director now owns 4,998 shares in the company, valued at approximately $406,737.24. This trade represents a 17.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jonathan M. Tisch sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $81.82, for a total transaction of $2,045,500.00. Following the completion of the sale, the insider now directly owns 461,395 shares of the company's stock, valued at approximately $37,751,338.90. This represents a 5.14 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 213,587 shares of company stock worth $17,586,460. Corporate insiders own 18.70% of the company's stock.

Wall Street Analyst Weigh In

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

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.