The Manufacturers Life Insurance Company Sells 7,361 Shares of Loews Co. (NYSE:L)

The Manufacturers Life Insurance Company lowered its stake in Loews Co. (NYSE:L) by 2.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 288,462 shares of the insurance provider’s stock after selling 7,361 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Loews were worth $22,803,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in L. Versant Capital Management Inc boosted its holdings in Loews by 244.0% in the 2nd quarter. Versant Capital Management Inc now owns 375 shares of the insurance provider’s stock worth $28,000 after buying an additional 266 shares during the period. Kimelman & Baird LLC bought a new position in shares of Loews in the second quarter worth about $45,000. Family Firm Inc. bought a new position in shares of Loews in the second quarter worth about $46,000. Eastern Bank bought a new stake in Loews during the 3rd quarter valued at approximately $47,000. Finally, Innealta Capital LLC purchased a new position in Loews in the 2nd quarter worth approximately $51,000. 58.33% of the stock is owned by hedge funds and other institutional investors.

Loews Stock Down 0.4 %

Shares of L stock opened at $86.73 on Friday. The stock has a market cap of $18.89 billion, a P/E ratio of 11.52 and a beta of 0.82. The company’s fifty day simple moving average is $81.20 and its two-hundred day simple moving average is $78.72. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.48. Loews Co. has a 52 week low of $67.20 and a 52 week high of $87.45.

Loews Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Wednesday, November 27th will be paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend is Wednesday, November 27th. Loews’s payout ratio is presently 3.32%.

Analyst Ratings Changes

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

Insider Buying and Selling at Loews

In related news, Director Andrew H. Tisch sold 50,000 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $83.26, for a total value of $4,163,000.00. Following the completion of the transaction, the director now owns 11,939,677 shares of the company’s stock, valued at approximately $994,097,507.02. This trade represents a 0.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ann E. Berman sold 1,087 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $81.38, for a total value of $88,460.06. Following the sale, the director now directly owns 4,998 shares in the company, valued at $406,737.24. The trade was a 17.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 213,587 shares of company stock worth $17,586,460 in the last quarter. 18.70% of the stock is owned by corporate insiders.

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.