Pacer Advisors Reduces Stake in Loews Corporation by 35.5%

Pacer Advisors Inc. has significantly reduced its investment in Loews Corporation (NYSE: L) by 35.5% during the third quarter of 2023, according to a report from HoldingsChannel.com. The firm now holds 19,042 shares of the insurance provider after selling 10,462 shares in the period. As of its latest filing with the Securities and Exchange Commission (SEC), Pacer Advisors’ stake in Loews is valued at approximately $1.91 million.

Other institutional investors have also made adjustments to their positions in Loews. Elevation Point Wealth Partners LLC acquired a new stake valued at around $27,000 in the second quarter. NewSquare Capital LLC notably increased its holdings by 404.1%, resulting in ownership of 368 shares worth about $34,000 after purchasing an additional 295 shares. Hantz Financial Services Inc. made a dramatic increase, growing its stake by 14,900.0% in the same quarter, now owning 450 shares valued at $41,000. Other firms such as MTM Investment Management LLC and CYBER HORNET ETFs LLC also established new positions, valued at approximately $41,000 and $44,000 respectively.

Institutional investors now hold approximately 58.33% of Loews stock, reflecting a strong interest in the company.

Loews Corporation’s stock opened at $105.34 on Thursday, with a market capitalization of $21.77 billion. The company’s price-to-earnings (PE) ratio stands at 15.27, indicating stable earnings relative to its share price. Additionally, the stock has a beta of 0.62, suggesting less volatility compared to the broader market.

Recent performance metrics show that Loews has a quick ratio and current ratio of 0.35, and a debt-to-equity ratio of 0.44. Its 50-day moving average is $104.17, while the 200-day moving average is $98.23. The stock has experienced a 52-week range, with a low of $78.98 and a high of $109.06.

In addition to these developments, Loews recently announced a quarterly dividend, which was paid on December 9, 2023. Shareholders on record as of November 26, 2023 received a dividend of $0.0625 per share, translating to an annualized dividend of $0.25 and a dividend yield of 0.2%. The company’s payout ratio currently stands at 3.62%.

In terms of analyst ratings, Weiss Ratings reaffirmed a “buy (a-)” rating on Loews shares in a recent report. MarketBeat.com data indicates that one analyst has given the stock a “Strong Buy” rating, contributing to an overall positive outlook for the company.

On the insider trading front, Director Paul J. Fribourg sold 1,442 shares of Loews stock on December 1, 2023, at an average price of $108.13, totaling approximately $155,923.46. Following this transaction, Fribourg owns 400 shares valued at about $43,252, marking a 78.28% decrease in his holdings. Another director, Charles M. Diker, sold the same number of shares on the same day at an average price of $107.93, amounting to $155,635.06. After this sale, Diker holds 21,594 shares, valued at approximately $2.33 million, representing a 6.26% reduction in his position.

In total, insiders have sold 125,770 shares of Loews stock over the last three months, equating to a value of $13.33 million. Currently, insiders own 19.00% of the company’s stock.

Loews Corporation is a diversified holding company involved in various sectors, including insurance through its subsidiary, CNA Financial, which offers a range of commercial property and casualty insurance products. The company’s operations extend to hospitality, energy-related activities, and other industrial investments, with a strong focus on capital allocation and long-term value creation for shareholders.