Andrew H. Tisch, a director at Loews Corp (NYSE:L), recently sold 50,000 shares of the company's common stock, according to a regulatory filing submitted on November 15, 2024. The shares were sold at an average price of $83.26, generating a total of approximately $4.16 million. Following this transaction, Tisch holds an indirect ownership of 11,939,677 shares, managed through trusts. Additionally, he maintains direct ownership of 1,669,994 shares. The sale was executed at a weighted average price within a range of $83.02 to $83.86.
In other recent news, Loews Corporation (NYSE:L) has seen a significant rise in its third-quarter profit, largely attributed to a surge in investment income and robust performance from its insurance operations. The company's investment income climbed to $776 million in the third quarter, a considerable increase from the $592 million recorded in the same period last year. The profit attributable to Loews for the quarter ending September 30 was $401 million, or $1.82 per share, up from the $253 million, or $1.12 per share, reported in the same quarter last year.
Loews' insurance unit, CNA Financial, played a pivotal role in this revenue increase. The unit reported an increase in its quarterly insurance premiums to $2.59 billion from $2.41 billion, despite significant industry-wide catastrophe losses. CNA Financial's property and casualty business reported an underlying combined ratio of 91.6%, slightly higher than the 90.4% from a year earlier, indicating strong profitability.
In addition to this, the company's Boardwalk Pipelines subsidiary also saw a substantial increase in net income, jumping 57% to $77 million due to higher re-contracting rates and recently completed growth projects. However, Loews Hotels posted a net loss of $8 million, primarily due to an impairment charge recorded by a joint venture property. These developments are part of the latest news surrounding Loews Corporation.
InvestingPro Insights
While Andrew H. Tisch's recent sale of Loews Corp (NYSE:L) shares might raise eyebrows, a closer look at the company's financials and market position reveals a robust picture. According to InvestingPro data, Loews boasts a market capitalization of $18.26 billion and is trading at a P/E ratio of 11.06, suggesting a potentially undervalued stock relative to its earnings.
InvestingPro Tips highlight that Loews is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.37 for the last twelve months as of Q3 2024. This indicates that the stock may be undervalued considering its growth prospects. Additionally, Loews has maintained dividend payments for an impressive 54 consecutive years, demonstrating a commitment to shareholder returns and financial stability.
The company's financial health is further underscored by its revenue growth of 11.57% over the last twelve months and a robust EBITDA growth of 21.81% during the same period. With a gross profit margin of 37% and an operating income margin of 15.46%, Loews appears to be efficiently managing its operations.
It's worth noting that Loews is currently trading near its 52-week high, with the stock price at 98.95% of its peak. This performance aligns with the company's year-to-date price total return of 19.28% and a one-year return of 24.88%, indicating strong market confidence.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 6 more InvestingPro Tips available for Loews Corp, providing a deeper understanding of the company's financial position and market outlook.
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