Loews corp director emeritus sells stock worth $17 million

Jonathan M. Tisch, Director Emeritus of Loews Corp (NYSE:L), has recently sold a significant portion of his shares in the company. According to a recent SEC filing, Tisch sold a total of 200,000 shares of Loews Corp’s common stock over several transactions. The sales occurred between March 6 and March 10, with prices ranging from $84.78 to $85.84 per share. The total value of these transactions amounts to approximately $17 million. The sales come as Loews, with a market capitalization of $18.08 billion, trades at a P/E ratio of 13.2 and has delivered a 14.4% return over the past year. InvestingPro analysis suggests the stock is currently fairly valued. Following these sales, Tisch owns 6,805,529 shares indirectly through trusts. This move provides insight into the trading activities of a key figure associated with Loews Corp. For deeper insights into Loews Corp’s financial health and additional trading signals, InvestingPro subscribers have access to over 30 exclusive financial metrics and key investment tips.

In other recent news, Loews Corporation reported a decline in its fourth-quarter earnings, primarily due to higher catastrophe and investment losses at its insurance subsidiary, CNA Financial. The company posted a net income of $187 million, or $0.86 per share, compared to $446 million, or $1.99 per share, in the same period the previous year. Despite the earnings drop, Loews saw a revenue increase to $4.55 billion from $4.26 billion year-over-year. A notable factor in the results was a $265 million after-tax pension settlement charge at CNA Financial, which, if excluded, would have resulted in a net income of $452 million for Loews.

Additionally, the company’s subsidiary, Boardwalk Pipelines, reported improved results due to increased revenues from re-contracting at higher rates and recent growth projects. In terms of shareholder returns, Loews repurchased 4.2 million shares of its common stock for $349 million during the quarter and a total of 7.7 million shares for $611 million throughout the year. In a separate development, Loews announced a new executive compensation structure following Benjamin J. Tisch’s appointment as President and CEO. The compensation plan includes an annual base salary of $1 million, a target cash incentive of $2.6 million, and a performance-based restricted stock unit award valued at $900,000 for Mr. Tisch. Special stock appreciation rights were also granted to key executives to incentivize and retain them.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.