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Jonathan M. Tisch, Director Emeritus of Loews Corp (NYSE:L), recently sold a significant portion of the company’s common stock in the $18.3 billion market cap company, according to a filing with the Securities and Exchange Commission. InvestingPro analysis shows the company maintains a "GOOD" overall financial health score of 2.83 out of 5. On February 25, Tisch disposed of 50,000 shares at an average price of $85.08, amounting to a total transaction value of approximately $4.25 million. Following these sales, Tisch holds 7,105,529 shares indirectly through trusts, as well as 253,403 shares indirectly through his spouse. The transactions were executed at prices ranging from $85.00 to $85.25 per share. The stock, which has maintained dividend payments for 55 consecutive years, is currently trading near its 52-week high of $88.29. According to InvestingPro, which offers 5+ additional insights, the company appears to be trading above its Fair Value.
In other recent news, Loews Corporation reported a decrease in 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, down from $446 million, or $1.99 per share, in the same period the previous year. However, revenue for the quarter rose to $4.55 billion from $4.26 billion year-over-year. The results included a $265 million after-tax pension settlement charge at CNA Financial, which, when excluded, would have resulted in a net income of $452 million.
Boardwalk Pipelines, another subsidiary, showed improved results thanks to increased revenues from re-contracting at higher rates and completed growth projects. In a strategic move, Loews repurchased 4.2 million shares of its common stock for $349 million during the quarter and 7.7 million shares for $611 million over the full year. Additionally, Loews introduced a new executive compensation structure, with Benjamin J. Tisch taking over as President and CEO. The company also announced special stock appreciation rights awards for top executives to incentivize and retain them. These recent developments reflect Loews’ ongoing efforts to manage its diversified portfolio and enhance shareholder value.
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