Charles M. Diker, a director at Loews Corp (NYSE:L), has recently reported a stock sale valued at approximately $99,507. The transaction, which took place on December 2, involved the sale of 1,146 shares of common stock at a price of $86.83 per share. The sale occurs as Loews trades near its 52-week high of $87.45, with the stock delivering an impressive 24% return year-to-date. According to InvestingPro analysis, Loews currently appears undervalued.
In addition to the sale, Diker executed transactions involving stock appreciation rights and common stock. He acquired 2,250 shares of common stock at a price of $42.52 per share, amounting to a total acquisition value of $95,670. Furthermore, 1,104 shares were disposed of, valued at $95,827, with each share priced at $86.80.
These transactions were conducted under a Rule 10b5-1 trading plan, which Diker adopted on August 22, 2023.
In other recent news, Loews Corporation (NYSE:L) reported a significant rise in its third quarter 2024 net income, reaching $401 million, or $1.82 per share. This result marks a 38% year-on-year increase from $253 million, or $1.12 per share, in the same period in 2023. The performance was driven by improved results at its subsidiaries, CNA Financial and Boardwalk Pipelines, and higher investment income at the parent company level. However, Loews Hotels recorded weaker results, swinging to a net loss of $8 million.
These recent developments also saw the company's book value per share, excluding accumulated other comprehensive income, rise to $87.22 as of September 30, 2024, up from $81.92 at the end of the previous year. Furthermore, Loews repurchased 0.8 million shares of its common stock during Q3 for $64 million and bought an additional 1.2 million shares for $92 million in the ongoing quarter. CEO James S. Tisch noted the company's strong quarter, attributing the success to favorable industry tailwinds at Boardwalk and robust performance at CNA, despite elevated industry catastrophe losses.
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