Anthony Welters, a director at Loews Corp (NYSE:L), recently filed a report disclosing a significant stock transaction. On December 2, 2024, Welters sold 1,146 shares of Loews Corp common stock at an average price of $86.81 per share, totaling $99,484. The transaction comes as Loews trades near its 52-week high of $87.45, with the stock delivering an impressive 24% return year-to-date.
The filing also revealed that Welters exercised a stock appreciation right to acquire 2,250 shares at a price of $42.52 per share, valued at $95,670. Additionally, he disposed of 1,104 shares at $86.80 per share, amounting to $95,827. These transactions were made under a Rule 10b5-1 trading plan adopted in June 2023. Following these transactions, Welters holds 9,845 shares directly in the $18.75B market cap company. InvestingPro analysis suggests Loews is currently undervalued, with a perfect Piotroski Score of 9 indicating strong financial health. Subscribers can access 4 additional exclusive ProTips and comprehensive financial metrics at InvestingPro.
In other recent news, Loews Corporation (NYSE:L) reported a significant rise in its third-quarter net income for 2024, beating earnings estimates. The company recorded a net income of $401 million, or $1.82 per share, marking a 38% year-over-year increase from $253 million, or $1.12 per share, in the same period last year. This strong performance was primarily driven by improved results at its subsidiaries, CNA Financial and Boardwalk Pipelines, and higher investment income at the parent company level.
CNA Financial, Loews' largest subsidiary, experienced a 10% increase in its net income attributable to Loews, reaching $259 million, fueled by higher net investment income. Boardwalk Pipelines also reported a substantial 57% jump in net income to $77 million, due to increased revenues from higher re-contracting rates and recently completed growth projects.
However, Loews Hotels reported a net loss of $8 million, primarily due to an impairment charge recorded by a joint venture property. Despite this, the company's book value per share, excluding accumulated other comprehensive income, rose to $87.22 as of September 30, 2024, up from $81.92 at the end of 2023. In addition, Loews has repurchased 0.8 million shares of its common stock during the third quarter for $64 million and bought an additional 1.2 million shares for $92 million so far in the fourth quarter. These are the recent developments for Loews Corporation.
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