A younger member of the Tisch family spent nearly $20 million in recent days buying up more shares of Loews Corp ., according to securities filings and VerityData. Benjamin Tisch, the son of Loews CEO James Tisch, bought about $18.8 million worth of stock over three days. The Tisch family already owns about 18% of Loews, according to VerityData. Loews is a conglomerate company whose subsidiaries include Loews Hotels, Boardwalk Pipelines, Altium Packaging and CNA Financial . Benjamin Tisch, who is the senior vice president for corporate development and strategy at Loews, is also on the board for the publicly traded CNA. The younger Tisch worked in the hedge fund industry at Fortress Investment Group before joining his family company, according to the Loews website . The purchase comes as Loews has lagged behind the broader market in 2023. The stock is up about 2% so far this year. L YTD mountain Shares of Loews are little changed on the year. Insider transactions is a topic closely tracked by many professional investors. The thinking goes that executives and board members are more willing to spend their own money buying additional shares of a company if they think the stock is undervalued, and stock purchases can be a signal that management is confident in the direction of the company. Here are the five largest insider buys of the past week, as compiled by VerityData. 1. Loews — The conglomerate’s senior vice president Benjamin Tisch scooped up about $18.8 million worth of stock from May 31 to June 2. It is first buy on record for Benjamin Tisch. 2. StepStone Group — Head of strategy Michael McCabe bought $2.2 million worth of the asset management firm’s stock in the first five days of June. He has now bought about $3.9 million of shares since May 30. 3. M & T Bank — CFO Daryl Bible bought $1.2 million of M & T stock on June 1, his first day at the company. Bible was previously CFO at Truist . 4. Planet Fitness — CEO Christopher Rondeau made his first purchase since March 2020 on June 5, spending about $650,000. 5. Integra LifeSciences — CEO Jan De Witte made his first ever buy on June 1 after Integra LifeSciences announced a recall in late May. Executive vice president Eric Schwartz also made a purchase of roughly $100,000 on the same day. Keep up with insider buying on CNBC’s ” Last Call ,” weekdays at 7 p.m. ET.
This story originally appeared on CNBC
