By Jonathan Stempel

BANGALORE (Reuters) - Loews Corp , the conglomerate run by the billionaire Tisch family, on Monday said it will change its New York Stock Exchange trading symbol to "L" from "LTR," joining a handful of large companies to carry a coveted single-letter ticker.

Chief Executive James Tisch said the change, which will take effect June 23, will "strengthen the recognition of Loews." It follows the tax-free split-off last week of Loews' stake in Lorillard Inc , the tobacco company whose products include Newport, Kent and True.

Loews, based in New York, said it has used the "LTR" symbol for nearly 50 years. Among the company's other businesses are affiliate CNA Insurance Corp , as well as energy and hotel companies.

Most Big Board-listed companies have three-letter tickers, while most Nasdaq-listed companies have four-letter tickers.

One-letter tickers are thought to carry considerable cachet. Among the holders are Ford Motor Co (F), cereal maker Kellogg Co (K), giant phone company AT&T Inc (T) and U.S. Steel Corp (X). Visa Inc , the world's largest credit card network, won the "V" ticker when it went public in March.

"There is competition for these symbols, always, but Loews is a leading company, and the 'L' was available," said Christiaan Brakman, a spokesman for NYSE Euronext , the parent of the New York Stock Exchange.

Loews declined further comment.

The "L" ticker had been carried until May 2006 by Liberty Media Corp, a company controlled by cable mogul John Malone, according to Liberty Media's website. Liberty Media now trades on Nasdaq.

A one-letter ticker is no sure means of guaranteeing a higher stock price. Macy's Inc shares, for example, had through Friday fallen 45 percent since the department store retailer took the "M" ticker on June 1, 2007, after changing its name from Federated Department Stores Inc.

Loews' decision leaves seven currently unassigned one-letter tickers, according to the Big Board website: H, I, J, P, U, W and Z.

Shares of Loews rose 30 cents to $50.70 in morning trading on the New York Stock Exchange.

(Editing by Gerald E. McCormick)