Lennar Corporation Plans Quarterly Dividend of $0.04 (LEN)
Lennar Corporation (NYSE:LEN) declared a quarterly dividend on Thursday, October 5th, Wall Street Journal reports. Stockholders of record on Thursday, October 19th will be paid a dividend of 0.04 per share by the construction company on Thursday, November 2nd. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend is Wednesday, October 18th.
Lennar Corporation has a payout ratio of 3.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Lennar Corporation to earn $4.88 per share next year, which means the company should continue to be able to cover its $0.16 annual dividend with an expected future payout ratio of 3.3%.
Shares of Lennar Corporation (NYSE LEN) traded down 0.05% during trading on Friday, reaching $56.02. 1,462,706 shares of the company’s stock traded hands. The company has a market capitalization of $13.14 billion, a price-to-earnings ratio of 16.38 and a beta of 1.22. The company has a 50 day moving average of $52.47 and a 200-day moving average of $52.29. Lennar Corporation has a 1-year low of $39.68 and a 1-year high of $56.78.
Lennar Corporation (NYSE:LEN) last issued its quarterly earnings results on Tuesday, October 3rd. The construction company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.01 by $0.05. Lennar Corporation had a return on equity of 12.37% and a net margin of 6.65%. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.25 billion. During the same period in the prior year, the firm posted $1.01 earnings per share. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. Equities analysts predict that Lennar Corporation will post $3.82 earnings per share for the current year.
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In other Lennar Corporation news, CFO Bruce E. Gross sold 5,000 shares of Lennar Corporation stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $56.48, for a total transaction of $282,400.00. Following the transaction, the chief financial officer now directly owns 376,043 shares of the company’s stock, valued at approximately $21,238,908.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.18% of the stock is currently owned by insiders.
Several analysts have issued reports on the company. MKM Partners restated a “neutral” rating and issued a $58.00 price objective (up previously from $55.00) on shares of Lennar Corporation in a research note on Friday, June 23rd. Mizuho lowered Lennar Corporation from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $59.00 to $53.00 in a research note on Tuesday, September 19th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $62.00 target price on shares of Lennar Corporation in a research note on Thursday, July 27th. Bank of America Corporation increased their target price on Lennar Corporation from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. Finally, Credit Suisse Group began coverage on Lennar Corporation in a research note on Thursday, June 22nd. They set a “neutral” rating and a $55.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $57.63.
About Lennar Corporation
Lennar Corporation is a provider of real estate related financial services, commercial real estate, investment management and finance company. The Company is a homebuilder that operates in various states. Its segments include Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto and Lennar Multifamily.
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