Lennar (NYSE:LEN) Shares Gap Up Following Dividend Announcement

Shares of Lennar Co. (NYSE:LEN) gapped up before the market opened on Thursday following a dividend announcement from the company. The stock had previously closed at $107.94, but opened at $110.99. Lennar shares last traded at $111.36, with a volume of 30,399 shares changing hands.

The newly announced dividend which will be paid on Thursday, February 10th. Shareholders of record on Thursday, January 27th will be issued a $0.375 dividend. This represents a $1.50 annualized dividend and a yield of 1.39%. This is a positive change from Lennar’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, January 26th. Lennar’s dividend payout ratio is presently 7.00%.

Several equities research analysts have commented on the stock. Royal Bank of Canada upped their price target on shares of Lennar from $100.00 to $102.00 and gave the company a “sector perform” rating in a report on Wednesday, September 22nd. Wedbush increased their target price on shares of Lennar from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 22nd. JPMorgan Chase & Co. lowered their target price on shares of Lennar from $143.00 to $127.00 and set an “overweight” rating on the stock in a research note on Thursday, October 14th. The Goldman Sachs Group raised shares of Lennar from a “neutral” rating to a “buy” rating and increased their target price for the stock from $108.00 to $140.00 in a research note on Wednesday, December 1st. Finally, BTIG Research increased their target price on shares of Lennar from $127.00 to $131.00 and gave the stock a “buy” rating in a research note on Wednesday, September 22nd. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Lennar has a consensus rating of “Buy” and a consensus target price of $125.75.

The company has a market cap of $33.47 billion, a price-to-earnings ratio of 7.57, a P/E/G ratio of 1.11 and a beta of 1.51. The company has a current ratio of 9.56, a quick ratio of 1.41 and a debt-to-equity ratio of 0.22. The stock’s fifty day simple moving average is $110.15 and its 200 day simple moving average is $104.17.

Lennar (NYSE:LEN) last released its quarterly earnings data on Wednesday, December 15th. The construction company reported $3.91 EPS for the quarter, missing the Zacks’ consensus estimate of $4.15 by ($0.24). Lennar had a net margin of 16.33% and a return on equity of 19.45%. During the same quarter last year, the company posted $2.82 earnings per share. On average, analysts predict that Lennar Co. will post 15.6 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Stratos Wealth Partners LTD. acquired a new stake in shares of Lennar during the 4th quarter worth approximately $237,000. Koshinski Asset Management Inc. increased its holdings in shares of Lennar by 16.4% during the 4th quarter. Koshinski Asset Management Inc. now owns 2,151 shares of the construction company’s stock worth $250,000 after buying an additional 303 shares during the last quarter. Diversified Trust Co increased its holdings in shares of Lennar by 25.1% during the 4th quarter. Diversified Trust Co now owns 4,083 shares of the construction company’s stock worth $474,000 after buying an additional 820 shares during the last quarter. Grassi Investment Management increased its holdings in shares of Lennar by 8.0% during the 4th quarter. Grassi Investment Management now owns 5,375 shares of the construction company’s stock worth $624,000 after buying an additional 400 shares during the last quarter. Finally, First Hawaiian Bank increased its holdings in shares of Lennar by 12.4% during the 4th quarter. First Hawaiian Bank now owns 2,615 shares of the construction company’s stock worth $304,000 after buying an additional 289 shares during the last quarter. Institutional investors and hedge funds own 80.38% of the company’s stock.

About Lennar (NYSE:LEN)

Lennar Corp. is a homebuilder company which engages in the provision of real estate related financial and investment management services. It operates through the following segments: Homebuilding East, Central, Texas, and West, Financial Services, Multifamily, and Lennar Other. The Homebuilding East, Central, Texas, and West segment constructs and sells homes primarily for first-time, move-up, and active adult homebuyers primarily under the Lennar brand name.

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