Lennar Co. (NYSE:LEN) announced a quarterly dividend on Thursday, June 25th, Zacks reports. Investors of record on Friday, July 10th will be paid a dividend of 0.125 per share by the construction company on Friday, July 24th. This represents a $0.50 annualized dividend and a yield of 0.81%. The ex-dividend date is Thursday, July 9th.
Lennar has increased its dividend by an average of 540.0% per year over the last three years. Lennar has a payout ratio of 10.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Lennar to earn $6.33 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 7.9%.
Shares of Lennar stock opened at $61.94 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 14.27 and a debt-to-equity ratio of 0.45. The firm has a market cap of $18.79 billion, a P/E ratio of 9.33, a P/E/G ratio of 3.14 and a beta of 1.60. Lennar has a fifty-two week low of $25.42 and a fifty-two week high of $71.38. The business has a 50-day moving average price of $60.35 and a 200 day moving average price of $55.91.
Lennar (NYSE:LEN) last announced its quarterly earnings data on Monday, June 15th. The construction company reported $1.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.29 by $0.36. The firm had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.20 billion. Lennar had a return on equity of 13.08% and a net margin of 9.30%. Lennar’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.30 earnings per share. As a group, equities research analysts anticipate that Lennar will post 6.2 earnings per share for the current year.
Several analysts recently weighed in on LEN shares. Goldman Sachs Group lowered Lennar from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $48.00 to $47.00 in a report on Thursday, April 2nd. JPMorgan Chase & Co. upped their target price on Lennar from $64.00 to $68.50 and gave the company a “neutral” rating in a report on Wednesday, June 17th. Credit Suisse Group upped their target price on Lennar from $62.00 to $71.00 and gave the company a “neutral” rating in a report on Wednesday, June 17th. Cfra upped their target price on Lennar from $40.00 to $56.00 and gave the company a “hold” rating in a report on Monday, May 11th. Finally, BTIG Research upped their target price on Lennar from $50.00 to $70.00 and gave the company a “buy” rating in a report on Monday, June 15th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $64.58.
In other Lennar news, CFO Diane J. Bessette sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $61.01, for a total value of $305,050.00. Following the completion of the sale, the chief financial officer now directly owns 277,775 shares in the company, valued at $16,947,052.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Jonathan M. Jaffe sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $61.41, for a total value of $2,456,400.00. Following the completion of the sale, the president now owns 335,521 shares of the company’s stock, valued at $20,604,344.61. The disclosure for this sale can be found here. Insiders own 8.60% of the company’s stock.
Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Lennar Financial Services, Lennar Multifamily, and Rialto segments. The company's homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land.
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