Raymond James Financial Services Advisors Inc. reduced its position in Lennar Co. (NYSE:LEN – Get Rating) by 54.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,660 shares of the construction company’s stock after selling 22,560 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Lennar were worth $1,391,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the company. Shufro Rose & Co. LLC raised its holdings in shares of Lennar by 0.4% in the third quarter. Shufro Rose & Co. LLC now owns 196,522 shares of the construction company’s stock worth $14,651,000 after buying an additional 767 shares during the period. Xponance Inc. increased its stake in Lennar by 10.7% in the third quarter. Xponance Inc. now owns 38,594 shares of the construction company’s stock worth $2,877,000 after purchasing an additional 3,716 shares during the period. Lyell Wealth Management LP lifted its position in shares of Lennar by 1.3% during the third quarter. Lyell Wealth Management LP now owns 58,663 shares of the construction company’s stock worth $4,373,000 after purchasing an additional 776 shares during the last quarter. Annapolis Financial Services LLC grew its holdings in shares of Lennar by 44.5% in the third quarter. Annapolis Financial Services LLC now owns 552 shares of the construction company’s stock worth $41,000 after purchasing an additional 170 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new position in Lennar in the 3rd quarter worth about $1,215,000. Institutional investors own 82.68% of the company’s stock.
Wall Street Analysts Forecast Growth
LEN has been the topic of a number of research analyst reports. JMP Securities dropped their target price on shares of Lennar from $130.00 to $115.00 and set a “market outperform” rating on the stock in a research note on Tuesday, October 4th. Barclays upgraded Lennar from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $85.00 to $116.00 in a report on Wednesday, December 14th. Bank of America upgraded Lennar from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $92.00 to $102.00 in a report on Wednesday, January 11th. StockNews.com assumed coverage on Lennar in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Royal Bank of Canada cut shares of Lennar from a “sector perform” rating to an “underperform” rating and dropped their target price for the stock from $79.00 to $76.00 in a report on Friday, January 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $101.53.
Lennar Trading Down 1.9 %
Lennar (NYSE:LEN – Get Rating) last issued its quarterly earnings data on Wednesday, December 14th. The construction company reported $5.02 EPS for the quarter, beating the consensus estimate of $4.92 by $0.10. Lennar had a return on equity of 22.87% and a net margin of 13.70%. The firm had revenue of $10.17 billion during the quarter, compared to analyst estimates of $10.24 billion. As a group, sell-side analysts anticipate that Lennar Co. will post 9.03 earnings per share for the current fiscal year.
Lennar Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 10th. Stockholders of record on Friday, January 27th will be issued a dividend of $0.375 per share. The ex-dividend date of this dividend is Thursday, January 26th. This represents a $1.50 annualized dividend and a dividend yield of 1.57%. Lennar’s dividend payout ratio (DPR) is currently 9.52%.
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, Financial Services, Multifamily, and Lennar Other 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; and development, construction, and management of multifamily rental properties.
- Get a free copy of the StockNews.com research report on Lennar (LEN)
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