Allstate Corp Makes New Investment in Lennar Corporation $LEN

Allstate Corp acquired a new stake in Lennar Corporation (NYSE:LEN) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 8,409 shares of the construction company’s stock, valued at approximately $1,060,000.

A number of other large investors have also added to or reduced their stakes in LEN. FNY Investment Advisers LLC acquired a new position in shares of Lennar in the second quarter valued at $33,000. Rexford Capital Inc. acquired a new position in Lennar in the 2nd quarter valued at about $36,000. Mid American Wealth Advisory Group Inc. bought a new position in Lennar in the 2nd quarter valued at about $43,000. Cary Street Partners Financial LLC acquired a new stake in Lennar during the second quarter worth approximately $47,000. Finally, Harbor Investment Advisory LLC boosted its holdings in shares of Lennar by 39.7% during the third quarter. Harbor Investment Advisory LLC now owns 405 shares of the construction company’s stock worth $51,000 after acquiring an additional 115 shares during the period. Institutional investors own 81.10% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on LEN shares. Citizens Jmp reissued a “market perform” rating on shares of Lennar in a report on Wednesday, January 7th. JPMorgan Chase & Co. dropped their target price on Lennar from $115.00 to $80.00 and set an “underweight” rating for the company in a report on Thursday, December 18th. Wall Street Zen downgraded shares of Lennar from a “hold” rating to a “sell” rating in a research note on Monday, December 8th. Royal Bank Of Canada set a $88.00 price objective on shares of Lennar in a research note on Friday, January 9th. Finally, Barclays cut their price objective on shares of Lennar from $98.00 to $88.00 and set an “underweight” rating for the company in a report on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have assigned a Hold rating and eight have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $106.38.

Lennar Price Performance

LEN stock opened at $117.96 on Thursday. The stock has a market cap of $30.08 billion, a price-to-earnings ratio of 14.76, a P/E/G ratio of 1.49 and a beta of 1.42. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.89 and a quick ratio of 1.36. The company has a 50 day simple moving average of $116.56 and a 200 day simple moving average of $121.77. Lennar Corporation has a 1 year low of $98.42 and a 1 year high of $144.24.

Lennar (NYSE:LEN) last issued its earnings results on Tuesday, December 16th. The construction company reported $2.03 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.27). The company had revenue of $9.37 billion during the quarter, compared to analyst estimates of $9.17 billion. Lennar had a net margin of 6.08% and a return on equity of 9.27%. The business’s quarterly revenue was down 5.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.03 EPS. Research analysts anticipate that Lennar Corporation will post 12.48 EPS for the current fiscal year.

Lennar Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 19th. Investors of record on Wednesday, February 4th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, February 4th. This represents a $2.00 dividend on an annualized basis and a yield of 1.7%. Lennar’s payout ratio is currently 25.03%.

Lennar Profile

Lennar Corporation (NYSE: LEN) is a U.S.-based homebuilder and real estate company that designs, constructs and sells residential housing. The company offers a range of product types including single-family detached homes, townhomes and condominiums, serving buyers from entry-level and first-time purchasers to move-up, active-adult and luxury segments. Lennar also develops master-planned communities and manages land acquisition and entitlement activities that support its homebuilding operations.

In addition to home construction and sales, Lennar provides a suite of ancillary services intended to streamline the purchase process and capture additional value.