Bank of Nova Scotia Has $10.37 Million Stock Position in Lennar Corporation $LEN

Bank of Nova Scotia cut its position in Lennar Corporation (NYSE:LEN) by 75.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 119,363 shares of the construction company’s stock after selling 370,742 shares during the period. Bank of Nova Scotia’s holdings in Lennar were worth $10,365,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. DV Equities LLC acquired a new position in shares of Lennar during the fourth quarter worth approximately $31,000. High Point Wealth Management LLC bought a new stake in Lennar during the 4th quarter valued at $31,000. Phillip James Consulting Co. acquired a new position in Lennar during the first quarter worth $30,000. Quarry LP bought a new position in shares of Lennar in the fourth quarter valued at $41,000. Finally, Cary Street Partners Financial LLC acquired a new position in shares of Lennar during the second quarter valued at about $47,000. 81.10% of the stock is owned by institutional investors.

Lennar Trading Up 0.1%

Shares of Lennar stock opened at $84.74 on Monday. The firm has a market cap of $20.41 billion, a PE ratio of 13.26, a P/E/G ratio of 2.81 and a beta of 1.38. Lennar Corporation has a 1 year low of $79.82 and a 1 year high of $144.24. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.91 and a quick ratio of 0.91. The stock has a fifty day moving average price of $88.00 and a 200-day moving average price of $97.08.

Lennar (NYSE:LEN) last posted its quarterly earnings results on Thursday, June 11th. The construction company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.07. Lennar had a net margin of 4.93% and a return on equity of 7.08%. The company had revenue of $7.94 billion during the quarter, compared to analyst estimates of $8.08 billion. During the same quarter in the prior year, the business earned $1.81 earnings per share. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. Equities research analysts anticipate that Lennar Corporation will post 5.52 EPS for the current year.

Lennar Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Friday, July 10th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Friday, July 10th. Lennar’s dividend payout ratio (DPR) is currently 31.30%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Truist Financial cut their price target on Lennar from $95.00 to $90.00 and set a “hold” rating for the company in a research note on Tuesday, March 31st. Evercore raised their target price on Lennar from $82.00 to $87.00 and gave the company an “underperform” rating in a report on Monday, June 15th. BTIG Research set a $67.00 target price on Lennar in a research report on Monday, June 15th. Zacks Research downgraded Lennar from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 16th. Finally, Citigroup lowered their price target on Lennar from $104.00 to $88.00 and set a “neutral” rating for the company in a research report on Wednesday, July 15th. One analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and ten have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $92.80.

Lennar Company 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.