Lennar Co. (NYSE:LEN) announced a quarterly dividend on Thursday, January 9th, Zacks reports. Stockholders of record on Friday, January 24th will be paid a dividend of 0.125 per share by the construction company on Friday, February 7th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date of this dividend is Thursday, January 23rd. This is an increase from Lennar’s previous quarterly dividend of $0.04.
Lennar has increased its dividend payment by an average of 46.2% per year over the last three years. Lennar has a payout ratio of 8.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Lennar to earn $6.61 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 7.6%.
Shares of Lennar stock opened at $63.09 on Tuesday. The firm has a market cap of $20.04 billion, a price-to-earnings ratio of 10.95, a price-to-earnings-growth ratio of 0.99 and a beta of 1.02. Lennar has a 52-week low of $43.21 and a 52-week high of $64.04. The company’s 50-day simple moving average is $58.33 and its 200-day simple moving average is $55.17. The company has a quick ratio of 0.79, a current ratio of 14.19 and a debt-to-equity ratio of 0.59.
Lennar (NYSE:LEN) last released its quarterly earnings results on Wednesday, January 8th. The construction company reported $2.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.90 by $0.23. Lennar had a net margin of 8.31% and a return on equity of 12.16%. The business had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.60 billion. During the same period last year, the business earned $1.96 EPS. The business’s revenue was up 7.9% on a year-over-year basis. Equities research analysts anticipate that Lennar will post 6.14 EPS for the current year.
In other Lennar news, President Jonathan M. Jaffe sold 20,000 shares of Lennar stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.06, for a total transaction of $1,121,200.00. Following the sale, the president now owns 237,047 shares in the company, valued at $13,288,854.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David M. Collins sold 10,000 shares of Lennar stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $62.54, for a total transaction of $625,400.00. Following the sale, the insider now owns 116,631 shares in the company, valued at approximately $7,294,102.74. The disclosure for this sale can be found here. Insiders own 8.43% of the company’s stock.
Several research firms recently commented on LEN. Wedbush restated a “buy” rating and set a $72.00 price target on shares of Lennar in a report on Monday, December 30th. Raymond James upgraded shares of Lennar from a “market perform” rating to an “outperform” rating and set a $61.00 price target for the company in a report on Wednesday, September 25th. Royal Bank of Canada cut shares of Lennar from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $63.00 to $62.00 in a research note on Tuesday, December 17th. Wells Fargo & Co reiterated a “buy” rating on shares of Lennar in a research note on Monday, December 9th. Finally, Barclays lifted their target price on shares of Lennar from $60.00 to $63.00 and gave the company an “overweight” rating in a research note on Thursday, October 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the stock. Lennar has an average rating of “Buy” and an average target price of $61.94.
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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