Commerce Bank reduced its position in Lennar Co. (NYSE:LEN) by 28.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,936 shares of the construction company’s stock after selling 4,841 shares during the period. Commerce Bank’s holdings in Lennar were worth $974,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Investment House LLC purchased a new position in Lennar in the third quarter valued at approximately $397,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Lennar by 20.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 46,614 shares of the construction company’s stock worth $3,807,000 after acquiring an additional 7,864 shares in the last quarter. Twin Capital Management Inc. acquired a new stake in shares of Lennar during the third quarter worth approximately $605,000. Commonwealth Equity Services LLC lifted its position in shares of Lennar by 135.3% during the third quarter. Commonwealth Equity Services LLC now owns 23,654 shares of the construction company’s stock worth $1,932,000 after purchasing an additional 13,602 shares during the last quarter. Finally, CIBC Asset Management Inc increased its holdings in Lennar by 2.0% in the third quarter. CIBC Asset Management Inc now owns 46,399 shares of the construction company’s stock valued at $3,790,000 after buying an additional 925 shares during the last quarter. Institutional investors and hedge funds own 81.62% of the company’s stock.
NYSE:LEN opened at $76.48 on Thursday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.55 and a current ratio of 13.62. Lennar Co. has a fifty-two week low of $25.42 and a fifty-two week high of $86.80. The firm has a market cap of $23.92 billion, a PE ratio of 10.67, a price-to-earnings-growth ratio of 0.97 and a beta of 1.65. The business has a 50 day moving average price of $78.60 and a 200-day moving average price of $69.83.
Lennar (NYSE:LEN) last posted its quarterly earnings results on Monday, September 14th. The construction company reported $2.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.51 by $0.61. Lennar had a net margin of 9.97% and a return on equity of 13.35%. The company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.53 billion. During the same period in the prior year, the business posted $1.59 EPS. The firm’s revenue was up .2% compared to the same quarter last year. Research analysts predict that Lennar Co. will post 7.17 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Friday, October 16th were given a $0.25 dividend. The ex-dividend date was Thursday, October 15th. This represents a $1.00 annualized dividend and a dividend yield of 1.31%. This is a positive change from Lennar’s previous quarterly dividend of $0.13. Lennar’s dividend payout ratio is currently 17.42%.
LEN has been the topic of several research reports. Zacks Investment Research upgraded shares of Lennar from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Monday, September 14th. Bank of America boosted their target price on shares of Lennar from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, September 16th. BTIG Research upped their target price on Lennar from $88.00 to $94.00 and gave the company a “buy” rating in a report on Friday, September 11th. Wells Fargo & Company cut their target price on Lennar from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, September 16th. Finally, Atlantic Securities assumed coverage on Lennar in a report on Monday, November 2nd. They set an “overweight” rating and a $93.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company. Lennar presently has an average rating of “Buy” and an average price target of $80.72.
In other Lennar news, CFO Diane J. Bessette sold 10,885 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $79.63, for a total transaction of $866,772.55. Following the sale, the chief financial officer now owns 248,037 shares in the company, valued at approximately $19,751,186.31. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider David M. Collins sold 20,000 shares of Lennar stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $85.00, for a total transaction of $1,700,000.00. Following the transaction, the insider now directly owns 46,803 shares in the company, valued at approximately $3,978,255. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 164,964 shares of company stock worth $12,824,118. 8.60% of the stock is owned by insiders.
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.
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