Washington Trust Bank boosted its stake in Lennar Corporation (NYSE:LEN) by 47.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,462 shares of the construction company’s stock after buying an additional 794 shares during the period. Washington Trust Bank’s holdings in Lennar Corporation were worth $131,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the company. Alliancebernstein L.P. increased its stake in shares of Lennar Corporation by 527.2% in the first quarter. Alliancebernstein L.P. now owns 2,094,587 shares of the construction company’s stock valued at $107,222,000 after buying an additional 1,760,608 shares during the last quarter. Capital Growth Management LP increased its stake in shares of Lennar Corporation by 55.5% in the first quarter. Capital Growth Management LP now owns 2,130,000 shares of the construction company’s stock valued at $109,035,000 after buying an additional 760,000 shares during the last quarter. Oakmont Corp increased its stake in shares of Lennar Corporation by 1,293.5% in the first quarter. Oakmont Corp now owns 790,830 shares of the construction company’s stock valued at $40,483,000 after buying an additional 734,080 shares during the last quarter. Nomura Holdings Inc. increased its stake in shares of Lennar Corporation by 1,223.5% in the first quarter. Nomura Holdings Inc. now owns 597,709 shares of the construction company’s stock valued at $30,603,000 after buying an additional 552,547 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its stake in shares of Lennar Corporation by 14.1% in the first quarter. UBS Asset Management Americas Inc. now owns 2,918,880 shares of the construction company’s stock valued at $149,417,000 after buying an additional 361,684 shares during the last quarter. 81.81% of the stock is owned by institutional investors and hedge funds.
Lennar Corporation (NYSE:LEN) traded down 1.89% during midday trading on Friday, hitting $51.88. The company had a trading volume of 1,758,110 shares. The stock has a 50 day moving average price of $53.38 and a 200-day moving average price of $51.27. Lennar Corporation has a 52 week low of $39.68 and a 52 week high of $55.75. The stock has a market capitalization of $12.17 billion, a PE ratio of 15.17 and a beta of 1.26.
Lennar Corporation (NYSE:LEN) last announced its quarterly earnings data on Tuesday, June 20th. The construction company reported $0.91 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.13. Lennar Corporation had a return on equity of 12.57% and a net margin of 6.78%. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.90 billion. During the same quarter in the previous year, the company earned $0.95 EPS. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, equities analysts predict that Lennar Corporation will post $3.82 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, July 27th. Stockholders of record on Thursday, July 13th were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.31%. The ex-dividend date of this dividend was Tuesday, July 11th. Lennar Corporation’s dividend payout ratio (DPR) is 4.68%.
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Several analysts have weighed in on LEN shares. Zacks Investment Research upgraded Lennar Corporation from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Friday, April 21st. Mizuho initiated coverage on Lennar Corporation in a report on Tuesday, May 16th. They set a “buy” rating and a $59.00 target price for the company. Wedbush restated a “neutral” rating and set a $46.00 target price on shares of Lennar Corporation in a report on Thursday, June 15th. BidaskClub downgraded Lennar Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, June 20th. Finally, Royal Bank Of Canada upped their target price on Lennar Corporation from $60.00 to $61.00 and gave the company an “outperform” rating in a report on Wednesday, June 21st. Ten research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $56.53.
In other news, COO Jonathan M. Jaffe sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $53.17, for a total transaction of $1,063,400.00. Following the sale, the chief operating officer now owns 139,433 shares of the company’s stock, valued at approximately $7,413,652.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.18% of the stock is owned by insiders.
Lennar Corporation Company Profile
Lennar Corporation is a provider of real estate related financial services, commercial real estate, investment management and finance company. The Company is a homebuilder that operates in various states. Its segments include Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto and Lennar Multifamily.
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