Lennar Co. (LEN) to Issue Quarterly Dividend of $0.04 on November 2nd

Lennar Co. (NYSE:LEN) declared a quarterly dividend on Thursday, October 5th, Wall Street Journal reports. Investors of record on Thursday, October 19th will be given a dividend of 0.04 per share by the construction company on Thursday, November 2nd. This represents a $0.16 annualized dividend and a yield of 0.29%. The ex-dividend date of this dividend is Wednesday, October 18th.

Lennar has a dividend payout ratio of 3.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Lennar to earn $4.88 per share next year, which means the company should continue to be able to cover its $0.16 annual dividend with an expected future payout ratio of 3.3%.

Shares of Lennar (LEN) opened at 56.05 on Friday. Lennar has a 1-year low of $39.68 and a 1-year high of $56.78. The stock has a market capitalization of $13.14 billion, a PE ratio of 16.38 and a beta of 1.22. The firm has a 50-day moving average of $52.33 and a 200 day moving average of $52.25.

Lennar (NYSE:LEN) last posted its quarterly earnings results on Tuesday, October 3rd. The construction company reported $1.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.05. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.25 billion. Lennar had a net margin of 7.47% and a return on equity of 13.30%. The company’s revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 earnings per share. Analysts predict that Lennar will post $3.82 EPS for the current year.

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In related news, CFO Bruce E. Gross sold 5,000 shares of the company’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $56.48, for a total transaction of $282,400.00. Following the completion of the transaction, the chief financial officer now owns 376,043 shares in the company, valued at $21,238,908.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.18% of the stock is currently owned by corporate insiders.

A number of research firms have weighed in on LEN. BTIG Research upped their price target on shares of Lennar from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. Bank of America Corporation upped their price target on shares of Lennar from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, October 4th. Citigroup Inc. reiterated a “neutral” rating and issued a $59.00 price target (up from $57.00) on shares of Lennar in a research report on Wednesday, October 4th. MKM Partners upgraded shares of Lennar from a “neutral” rating to a “buy” rating and set a $64.00 price target for the company in a research report on Wednesday, October 4th. Finally, KeyCorp reiterated a “hold” rating on shares of Lennar in a research report on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $57.63.

About Lennar

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.

Dividend History for Lennar (NYSE:LEN)

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