Lennar Corporation Announces Quarterly Dividend of $0.04 (LEN)
Lennar Corporation (NYSE:LEN) announced a quarterly dividend on Thursday, October 5th, Wall Street Journal reports. Shareholders of record on Thursday, October 19th will be paid 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 is Wednesday, October 18th.
Lennar Corporation has a dividend payout ratio of 3.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Lennar Corporation to earn $4.84 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 Corporation (NYSE:LEN) traded down 0.60% during mid-day trading on Thursday, reaching $56.07. The company’s stock had a trading volume of 2,843,433 shares. The stock has a market capitalization of $13.15 billion, a P/E ratio of 16.39 and a beta of 1.22. The company’s 50-day moving average price is $51.69 and its 200-day moving average price is $52.05. Lennar Corporation has a 12-month low of $39.68 and a 12-month high of $56.78.
Lennar Corporation (NYSE:LEN) last released its quarterly earnings data on Tuesday, October 3rd. The construction company reported $1.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.05. Lennar Corporation had a return on equity of 12.52% and a net margin of 6.65%. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the previous year, the company posted $1.01 EPS. The company’s revenue was up 15.1% compared to the same quarter last year. On average, equities research analysts forecast that Lennar Corporation will post $3.82 earnings per share for the current fiscal year.
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A number of analysts have issued reports on LEN shares. Wedbush reaffirmed a “neutral” rating and issued a $46.00 price objective on shares of Lennar Corporation in a research note on Thursday, June 15th. BidaskClub downgraded Lennar Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, June 20th. Royal Bank Of Canada lifted their price objective on Lennar Corporation from $60.00 to $61.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 21st. Bank of America Corporation reaffirmed a “buy” rating and issued a $63.00 price objective (up previously from $60.00) on shares of Lennar Corporation in a research note on Wednesday, June 21st. Finally, Credit Suisse Group started coverage on Lennar Corporation in a research note on Thursday, June 22nd. They issued a “neutral” rating and a $55.00 price objective on the stock. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $57.63.
About Lennar Corporation
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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