KeyCorp Comments on Lennar Corporation’s FY2017 Earnings (LEN)
Lennar Corporation (NYSE:LEN) – Equities research analysts at KeyCorp reduced their FY2017 earnings per share estimates for shares of Lennar Corporation in a research report issued on Tuesday. KeyCorp analyst K. Zener now anticipates that the construction company will earn $4.01 per share for the year, down from their previous estimate of $4.23. KeyCorp currently has a “Hold” rating on the stock. KeyCorp also issued estimates for Lennar Corporation’s FY2018 earnings at $4.88 EPS.
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 Thomson Reuters’ consensus estimate of $1.01 by $0.05. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.25 billion. Lennar Corporation had a return on equity of 12.52% and a net margin of 6.65%. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.01 EPS. WARNING: This piece of content was originally reported by American Banking News and is the sole property of of American Banking News. If you are reading this piece of content on another site, it was illegally stolen and republished in violation of US and international copyright legislation. The correct version of this piece of content can be read at https://www.americanbankingnews.com/2017/10/12/keycorp-comments-on-lennar-corporations-fy2017-earnings-len.html.
A number of other analysts have also issued reports on LEN. Wedbush reaffirmed a “neutral” rating and set a $46.00 target price on shares of Lennar Corporation in a research report on Thursday, June 15th. BidaskClub lowered Lennar Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, June 20th. Royal Bank Of Canada lifted their price target 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 reiterated a “buy” rating and issued a $63.00 price target (up from $60.00) on shares of Lennar Corporation in a research note on Wednesday, June 21st. Finally, Credit Suisse Group initiated coverage on Lennar Corporation in a research note on Thursday, June 22nd. They issued a “neutral” rating and a $55.00 price target for the company. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Lennar Corporation currently has an average rating of “Buy” and an average target price of $57.63.
Lennar Corporation (LEN) opened at 56.58 on Thursday. The firm has a market capitalization of $13.27 billion, a PE ratio of 16.54 and a beta of 1.22. Lennar Corporation has a 52-week low of $39.68 and a 52-week high of $56.78. The stock’s 50 day moving average price is $52.21 and its 200 day moving average price is $52.22.
A number of hedge funds have recently modified their holdings of LEN. D.A. Davidson & CO. boosted its stake in Lennar Corporation by 8.9% in the second quarter. D.A. Davidson & CO. now owns 1,895 shares of the construction company’s stock valued at $101,000 after acquiring an additional 155 shares during the period. Commonwealth Bank of Australia boosted its stake in Lennar Corporation by 32.4% in the second quarter. Commonwealth Bank of Australia now owns 2,168 shares of the construction company’s stock valued at $114,000 after acquiring an additional 530 shares during the period. Washington Trust Bank boosted its stake in Lennar Corporation by 47.6% in the second quarter. Washington Trust Bank now owns 2,462 shares of the construction company’s stock valued at $131,000 after acquiring an additional 794 shares during the period. QS Investors LLC boosted its stake in Lennar Corporation by 1.0% in the second quarter. QS Investors LLC now owns 2,541 shares of the construction company’s stock valued at $135,000 after acquiring an additional 25 shares during the period. Finally, MUFG Americas Holdings Corp boosted its stake in Lennar Corporation by 7.3% in the second quarter. MUFG Americas Holdings Corp now owns 3,250 shares of the construction company’s stock valued at $173,000 after acquiring an additional 220 shares during the period. Institutional investors own 81.10% of the company’s stock.
In other Lennar Corporation news, CFO Bruce E. Gross sold 5,000 shares of Lennar Corporation stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $56.48, for a total value of $282,400.00. Following the completion of the transaction, the chief financial officer now directly owns 376,043 shares in the company, valued at $21,238,908.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 12.18% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 2nd. Shareholders of record on Thursday, October 19th will be paid a $0.04 dividend. The ex-dividend date is Wednesday, October 18th. This represents a $0.16 dividend on an annualized basis and a yield of 0.28%. Lennar Corporation’s payout ratio is currently 4.61%.
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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