Bank of America Issues Pessimistic Forecast for Lennar (NYSE:LEN) Stock Price

Lennar (NYSE:LEN) had its price objective lowered by Bank of America from $110.00 to $105.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the construction company’s stock.

Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods dropped their target price on shares of Lennar from $141.00 to $128.00 and set a “market perform” rating for the company in a report on Tuesday, March 25th. Wall Street Zen upgraded shares of Lennar from a “sell” rating to a “hold” rating in a report on Friday, April 18th. Evercore ISI reiterated an “in-line” rating and set a $131.00 target price (down from $159.00) on shares of Lennar in a report on Monday, March 24th. Seaport Res Ptn upgraded shares of Lennar from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 6th. Finally, UBS Group dropped their target price on shares of Lennar from $164.00 to $146.00 and set a “buy” rating for the company in a report on Wednesday. Sixteen investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $141.60.

Lennar Stock Down 1.2%

Shares of NYSE:LEN opened at $103.37 on Wednesday. The stock’s 50-day moving average price is $107.79 and its 200-day moving average price is $122.57. Lennar has a 12-month low of $98.42 and a 12-month high of $187.61. The stock has a market capitalization of $27.27 billion, a P/E ratio of 8.55, a price-to-earnings-growth ratio of 2.85 and a beta of 1.33. The company has a current ratio of 3.65, a quick ratio of 0.68 and a debt-to-equity ratio of 0.12.

Lennar (NYSE:LEN) last announced its quarterly earnings data on Monday, June 16th. The construction company reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.04). Lennar had a net margin of 9.20% and a return on equity of 12.73%. The company had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $8.21 billion. During the same period last year, the business posted $3.45 earnings per share. The firm’s quarterly revenue was down 4.4% compared to the same quarter last year. On average, equities analysts anticipate that Lennar will post 12.48 earnings per share for the current year.

Lennar Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 7th. Investors of record on Wednesday, April 23rd were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend was Wednesday, April 23rd. Lennar’s dividend payout ratio (DPR) is currently 16.54%.

Institutional Investors Weigh In On Lennar

Institutional investors and hedge funds have recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. increased its position in shares of Lennar by 10.0% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 7,377 shares of the construction company’s stock valued at $1,006,000 after acquiring an additional 672 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in Lennar by 29.5% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 82,572 shares of the construction company’s stock worth $11,246,000 after purchasing an additional 18,800 shares during the period. Candriam S.C.A. grew its position in Lennar by 47.9% in the 4th quarter. Candriam S.C.A. now owns 17,649 shares of the construction company’s stock worth $2,407,000 after purchasing an additional 5,718 shares during the period. TrueMark Investments LLC bought a new stake in Lennar in the 4th quarter worth approximately $1,331,000. Finally, Mn Services Vermogensbeheer B.V. grew its position in Lennar by 4.2% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 99,900 shares of the construction company’s stock worth $13,623,000 after purchasing an additional 4,000 shares during the period. Institutional investors own 81.10% of the company’s stock.

About Lennar

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; and development, construction, and management of multifamily rental properties.