Lennar Co. (LEN) to Issue $0.04 Quarterly Dividend
Lennar Co. (NYSE:LEN) declared a quarterly dividend on Friday, January 11th, Wall Street Journal reports. Shareholders of record on Friday, January 25th will be given a dividend of 0.04 per share by the construction company on Friday, February 8th. This represents a $0.16 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date is Thursday, January 24th.
Lennar has a payout ratio of 2.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Lennar to earn $6.89 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 2.3%.
NYSE:LEN traded up $1.24 on Friday, reaching $46.41. The stock had a trading volume of 5,361,486 shares, compared to its average volume of 6,242,648. The firm has a market cap of $15.29 billion, a price-to-earnings ratio of 7.31, a price-to-earnings-growth ratio of 0.43 and a beta of 1.17. The company has a current ratio of 12.62, a quick ratio of 0.72 and a debt-to-equity ratio of 0.67. Lennar has a 12-month low of $37.29 and a 12-month high of $72.17.
LEN has been the topic of several recent analyst reports. Wedbush upgraded shares of Lennar from a “neutral” rating to an “outperform” rating and cut their price objective for the stock from $56.00 to $50.00 in a report on Monday, October 29th. JMP Securities reiterated an “outperform” rating on shares of Lennar in a report on Monday, October 8th. Bank of America set a $74.00 price objective on shares of Lennar and gave the stock a “buy” rating in a report on Thursday, October 11th. Barclays set a $55.00 price objective on shares of Lennar and gave the stock a “buy” rating in a report on Wednesday, December 12th. Finally, Credit Suisse Group reiterated a “neutral” rating and set a $45.00 price objective (down from $55.00) on shares of Lennar in a report on Wednesday, October 17th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and seventeen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $60.19.
In related news, COO Jonathan M. Jaffe sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 2nd. The shares were sold at an average price of $40.03, for a total value of $800,600.00. Following the transaction, the chief operating officer now owns 171,014 shares in the company, valued at $6,845,690.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.50% of the company’s stock.
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Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. The company operates through Homebuilding East, Homebuilding Central, Homebuilding West, Lennar Financial Services, Rialto, and Lennar Multifamily segments. Its 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.
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