Confluence Wealth Services Inc. Increases Stock Position in Lennar Corporation $LEN

Confluence Wealth Services Inc. raised its stake in shares of Lennar Corporation (NYSE:LEN) by 3.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,748 shares of the construction company’s stock after purchasing an additional 387 shares during the period. Confluence Wealth Services Inc.’s holdings in Lennar were worth $1,189,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in LEN. Secured Retirement Advisors LLC bought a new stake in Lennar in the 1st quarter worth approximately $926,000. Marks Group Wealth Management Inc lifted its position in Lennar by 15.4% during the first quarter. Marks Group Wealth Management Inc now owns 2,183 shares of the construction company’s stock valued at $251,000 after purchasing an additional 292 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Lennar by 2.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 208,763 shares of the construction company’s stock worth $23,962,000 after buying an additional 4,332 shares in the last quarter. Turtle Creek Wealth Advisors LLC increased its holdings in shares of Lennar by 24.8% in the 1st quarter. Turtle Creek Wealth Advisors LLC now owns 42,041 shares of the construction company’s stock worth $4,825,000 after buying an additional 8,357 shares during the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc raised its position in shares of Lennar by 77.7% during the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 3,649 shares of the construction company’s stock valued at $419,000 after buying an additional 1,596 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Lennar Trading Up 1.4%

NYSE LEN opened at $130.13 on Monday. The stock has a market cap of $33.70 billion, a PE ratio of 12.86, a PEG ratio of 5.82 and a beta of 1.37. The company has a current ratio of 4.49, a quick ratio of 0.68 and a debt-to-equity ratio of 0.15. Lennar Corporation has a 12 month low of $98.42 and a 12 month high of $189.65. The company’s 50-day moving average price is $128.71 and its 200-day moving average price is $116.33.

Lennar (NYSE:LEN) last issued its earnings results on Thursday, September 18th. The construction company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.15. The business had revenue of $8.81 billion for the quarter, compared to analyst estimates of $9.01 billion. Lennar had a net margin of 7.72% and a return on equity of 11.09%. The company’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same period last year, the company posted $3.90 earnings per share. Equities research analysts forecast that Lennar Corporation will post 12.48 earnings per share for the current year.

Lennar Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 27th. Investors of record on Friday, October 10th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, October 10th. Lennar’s payout ratio is presently 19.76%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on LEN shares. Keefe, Bruyette & Woods reduced their price objective on Lennar from $128.00 to $114.00 and set a “market perform” rating on the stock in a research note on Friday, June 20th. Royal Bank Of Canada boosted their target price on Lennar from $98.00 to $106.00 and gave the company a “sector perform” rating in a research report on Monday, September 22nd. Evercore ISI raised their price target on Lennar from $114.00 to $118.00 and gave the stock an “in-line” rating in a research report on Monday, September 22nd. Wedbush reissued a “neutral” rating and issued a $130.00 target price on shares of Lennar in a research note on Monday, September 22nd. Finally, JMP Securities lifted their price target on shares of Lennar from $130.00 to $140.00 and gave the stock a “market outperform” rating in a research note on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $123.75.

Lennar Profile

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.