Lennar Corporation (LEN) Shares Bought by Bank of Nova Scotia
Bank of Nova Scotia raised its holdings in Lennar Corporation (NYSE:LEN) by 71.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 79,890 shares of the construction company’s stock after purchasing an additional 33,388 shares during the period. Bank of Nova Scotia’s holdings in Lennar Corporation were worth $4,260,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Sanders Capital LLC grew its holdings in Lennar Corporation by 1.3% in the first quarter. Sanders Capital LLC now owns 8,724,399 shares of the construction company’s stock valued at $456,887,000 after purchasing an additional 110,379 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Lennar Corporation by 5.4% in the second quarter. The Manufacturers Life Insurance Company now owns 7,516,323 shares of the construction company’s stock valued at $400,771,000 after purchasing an additional 386,110 shares during the period. Aristotle Capital Management LLC grew its holdings in Lennar Corporation by 1.3% in the first quarter. Aristotle Capital Management LLC now owns 5,767,575 shares of the construction company’s stock valued at $295,242,000 after purchasing an additional 73,814 shares during the period. Greenhaven Associates Inc. grew its holdings in Lennar Corporation by 0.9% in the second quarter. Greenhaven Associates Inc. now owns 5,420,516 shares of the construction company’s stock valued at $289,022,000 after purchasing an additional 46,200 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Lennar Corporation by 25.0% in the second quarter. Principal Financial Group Inc. now owns 3,129,708 shares of the construction company’s stock valued at $166,876,000 after purchasing an additional 625,329 shares during the period. 81.10% of the stock is currently owned by institutional investors.
Several analysts have commented on the company. MKM Partners reissued a “neutral” rating and issued a $58.00 price objective (up from $55.00) on shares of Lennar Corporation in a report on Friday, June 23rd. Mizuho downgraded Lennar Corporation from a “buy” rating to a “neutral” rating and decreased their target price for the company from $59.00 to $53.00 in a research report on Tuesday, September 19th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $62.00 target price on shares of Lennar Corporation in a research report on Thursday, July 27th. Bank of America Corporation raised their target price on Lennar Corporation from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 4th. Finally, Credit Suisse Group started coverage on Lennar Corporation in a research report on Thursday, June 22nd. They issued a “neutral” rating and a $55.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. Lennar Corporation currently has an average rating of “Buy” and a consensus price target of $57.63.
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Lennar Corporation (LEN) opened at 55.86 on Tuesday. Lennar Corporation has a 12 month low of $39.68 and a 12 month high of $56.78. The stock has a market cap of $13.10 billion, a P/E ratio of 16.33 and a beta of 1.22. The company’s 50-day moving average price is $52.50 and its 200-day moving average price is $52.30.
Lennar Corporation (NYSE:LEN) last announced its earnings results on Tuesday, October 3rd. The construction company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.05. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.25 billion. Lennar Corporation had a return on equity of 12.37% and a net margin of 6.65%. Lennar Corporation’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 EPS. Equities analysts forecast that Lennar Corporation will post $3.82 earnings per share for the current year.
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 issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend is Wednesday, October 18th. Lennar Corporation’s dividend payout ratio (DPR) is presently 4.61%.
In other Lennar Corporation news, CFO Bruce E. Gross sold 5,000 shares of the stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $56.48, for a total transaction of $282,400.00. Following the sale, the chief financial officer now owns 376,043 shares in the company, valued at approximately $21,238,908.64. The sale was disclosed in a legal filing with the SEC, which is available through this link. 12.18% of the stock is currently owned by corporate insiders.
Lennar Corporation 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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