Allstate Corp Grows Position in Lennar Corporation $LEN

Key Points

• Allstate Corp increased its holdings in Lennar Corporation by 62.4%, owning 11,711 shares worth $1,344,000 as of its recent SEC filing.
• Lennar reported $1.90 EPS for the quarter, missing analyst estimates, while its quarterly revenue of $8.38 billion was above expectations.
• The company announced a quarterly dividend of $0.50 per share, translating to an annual yield of 1.5% and a dividend payout ratio of 16.54%.

Allstate Corp increased its holdings in Lennar Corporation (NYSE:LEN - Free Report) by 62.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,711 shares of the construction company's stock after purchasing an additional 4,500 shares during the period. Allstate Corp's holdings in Lennar were worth $1,344,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Secured Retirement Advisors LLC purchased a new stake in shares of Lennar in the first quarter worth about $926,000. Marks Group Wealth Management Inc boosted its position in shares of Lennar by 15.4% in the first quarter. Marks Group Wealth Management Inc now owns 2,183 shares of the construction company's stock worth $251,000 after buying an additional 292 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Lennar by 2.1% in the first 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 during the period. Turtle Creek Wealth Advisors LLC boosted its position in shares of Lennar by 24.8% in the first 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 period. Finally, Texas Capital Bank Wealth Management Services Inc boosted its position in shares of Lennar by 77.7% in the first quarter. Texas Capital Bank Wealth Management Services Inc now owns 3,649 shares of the construction company's stock worth $419,000 after buying an additional 1,596 shares during the period. Hedge funds and other institutional investors own 81.10% of the company's stock.

Lennar Trading Up 5.2%

NYSE:LEN opened at $135.8360 on Friday. The company has a quick ratio of 0.49, a current ratio of 3.65 and a debt-to-equity ratio of 0.12. The business's 50 day moving average is $116.07 and its two-hundred day moving average is $114.17. Lennar Corporation has a 52 week low of $98.42 and a 52 week high of $193.80. The company has a market cap of $35.18 billion, a PE ratio of 11.24, a P/E/G ratio of 5.76 and a beta of 1.29.

Lennar (NYSE:LEN - Get Free Report) last released its earnings results on Monday, June 16th. The construction company reported $1.90 EPS for the quarter, missing analysts' consensus estimates of $1.94 by ($0.04). Lennar had a return on equity of 12.73% and a net margin of 9.20%.The firm had revenue of $8.38 billion for the quarter, compared to the consensus estimate of $8.21 billion. During the same period in the prior year, the business earned $3.45 EPS. The company's quarterly revenue was down 4.4% on a year-over-year basis. On average, analysts predict that Lennar Corporation will post 12.48 EPS for the current year.

Lennar Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Thursday, July 3rd. Lennar's dividend payout ratio (DPR) is currently 16.54%.

Analyst Ratings Changes

LEN has been the subject of a number of analyst reports. Wedbush reissued a "neutral" rating and issued a $130.00 price target on shares of Lennar in a report on Wednesday, June 18th. Zelman & Associates downgraded Lennar from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 18th. Royal Bank Of Canada reduced their price target on Lennar from $122.00 to $98.00 and set a "sector perform" rating for the company in a report on Wednesday, June 18th. Evercore ISI reduced their price target on Lennar from $131.00 to $114.00 and set an "in-line" rating for the company in a report on Wednesday, June 18th. Finally, JMP Securities reduced their price target on Lennar from $150.00 to $130.00 and set a "market outperform" rating for the company in a report on Friday, June 20th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and fourteen have issued a Hold rating to the company. Based on data from MarketBeat.com, Lennar presently has an average rating of "Hold" and a consensus target price of $128.85.

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.

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