Lennar Corporation (NYSE:LEN) Shares Sold by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia has reduced its stake in Lennar Corporation by 1.1%, now owning approximately 0.08% or $25.35 million worth of shares.
• Following a series of adjustments by various institutional investors, 81.10% of Lennar's stock is now held by institutional investors and hedge funds.
• Lennar's latest earnings report revealed a quarterly EPS of $1.90, missing analysts' expectations, with a revenue of $8.38 billion during the quarter.

Bank of Nova Scotia lessened its stake in shares of Lennar Corporation (NYSE:LEN - Free Report) by 1.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 220,894 shares of the construction company's stock after selling 2,417 shares during the period. Bank of Nova Scotia owned 0.08% of Lennar worth $25,354,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. NorthRock Partners LLC lifted its holdings in shares of Lennar by 1.4% in the 1st quarter. NorthRock Partners LLC now owns 6,509 shares of the construction company's stock valued at $747,000 after acquiring an additional 93 shares during the last quarter. Valeo Financial Advisors LLC boosted its position in shares of Lennar by 1.1% during the first quarter. Valeo Financial Advisors LLC now owns 8,841 shares of the construction company's stock valued at $1,015,000 after buying an additional 95 shares during the period. Mather Group LLC. boosted its position in shares of Lennar by 8.4% during the first quarter. Mather Group LLC. now owns 1,517 shares of the construction company's stock valued at $174,000 after buying an additional 117 shares during the period. Omnia Family Wealth LLC boosted its position in shares of Lennar by 1.9% during the first quarter. Omnia Family Wealth LLC now owns 6,417 shares of the construction company's stock valued at $737,000 after buying an additional 119 shares during the period. Finally, Legacy Advisors LLC boosted its position in shares of Lennar by 4.8% during the first quarter. Legacy Advisors LLC now owns 2,628 shares of the construction company's stock valued at $302,000 after buying an additional 120 shares during the period. Institutional investors own 81.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on LEN shares. Zelman & Associates lowered Lennar from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 18th. Keefe, Bruyette & Woods decreased their price target on shares of Lennar from $128.00 to $114.00 and set a "market perform" rating for the company in a research note on Friday, June 20th. JMP Securities cut their price objective on shares of Lennar from $150.00 to $130.00 and set a "market outperform" rating on the stock in a report on Friday, June 20th. UBS Group cut their price target on shares of Lennar from $164.00 to $146.00 and set a "buy" rating on the stock in a report on Wednesday, June 18th. Finally, Bank of America cut their price target on shares of Lennar from $110.00 to $105.00 and set a "neutral" rating on the stock in a report on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Lennar currently has a consensus rating of "Hold" and a consensus price target of $128.85.

Lennar Trading Down 0.5%

Shares of LEN stock traded down $0.66 during trading hours on Wednesday, hitting $119.44. The company had a trading volume of 2,507,513 shares, compared to its average volume of 2,994,833. The company's fifty day moving average is $111.15 and its 200 day moving average is $114.68. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.65 and a quick ratio of 0.49. Lennar Corporation has a fifty-two week low of $98.42 and a fifty-two week high of $193.80. The stock has a market capitalization of $30.94 billion, a PE ratio of 9.88, a price-to-earnings-growth ratio of 5.10 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.94 by ($0.04). The business had revenue of $8.38 billion for the quarter, compared to analyst estimates of $8.21 billion. Lennar had a return on equity of 12.73% and a net margin of 9.20%. Lennar's quarterly revenue was down 4.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.45 earnings per share. Research analysts expect that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Announces Dividend

The firm 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. The ex-dividend date was Thursday, July 3rd. This represents a $2.00 dividend on an annualized basis and a yield of 1.7%. Lennar's dividend payout ratio is 16.54%.

Lennar Company 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.