Resona Asset Management Co. Ltd. Increases Stock Holdings in Lennar Corporation (NYSE:LEN)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Lennar Corporation by 7.2%, bringing its total shareholding to 80,526 shares valued at $9,233,000.
• Multiple research analysts have downgraded Lennar's target prices, with Barclays setting a new target of $95.00 and others following suit, affecting the company's overall consensus rating which currently remains at "Hold".
• Lennar announced a quarterly dividend of $0.50, with an annualized yield of 1.5%, reflecting a commitment to return value to shareholders.

Resona Asset Management Co. Ltd. raised its holdings in shares of Lennar Corporation (NYSE:LEN - Free Report) by 7.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 80,526 shares of the construction company's stock after purchasing an additional 5,418 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Lennar were worth $9,233,000 as of its most recent filing with the Securities & Exchange Commission.

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

Lennar Price Performance

Shares of Lennar stock traded up $1.58 during trading hours on Friday, reaching $132.03. 5,172,248 shares of the company's stock were exchanged, compared to its average volume of 2,904,637. Lennar Corporation has a 1 year low of $98.42 and a 1 year high of $193.80. The company has a market capitalization of $34.20 billion, a P/E ratio of 10.92, a price-to-earnings-growth ratio of 5.60 and a beta of 1.29. The business has a fifty day moving average of $113.98 and a two-hundred day moving average of $114.08. The company has a quick ratio of 0.49, a current ratio of 3.65 and a debt-to-equity ratio of 0.12.

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). Lennar had a return on equity of 12.73% and a net margin of 9.20%. The business had revenue of $8.38 billion for the quarter, compared to analysts' expectations of $8.21 billion. During the same period in the previous year, the company earned $3.45 EPS. Lennar's quarterly revenue was down 4.4% compared to the same quarter last year. As a group, research analysts predict that Lennar Corporation will post 12.48 earnings per share for the current fiscal year.

Lennar Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on LEN. Keefe, Bruyette & Woods decreased their target price 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. Zelman & Associates cut shares of Lennar from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 18th. Wedbush reiterated a "neutral" rating and issued a $130.00 target price on shares of Lennar in a research note on Wednesday, June 18th. Bank of America decreased their target price on shares of Lennar from $110.00 to $105.00 and set a "neutral" rating for the company in a research note on Wednesday, June 18th. Finally, Evercore ISI reduced their price objective on shares of Lennar from $131.00 to $114.00 and set an "in-line" rating for the company in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $128.85.

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.