Synovus Financial Corp Sells 33,138 Shares of Lennar Corporation $LEN

Key Points

• Synovus Financial Corp slashed its stake in Lennar Corporation by 69.8%, reducing its holdings to 14,365 shares after selling 33,138 shares in the first quarter.
• Analysts have mixed outlooks for Lennar, with a consensus rating of "Hold" and a price target averaging $128.85, while several brokerages have adjusted their price objectives downward.
• Lennar reported $1.90 EPS for the quarter, missing estimates of $1.94, and recorded a 4.4% year-over-year revenue decline despite a revenue of $8.38 billion.

Synovus Financial Corp cut its holdings in Lennar Corporation (NYSE:LEN - Free Report) by 69.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,365 shares of the construction company's stock after selling 33,138 shares during the quarter. Synovus Financial Corp's holdings in Lennar were worth $1,649,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Ameriflex Group Inc. acquired a new stake in Lennar in the 4th quarter worth about $30,000. Opal Wealth Advisors LLC acquired a new position in Lennar during the 1st quarter worth approximately $30,000. NBC Securities Inc. acquired a new position in Lennar in the 1st quarter worth $33,000. Franchise Capital Ltd acquired a new position in shares of Lennar in the first quarter worth about $38,000. Finally, Disciplina Capital Management LLC raised its holdings in Lennar by 179.8% in the first quarter. Disciplina Capital Management LLC now owns 333 shares of the construction company's stock valued at $38,000 after acquiring an additional 214 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

Analysts Set New Price Targets

LEN has been the topic of several research reports. Wall Street Zen cut Lennar from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Keefe, Bruyette & Woods dropped their target price on shares of Lennar from $128.00 to $114.00 and set a "market perform" rating on the stock in a report on Friday, June 20th. Barclays dropped their price objective on shares of Lennar from $110.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Wednesday, June 18th. UBS Group dropped their price objective on shares of Lennar from $164.00 to $146.00 and set a "buy" rating on the stock in a research note on Wednesday, June 18th. Finally, Bank of America dropped their price target on Lennar from $110.00 to $105.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 18th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and fourteen have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $128.85.

Lennar Stock Up 0.1%

Shares of Lennar stock traded up $0.15 on Friday, hitting $133.28. 1,846,892 shares of the company traded hands, compared to its average volume of 3,194,609. 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 company has a market cap of $34.52 billion, a PE ratio of 11.02, a PEG ratio of 5.65 and a beta of 1.29. Lennar Corporation has a 12-month low of $98.42 and a 12-month high of $193.80. The company has a 50-day moving average price of $118.89 and a 200 day moving average price of $114.52.

Lennar (NYSE:LEN - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $8.21 billion. During the same quarter in the prior year, the company posted $3.45 earnings per share. The company's revenue for the quarter was down 4.4% on a year-over-year basis. Sell-side analysts predict that Lennar Corporation will post 12.48 earnings per share for the current year.

Lennar Dividend Announcement

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

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.