Fintel reports that BlackRock has filed a 13G/A form with the SEC disclosing ownership of 20.11MM shares of Lennar Corporation (LEN). This represents 7.9% of the company.
In their previous filing dated February 1, 2022 they reported 22.71MM shares and 8.40% of the company, a decrease in shares of 11.48% and a decrease in total ownership of 0.50% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 0.49% Downside
As of February 3, 2023, the average one-year price target for Lennar is $107.55. The forecasts range from a low of $76.76 to a high of $126.00. The average price target represents a decrease of 0.49% from its latest reported closing price of $108.08.
The projected annual revenue for Lennar is $29,336MM, a decrease of 12.87%. The projected annual EPS is $11.82, a decrease of 24.92%.
Fund Sentiment
There are 1457 funds or institutions reporting positions in Lennar. This is a decrease of 26 owner(s) or 1.75%.
Average portfolio weight of all funds dedicated to US:LEN is 0.2859%, an increase of 0.9665%. Total shares owned by institutions increased in the last three months by 6.32% to 290,183K shares.
What are large shareholders doing?
Wellington Management Group Llp holds 17,382,120 shares representing 6.00% ownership of the company. In it's prior filing, the firm reported owning 11,601,844 shares, representing an increase of 33.25%. The firm decreased its portfolio allocation in LEN by 76.73% over the last quarter.
Capital World Investors holds 17,107,401 shares representing 5.91% ownership of the company. In it's prior filing, the firm reported owning 3,239,348 shares, representing an increase of 81.06%. The firm increased its portfolio allocation in LEN by 489.60% over the last quarter.
Aristotle Capital Management holds 14,645,537 shares representing 5.06% ownership of the company. In it's prior filing, the firm reported owning 14,882,240 shares, representing a decrease of 1.62%. The firm increased its portfolio allocation in LEN by 9.47% over the last quarter.
Manufacturers Life Insurance Company, The holds 10,158,317 shares representing 3.51% ownership of the company. In it's prior filing, the firm reported owning 11,127,461 shares, representing a decrease of 9.54%. The firm decreased its portfolio allocation in LEN by 3.23% over the last quarter.
Greenhaven Associates holds 9,264,265 shares representing 3.20% ownership of the company. In it's prior filing, the firm reported owning 9,319,777 shares, representing a decrease of 0.60%. The firm increased its portfolio allocation in LEN by 1.83% over the last quarter.
Lennar Declares $0.38 Dividend
Lennar said on January 12, 2023 that its board of directors declared a regular quarterly dividend of $0.38 per share ($1.50 annualized). Shareholders of record as of January 26, 2023 will receive the payment on February 10, 2023. Previously, the company paid $0.38 per share.
At the current share price of $108.08 / share, the stock's dividend yield is 1.39%. Looking back five years and taking a sample every week, the average dividend yield has been 0.89%, the lowest has been 0.26%, and the highest has been 2.14%. The standard deviation of yields is 0.57 (n=236).
The current dividend yield is 0.87 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.09. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 2.00%, demonstrating that it has increased its dividend over time.
Lennar Background Information
(This description is provided by the company.)
Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation and strategic investments.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
