Confluence Wealth Services Inc. Boosts Stake in Lennar Corporation $LEN

Confluence Wealth Services Inc. grew its stake in Lennar Corporation (NYSE:LEN) by 3.7% during the second quarter, HoldingsChannel reports. The fund owned 10,748 shares of the construction company’s stock after acquiring an additional 387 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Lennar were worth $1,189,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in LEN. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of Lennar by 1.2% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,719 shares of the construction company’s stock valued at $886,000 after buying an additional 89 shares during the last quarter. NorthRock Partners LLC lifted its position in Lennar by 1.4% during the first 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 stake in Lennar by 1.1% in the first quarter. Valeo Financial Advisors LLC now owns 8,841 shares of the construction company’s stock valued at $1,015,000 after acquiring an additional 95 shares in the last quarter. EP Wealth Advisors LLC grew its holdings in Lennar by 2.3% in the first quarter. EP Wealth Advisors LLC now owns 4,782 shares of the construction company’s stock worth $549,000 after purchasing an additional 107 shares during the last quarter. Finally, Mather Group LLC. increased 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 worth $174,000 after purchasing an additional 117 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Lennar Stock Performance

LEN opened at $130.13 on Monday. The firm has a 50 day moving average of $128.71 and a two-hundred day moving average of $116.33. The firm has a market capitalization of $33.70 billion, a PE ratio of 12.86, a P/E/G ratio of 5.82 and a beta of 1.37. The company has a current ratio of 4.49, a quick ratio of 0.68 and a debt-to-equity ratio of 0.15. Lennar Corporation has a 12-month low of $98.42 and a 12-month high of $189.65.

Lennar (NYSE:LEN) last issued its earnings results on Thursday, September 18th. The construction company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.15. The firm had revenue of $8.81 billion for the quarter, compared to the consensus estimate of $9.01 billion. Lennar had a return on equity of 11.09% and a net margin of 7.72%.The company’s revenue was down 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.90 earnings per share. On average, analysts anticipate that Lennar Corporation will post 12.48 EPS for the current year.

Lennar Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Friday, October 10th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, October 10th. This represents a $2.00 dividend on an annualized basis and a yield of 1.5%. Lennar’s dividend payout ratio is currently 19.76%.

Analysts Set New Price Targets

Several research analysts recently weighed in on LEN shares. UBS Group boosted their target price on Lennar from $146.00 to $161.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Zelman & Associates lowered Lennar from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 18th. Wedbush reaffirmed a “neutral” rating and issued a $130.00 price objective on shares of Lennar in a research report on Monday, September 22nd. JMP Securities boosted their target price on shares of Lennar from $130.00 to $140.00 and gave the stock a “market outperform” rating in a research report on Monday, September 22nd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Lennar from $97.00 to $92.00 and set a “neutral” rating for the company in a report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lennar presently has an average rating of “Hold” and an average target price of $123.75.

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.