Zacks upgraded shares of Lennar Corp. (NYSE: LEN) from a neutral rating to an outperform rating in a report released on Monday, Stock Ratings Network reports. Zacks currently has $44.00 price objective on the stock.
Zacks’ analyst wrote, “We upgrade our recommendation on Lennar to Outperform from Neutral following solid second-quarter results. Lennar beat the Zacks Consensus Estimate for both earnings and revenues on the back of the steadily recovering housing market. The housing recovery continued to boost both volume and prices for Lennar homes despite recent concerns about rising interest rates. Earnings jumped 105% from the prior-year quarter driven by double-digit growth in homebuilding revenues and solid margins. Lennar has been witnessing solid year-over-year growth in new home orders, average selling prices and home closings for the past few quarters. We believe that the company is performing better than its peers by increasing selling prices, improving volumes, making opportunistic land acquisitions and consistently delivering decent profit margins. In addition to its homebuilding operations, , growth is also expected from its multiple platforms including Rialto, Mutlifamily and Financial Services.”
A number of other analysts have also recently weighed in on LEN. Analysts at TheStreet reiterated a buy rating on shares of Lennar Corp. in a research note to investors on Wednesday, July 10th. Separately, analysts at EVA Dimensions downgraded shares of Lennar Corp. to an underweight rating in a research note to investors on Monday, July 8th.
One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $43.00.
Shares of Lennar Corp. (NYSE: LEN) traded down 1.35% during mid-day trading on Monday, hitting $35.00. Lennar Corp. has a one year low of $28.51 and a one year high of $44.40. The stock’s 50-day moving average is currently $37.04. The company has a market cap of $6.755 billion and a P/E ratio of 19.23.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, July 24th. Investors of record on Wednesday, July 10th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.45%. The ex-dividend date is Monday, July 8th.
Lennar Corporation is a homebuilder and a provider of financial services and through its Rialto Investments (NYSE: LEN) segment, an investor, and manager of funds that invest in real estate assets.
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