Synovus Financial Corp Has $8.88 Million Stake in Lennar Co. (NYSE:LEN)

Synovus Financial Corp boosted its stake in shares of Lennar Co. (NYSE:LEN) by 1.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,348 shares of the construction company’s stock after acquiring an additional 627 shares during the period. Synovus Financial Corp’s holdings in Lennar were worth $8,877,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LEN. Central Bank & Trust Co. lifted its holdings in shares of Lennar by 155.3% during the 2nd quarter. Central Bank & Trust Co. now owns 7,849 shares of the construction company’s stock worth $1,176,000 after acquiring an additional 4,775 shares during the period. Hennion & Walsh Asset Management Inc. lifted its stake in Lennar by 15.1% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 12,504 shares of the construction company’s stock worth $1,874,000 after purchasing an additional 1,644 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Lennar by 35.8% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,396 shares of the construction company’s stock valued at $208,000 after purchasing an additional 368 shares in the last quarter. Dakota Wealth Management bought a new position in shares of Lennar in the 2nd quarter valued at $201,000. Finally, Freedom Day Solutions LLC raised its holdings in shares of Lennar by 5.4% during the 2nd quarter. Freedom Day Solutions LLC now owns 15,159 shares of the construction company’s stock worth $2,272,000 after buying an additional 783 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

Lennar Price Performance

Lennar stock opened at $154.39 on Friday. The firm has a market cap of $41.88 billion, a P/E ratio of 10.22, a P/E/G ratio of 1.31 and a beta of 1.61. The stock’s 50 day moving average is $172.46 and its 200 day moving average is $169.85. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.90 and a quick ratio of 0.98. Lennar Co. has a one year low of $140.65 and a one year high of $193.80.

Lennar (NYSE:LEN) last posted its quarterly earnings data on Thursday, September 19th. The construction company reported $3.90 EPS for the quarter, beating analysts’ consensus estimates of $3.62 by $0.28. Lennar had a net margin of 11.51% and a return on equity of 15.47%. The company had revenue of $9.42 billion for the quarter, compared to analyst estimates of $9.14 billion. During the same period in the prior year, the firm posted $3.91 EPS. The company’s quarterly revenue was up 7.9% on a year-over-year basis. As a group, research analysts expect that Lennar Co. will post 14.11 EPS for the current year.

Lennar Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 24th. Stockholders of record on Wednesday, October 9th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.30%. The ex-dividend date was Wednesday, October 9th. Lennar’s dividend payout ratio (DPR) is presently 13.25%.

Analysts Set New Price Targets

A number of research firms have issued reports on LEN. Bank Of America (Bofa) lifted their target price on Lennar from $171.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Barclays lowered shares of Lennar from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $210.00 to $181.00 in a report on Wednesday. StockNews.com downgraded shares of Lennar from a “buy” rating to a “hold” rating in a research note on Saturday, September 28th. Bank of America upped their price target on shares of Lennar from $171.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. Finally, Wells Fargo & Company dropped their price target on Lennar from $190.00 to $180.00 and set an “equal weight” rating for the company in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $183.76.

Insider Activity

In other news, Director Jeffrey Sonnenfeld sold 17,500 shares of Lennar stock in a transaction on Monday, October 28th. The shares were sold at an average price of $175.13, for a total value of $3,064,775.00. Following the completion of the sale, the director now owns 23,689 shares in the company, valued at $4,148,654.57. The trade was a 42.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 9.36% of the stock is owned by company insiders.

Lennar 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.