Lennar Corporation (NYSE: LEN) raised its annual dividend by 50% to $1.50 per share. Likewise, this implies a 50% higher quarterly cash dividend of $0.375 per share for both Class A and Class B shares.
Based in Florida, U.S., Lennar Corporation is a leading home construction and real estate company. At the time of writing, shares of the homebuilder gained 2.4% during the pre-market trading session on January 13.
Compared to the Top Dividend Stocks, the company’s annual dividend of $1.50 per share reflects a dividend yield of 1.4%. The dividend is payable on February 10 to shareholders of record on January 27.
The company’s Executive Chairman, Stuart Miller, commented, “Once again, we are increasing our dividend as part of our overall strategy of focusing on total shareholder returns.”
Sharing his beliefs, he added, “Given our confidence in our operating platform and resulting cash flow generation, we continue to believe a balanced program of debt reduction, stock repurchase and an increased dividend, is appropriate.”
On January 10, RBC Capital analyst Michael Dahl reiterated a Hold rating on Lennar with a price target of $109 (1% upside potential).
Overall, the stock has a Strong Buy consensus rating based on 9 Buys and 3 Holds. The average Lennar stock price target of $130.75 implies 21.1% upside potential from current levels. Notably, Lennar shares have jumped 41% over the past year.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 95% Bullish on LEN stock, compared to a sector average of 73%.
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