Lennar Stock Price, News & Analysis

Lennar has announced a new residential community in Northern California, featuring 102 attached homes built using Veev's innovative panelized construction technology. This project follows Lennar's $200 million investment in Veev, aimed at streamlining homebuilding processes. Veev's technology allows for homes to be constructed up to four times faster than traditional methods. The collaboration reflects both companies' commitment to integrating advanced technology in home construction, enhancing the living experience for buyers.

LMC, a subsidiary of Lennar, has opened Camber, a new apartment community in Denver Gateway Center. This community features 240 garden-style homes and is strategically located between Downtown Denver and Denver International Airport. The area anticipates significant job growth, adding 13,400 new jobs in 2021. Camber offers modern amenities including a swimming pool, fitness center, and pet spa, with easy access to transportation options. This marks LMC's eighth development in Denver, further expanding its multifamily rental portfolio valued at over $14.5 billion.

Lennar Corporation's subsidiary, LMC, has initiated leasing at its new luxury apartment community, Bowen River Oaks, located in Houston's prestigious River Oaks District. This 25-story high-rise features 403 apartment homes, lending residents access to upscale dining and shopping. The apartments range from 561 to 2,259 square feet, equipped with modern amenities and smart technology. Bowen River Oaks includes a resort-style pool, fitness center, and business center, enhancing the luxury living experience. The community is strategically located near major employers and attractions, with a project pipeline valued at over $14.5 billion.

Lennar Corporation (NYSE: LEN, LEN.B) has announced an increase in its stock repurchase program by up to $1 billion in purchase price or 25 million shares of its Class A and Class B common stock. This authorization has no expiration date, reflecting the company's commitment to enhancing shareholder value. The repurchase program indicates confidence in the company's prospects, providing an opportunity for shareholders to benefit from enhanced earnings per share (EPS) through reduced share count.

Lennar Corporation (NYSE: LEN and LEN.B) has declared a quarterly cash dividend of $0.25 per share for both Class A and Class B common stock. This dividend is payable on October 28, 2021 to shareholders on record as of October 14, 2021. Founded in 1954, Lennar is a leading homebuilder in the U.S., offering affordable and quality homes across various segments. The company's financial services and multifamily development initiatives further support its growth in the housing market.

Lennar reported a robust third quarter for 2021, with net earnings of $1.4 billion, or $4.52 per diluted share, doubling from $666.4 million in 2020. Home deliveries increased by 10% to 15,199 homes, and new orders rose 5% to 16,277 homes, valuing $7.5 billion. Revenues hit $6.9 billion, an 18% increase. The gross margin on home sales reached a record 27.3%, driven by a 14% revenue increase per square foot. Despite supply chain challenges, the company ended the quarter with $2.6 billion in cash, no debt, and an upgraded investment-grade rating.

Lennar, a prominent homebuilder, is set to release over 1,000 homes for sale by year-end in more than 70 communities across the Tampa Bay area. This initiative aims to address the low inventory of new homes in a competitive market where only 15,000 new homes are typically built each year. The new homes, priced between the mid-$200s and mid-$300s, are located in desirable communities featuring modern amenities. Lennar has partnered with Opendoor to streamline the home buying process, allowing buyers to sell their current home for a cash offer to facilitate their next purchase.

Chris Marlin has stepped down as President of Lennar International after eight years. He founded the company as Lennar's foreign home sales arm and was instrumental in forming global capital strategies. Under his leadership, Lennar became the top destination for foreign buyers in the U.S. housing market. Marlin will continue to engage in real estate investment, focusing on ClimateTech and PropTech. He has also joined ClimateAlpha.ai as a strategic advisor and remains active in various advisory and board roles.