Lennar Stock Price, News & Analysis

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. The dividend will be payable on May 5, 2021, to shareholders of record as of the close of business on April 21, 2021. This announcement underscores Lennar's commitment to returning value to shareholders while continuing to build quality homes across the U.S. and engaging in various financial services.

Sunnova Energy International Inc. (NYSE: NOVA) has completed its acquisition of SunStreet Energy Group, the residential solar platform of Lennar Corporation (NYSE: LEN, LENB). This strategic move makes Sunnova the exclusive provider of residential solar and storage services for new homes nationwide. Lennar will support the partnership with tax equity investments. CEO William J. Berger expressed optimism about expanding customer growth and enhancing service offerings. The acquisition aims to boost stockholder value and advance Sunnova's mission of promoting energy independence.

Upward America, a venture by Lennar Corporation (NYSE: LEN, LEN.B), has appointed RESICAP as its primary property management partner. This partnership aims to manage over $4 billion in build-to-rent homes across various markets. RESICAP, recognized for its extensive experience in handling single-family rental assets, will oversee leasing and management through its division, ResiHome, which has managed over 23,000 homes. The collaboration is expected to leverage Lennar's high-quality housing and RESICAP's operational expertise for rapid growth in the single-family rental market.

Lennar Corporation (NYSE:LEN, LEN.B) has established the Upward America Venture, with an equity commitment of $1.25 billion from Centerbridge, Allianz Real Estate, and other investors. This platform aims to acquire single-family homes for rent in high-growth U.S. markets, targeting a total of $4 billion in acquisitions. The initiative seeks to provide affordable housing options without down payments, enhancing social mobility. Lennar's CEO highlighted a strategic advantage in accessing over 300,000 homesites, anticipating strong performance in the single-family rental sector.

Lennar Corporation reported strong first-quarter results for 2021, achieving net earnings of $1.0 billion ($3.20 per diluted share), up over 150% year-over-year. Revenues increased 18% to $5.3 billion, driven by 12,314 home deliveries and 15,570 new orders. A significant $469.7 million pretax gain from a strategic investment positively impacted earnings. The homebuilding gross margin improved to 25.0%. The company ended with $2.4 billion in cash, no debt on its credit facility, and expects robust performance in the following quarters.

Lennar Corporation (NYSE: LEN and LEN.B) will announce its first-quarter earnings for the period ending February 28, 2021, after market close on March 16, 2021. A conference call to discuss these results will take place on March 17, 2021, at 11:00 a.m. Eastern Time, accessible via Lennar's website. Founded in 1954, Lennar is a leading builder of affordable homes for all generations, also providing mortgage and title services through its Financial Services segment. For more details, visit www.lennar.com.

SmartRent, a leader in smart home automation, announced a strategic investment from Lennar Corporation (NYSE: LEN, LEN.B) on March 4, 2021. This partnership highlights the effectiveness of Alloy SmartHome's Self-Guided Tour technology, enabling homebuyers to tour model homes independently. As part of the investment, Eric Feder, President of LEN^X, will join SmartRent's board. Lennar's backing reflects a broader industry trend towards modernizing real estate processes through tech innovation, with SmartRent offering smart solutions for property managers and builders.

LMC, a subsidiary of Lennar, has commenced leasing at The Fynn in Downtown Elmhurst, Illinois, featuring 212 apartments. This eight-story midrise is strategically located close to numerous shops and dining options, enhancing its community appeal. The leasing office opened on March 1, with resident move-ins scheduled for April 15. Each unit boasts modern amenities, including floor-to-ceiling windows and EV-charging stations. The Fynn is LMC's seventh project in the Chicago area, reinforcing its robust development pipeline which includes over 31,800 units valued at more than $12 billion.