Lennar Corporation - LEN STOCK NEWS

LMC, a subsidiary of Lennar (NYSE:LEN), has begun leasing at The Bower, a new mixed-use apartment community in Kirkland, Washington. Featuring 339 apartments and 7,500 square feet of retail space, The Bower is located near The Village at Totem Lake, enhancing local amenities including high-end retailers and dining options. Residents benefit from proximity to major employers, including tech giants, and easy access to transportation routes. LMC's portfolio in the Seattle area includes six properties, supporting its $12 billion pipeline of multifamily rental communities.

Lennar Corporation (NYSE: LEN, LEN.B) announced a new stock repurchase program, authorizing the buyback of up to $1 billion worth of shares or 25 million shares. This program replaces the previous authorization from January 2019, during which 14 million shares were repurchased for $781 million. The new buyback has no expiration date, allowing management flexibility to repurchase shares as deemed appropriate. This move aims to enhance shareholder value and reflects the company's confidence in its future performance.

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 February 12, 2021 to shareholders on record by January 29, 2021. Founded in 1954, Lennar is a leading homebuilder in the U.S., specializing in affordable, move-up, and active adult homes. The company also provides mortgage financing and develops multifamily rental properties across the country.

Lennar Corporation reported strong fourth-quarter results for 2020, with net earnings of $882.8 million or $2.82 per diluted share, up significantly from $674.3 million or $2.13 per share in 2019. Total revenues for the quarter reached $6.8 billion, down 2%, while new orders increased 16% to 15,214 homes, valued at $6.3 billion. The backlog rose 21% to 18,821 homes at a dollar value of $7.8 billion. Financial services also showed strong performance, with $151.2 million in operating earnings, a significant increase from the prior year.

Lennar Corporation (NYSE: LEN and LEN.B) will release its earnings for Q4 and the year ending November 30, 2020 after market hours on December 16, 2020. A conference call is scheduled for December 17, 2020, at 11:00 a.m. ET, which will be accessible via www.lennar.com. Lennar is a leading national homebuilder, specializing in affordable and quality homes, with a strong presence in financial services and multifamily rental properties.

Lennar Corporation (NYSE: LEN and LEN.B) announced the election of Jon Jaffe as Co-Chief Executive Officer and Co-President, sharing the role with Rick Beckwitt, effective November 3, 2020. Stuart Miller, Executive Chairman, highlighted Jaffe's significant contributions to the company's leadership in homebuilding. Both leaders emphasized their successful partnership and commitment to driving shareholder value and operational excellence. Jaffe has over 30 years of experience, including crucial leadership in Lennar's growth in California. This structural change reflects their effective collaboration and strategic vision.

LMC, a subsidiary of Lennar, has commenced preleasing at Taylor Heights, a new apartment community in Houston. The midrise building features 363 homes with modern amenities and is strategically located near key employment areas. First move-ins are expected this fall, with virtual leasing options available. Taylor Heights offers a range of apartments including studios, one- and two-bedroom units, all equipped with high-end finishes. The development is part of LMC’s ongoing expansion in Houston, which includes two additional projects in the region.

Lennar Corporation (NYSE: LEN, LEN.B) has announced an increase in its annual dividend from $0.50 to $1.00 per share, translating to a quarterly cash dividend of $0.25 per share for both Class A and Class B common stock. This dividend is payable on October 30, 2020 to shareholders recorded by October 16, 2020. Executive Chairman Stuart Miller stated that this decision reflects confidence in the company's cash flow and a commitment to maximizing total shareholder returns, alongside debt reduction and stock repurchase strategies.

LMC, a subsidiary of Lennar, has initiated preleasing at Odin, a new mixed-use apartment community in Northeast Minneapolis. Featuring 335 apartment homes and nearly 8,000 sq. ft. of retail space, Odin includes a 12-story high-rise and a five-story midrise with amenities designed for remote workers. The development boasts a prime location with a Walk Score of 93 and offers various apartment layouts, including studio, 1- and 2-bedroom options. LMC’s investment in Odin is part of a broader $12 billion pipeline across the US, emphasizing their commitment to expanding in thriving markets.