Lennar (LEN) Stock Today, November 26, 2025: Exchange Offer Finalized as Shares Extend Homebuilder Rally

Lennar Corporation (NYSE: LEN) is back in focus today after the homebuilder formally released the final results of its long-running exchange offer involving Millrose Properties and as the stock continues to ride a sector-wide housing rally.

As of around 1:07 p.m. Eastern on November 26, 2025, Lennar shares were trading near $132.55, up about 1.1% on the day, after closing Tuesday at $131.08. The stock has traded between $130.57 and $132.93 so far today and sits well above its 52‑week low of $98.42, though still below its recent high near $180.12. ^[1]

Key takeaways for Lennar (LEN) on November 26, 2025

Stock price today: Around $132–133, up roughly 1% intraday and building on a sharp multi-day rally. ^[2]
Major corporate news today: Lennar released final results of its exchange offer swapping its stake in Millrose Properties (MRP) for Lennar shares, confirming the offer was heavily oversubscribed with a proration factor of 8.604228%. ^[3]
Institutional activity: A new article today shows Quadcap Wealth Management LLC has taken a ~$571,000 position in Lennar, adding to already high institutional ownership of about 81%. ^[4]
Valuation snapshot: Lennar trades at roughly 13× trailing earnings, with a $33.8 billion market cap, and pays an annual dividend of $2.00 per share (about a 1.5% yield). ^[5]
Macro backdrop: Homebuilder stocks, including Lennar, jumped nearly 6% last Friday as investors bet on a potential Federal Reserve rate cut at the December 9–10 meeting, which could ease mortgage rates and support housing demand. ^[6]

Below is a deeper dive into what’s driving Lennar stock today and what investors are watching next.

Lennar (LEN) stock performance: extending a powerful housing rally

After a choppy year for homebuilders, Lennar has staged a sharp short-term rebound:

Today (Nov 26, intraday):
- Price: ~$132.55
- Change: +1.46 (+1.12%)
- Day’s range: $130.57 – $132.93
- Market cap: ~$33.8 billion
- 52‑week range: $98.42 – $180.12 ^[7]
Recent moves:
- Friday, Nov 21: Lennar jumped almost 6% as homebuilders became some of the biggest gainers in the S&P 500 following dovish comments from New York Fed President John Williams, which boosted odds of a December rate cut. ^[8]
- Tuesday, Nov 25: Shares closed at $131.08, up 6.60% from the prior session, on exceptionally heavy volume of more than 15 million shares. ^[9]

From last Thursday’s close around $116 to today’s midday levels above $132, Lennar has gained roughly 14% in just a few trading days, reflecting both the macro tailwind from falling rate expectations and company-specific catalysts such as the Millrose exchange. ^[10]

Despite the rally, Lennar still trades below its 52‑week high near $180, leaving a noticeable gap between today’s price and its peak, even as short-term momentum has turned firmly positive. ^[11]

The big story today: final results of the Millrose exchange offer

The headline corporate news on November 26, 2025 is Lennar’s announcement of the final results of its previously launched exchange offer involving Millrose Properties, Inc. (NYSE: MRP). ^[12]

What Lennar did

Lennar owned about 33.3 million shares of Millrose Class A stock, representing roughly 20% of Millrose’s total outstanding shares.
The company offered to exchange that Millrose stake for outstanding Lennar Class A shares, effectively giving Lennar investors the chance to swap their LEN stock for shares in Millrose. ^[13]

The offer expired at 12:00 midnight (New York time) on November 21, 2025. ^[14]

Final numbers from today’s announcement

According to Lennar’s press release and related coverage: ^[15]

Total Lennar shares tendered:
- 85,296,924 Class A shares were validly tendered and not withdrawn.
Oversubscription and proration:
- About 84.5 million shares were subject to proration.
- “Odd-lot” holders (investors with fewer than 100 Lennar shares who tendered all of their stock) were fully accepted and not subject to proration.
- For everyone else, Lennar applied a final proration factor of 8.604228%, meaning only about 1 in 12 tendered shares (excluding odd-lots) were accepted.
Shares accepted:
- Lennar accepted 8,049,594 Class A shares in exchange for 33,298,754 Millrose Class A shares.

The oversubscription shows that investor demand to participate in the deal far exceeded the available capacity, which is why proration was necessary. Checks for fractional Millrose shares will be issued after the exchange agent aggregates and sells those fractions in the open market. ^[16]

Why this matters for Lennar shareholders

Portfolio simplification and Millrose exit
- Lennar has effectively distributed its ~20% Millrose stake to participating Lennar shareholders, reducing cross-ownership and simplifying its balance sheet. ^[17]
Share-count dynamics
- Lennar is taking in just over 8.0 million of its own shares via the exchange. With roughly 255 million shares outstanding, that’s about 3% of the float—comparable in scale to a mid‑sized buyback program. ^[18]
- The company has not yet detailed whether these shares will be retired, held as treasury stock, or used for future corporate purposes. That decision will determine the long-term impact on earnings per share.
Signal on capital allocation
- The exchange follows Lennar’s ongoing share repurchases; in the most recent quarter alone, the company bought back 4.1 million shares for about $507 million at an average price of $122.97. ^[19]
- Combined, the buybacks and exchange underscore management’s willingness to return capital and shrink the equity base, a theme many investors watch closely in cyclical sectors like homebuilding.
Market reaction
- Coverage today notes that Lennar’s stock ticked higher in premarket trading following the final results, while Millrose shares traded modestly lower. ^[20]
- Today’s intraday gains, layered on top of yesterday’s 6.6% jump, suggest that investors are digesting the exchange as part of a broader bullish shift toward homebuilders rather than reacting solely to the mechanics of the offer. ^[21]

Institutional buying and Wall Street sentiment

Quadcap Wealth Management’s new position

Another fresh headline today: Quadcap Wealth Management LLC disclosed a new position in Lennar, buying 5,163 shares valued at roughly $571,000 during the second quarter, according to a MarketBeat summary published November 26. ^[22]

That same report highlights a long list of other institutional holders—from banks to asset managers—that have been adding or trimming Lennar positions in recent quarters, and notes that institutional investors now hold about 81.1% of the stock. ^[23]

While a ~$0.6 million stake is not individually decisive for a company Lennar’s size, ongoing 13F filings and fund-flow headlines reinforce that Lennar is tightly held and actively traded in institutional portfolios, which can amplify both upside and downside moves.

Analyst ratings and price targets

Across data aggregators, Lennar continues to be viewed as a “Hold”‑rated stock overall: ^[24]

Consensus rating: Hold (majority of analysts neutral).
Average 12‑month price target: Around $123–124 per share, implying mid‑single‑digit downside from today’s ~$132–133 level.
Valuation stats today:
- Trailing P/E: about 13×
- Forward P/E: about 15–16×
- Dividend: $2.00 per share annually (roughly 1.5% yield)

The fact that the average target price sits below the current share price underscores how quickly Lennar has rallied—analysts may need time to reassess their models after the recent surge and the completed exchange, or they may simply see the stock as fairly valued or slightly rich after the run-up.

Under the hood: earnings, margins, and the housing backdrop

Q3 2025 results show pressure on margins

Lennar’s latest reported quarter (Q3 FY2025, ended August 31) painted a picture of solid demand but compressed profitability: ^[25]

Net earnings:$591 million, or $2.29 per diluted share.
Adjusted EPS: About $2.00, excluding mark‑to‑market gains on technology investments.
Total revenues: Roughly $8.8 billion.
Home deliveries:21,584 homes, essentially flat year‑on‑year.
New orders:23,004 homes, up about 12% versus the prior year.
Gross margin on home sales:17.5%, down from the low‑20s a year earlier.
SG&A as a percentage of home sales:8.2%, higher than the prior year due to lower revenue leverage and higher selling costs.

Management attributed margin pressure to price cuts and incentives, including mortgage rate buydowns, used to keep sales volumes resilient in a high‑rate environment. At the same time, Lennar has leaned on scale and operational efficiencies to keep returns attractive, and it continues to generate meaningful cash for share repurchases and dividends. ^[26]

Earnings outlook and upcoming catalysts

Looking ahead:

Q4 2025 earnings date: Data providers currently show December 17, 2025 as the expected release date for Lennar’s fiscal Q4 results, with a conference call the following day. ^[27]
Lennar’s own guidance from the Q3 release calls for:
- 20,000–21,000 new orders in Q4,
- 22,000–23,000 deliveries, and
- Home sales gross margin of about 17.5%, roughly flat versus Q3. ^[28]

External commentary has noted that Street EPS expectations for Q4 are lower than last year’s, reflecting both softer margins and cautious views on the housing cycle. ^[29]

Against that backdrop, today’s stock move and the post‑exchange setup mean investors will be watching upcoming guidance closely to see whether Lennar can stabilize margins and convert its capital‑return strategy into sustained earnings per share growth.

Leadership transition: Jaffe’s retirement on the horizon

Another important—though not “today” specific—factor in Lennar’s story is its leadership change, announced earlier this month.

On November 14, 2025, Lennar said that Co‑CEO and President Jon Jaffe will retire effective December 31, 2025, after a 42‑year career at the company. Following his retirement, Executive Chairman Stuart Miller will continue as sole Chief Executive Officer, with no plans to appoint a new Co‑CEO. ^[30]

The company framed the move as part of a shift toward a leaner, more efficiency‑focused structure, emphasizing affordability, technology, and cost discipline. For investors, the transition raises typical questions about execution but also suggests continuity in strategic direction, given Miller’s long tenure and central role in Lennar’s growth.

How macro conditions are shaping Lennar’s setup

Lennar’s stock is also moving within a broader narrative about interest rates and housing affordability:

The Investopedia report this week highlighted that homebuilders, including Lennar, rallied strongly after comments from a Fed official boosted odds of a December rate cut, which would likely lower mortgage rates and support housing demand. ^[31]
Even with the recent surge, homebuilders like Lennar remain below their 2025 highs, reflecting lingering concerns about affordability, inventory, and the durability of any Fed-driven rebound. ^[32]

For Lennar specifically, the key variables investors are weighing include:

Interest rates and mortgage costs – how quickly lower rates, if they materialize, translate into improved buyer demand.
Pricing power vs. incentives – whether Lennar can ease promotional activity and rebuild margins without sacrificing volume.
Capital allocation – how the company balances share repurchases, dividends, land spending, and technology investments after the Millrose exchange.
Leadership and execution – the impact of Jaffe’s retirement and the continued centrality of Stuart Miller’s strategy.

What to watch next for Lennar stock

Going forward, investors and traders watching Lennar (LEN) on or after November 26, 2025 are likely to focus on:

Official closing price and volume for today
- Given the size of the recent moves, end‑of‑day flows and any follow‑through tomorrow will offer clues about whether today’s action is consolidation or the start of a new leg higher. ^[33]
Additional commentary on the exchange offer
- Any indication of how Lennar plans to treat the 8.0 million shares received in the exchange—retirement vs. treasury—could reshape EPS math and capital‑return narratives. ^[34]
Pre‑earnings analyst revisions
- As the December 17 Q4 earnings date approaches, analysts may update price targets or ratings to reflect the stock’s recent rally, the completed Millrose transaction, and evolving views on the Fed and housing demand. ^[35]
Sector-wide homebuilder sentiment
- Lennar continues to trade as part of a macro‑sensitive housing basket, moving with expectations for Fed policy, mortgage rates, and the strength of the U.S. consumer. ^[36]