Lennar (LEN) Stock Today, November 28, 2025: Price, News, and Outlook for the Homebuilder

As of the early close on Friday, November 28, 2025 (Black Friday), Lennar Corporation (NYSE: LEN) finished the session almost exactly where it started, but beneath the calm surface there’s been a busy month of earnings fallout, Fed speculation, and significant corporate moves shaping the stock’s next chapter.

Quick snapshot of Lennar stock today

Last price:$131.28
Daily move: about –$0.01 (essentially flat) in today’s shortened trading session
Intraday range: roughly $129.81 – $131.41
Volume: about 3.4 million shares, a little above its typical daily turnover near 3.3 million ^[1]
52‑week range: approximately $98.42 – $177.15 ^[2]
Market cap: around $33–34 billion at today’s price ^[3]
Valuation: trailing P/E ~12.9, forward P/E just over 10 ^[4]
Dividend:$0.50 per quarter ($2.00 annualized), ~1.5% yield at today’s price ^[5]

Despite today’s flat finish, Lennar shares are still down roughly 10% year‑to‑date, even after a sharp rally earlier this week when hopes for a December Fed rate cut lit a fire under homebuilder stocks. ^[6]

How Lennar traded in today’s Black Friday session

U.S. stock indices extended their five‑day winning streak in Friday’s abbreviated session, with the Dow up about 0.6% and the S&P 500 gaining roughly 0.5% as Wall Street closed out a volatile November on a positive note. ^[7]

Against that supportive backdrop:

Lennar traded in a tight band, hovering near $131 for most of the day and closing almost unchanged.
The iShares U.S. Home Construction ETF (ITB), a popular homebuilder benchmark that includes Lennar, also finished nearly flat, up only about 0.05%.

In other words, after a burst of enthusiasm earlier in the holiday week, today looked like a “catch your breath” session for Lennar shareholders: modest volumes, no big headlines, and a market broadly in risk‑on mode.

The big November catalysts behind Lennar’s recent move

Even if today was quiet, November has been anything but. Three themes are doing most of the heavy lifting for Lennar’s narrative right now:

1. Fed rate‑cut hopes gave homebuilders a big boost

On November 21, 2025, comments from New York Fed President John Williams suggesting there was “room for a further adjustment” to the policy rate pushed traders to price in roughly a 70% chance of a December rate cut, up from about 39% the prior day. ^[8]

Homebuilders ripped higher on that news:

Lennar shares jumped close to 6% in a single session, putting it among the top gainers in the S&P 500 on the day. ^[9]

Why it matters: lower Fed rates generally mean lower mortgage rates, which can unlock demand from buyers who’ve been priced out by 6–7% mortgages for most of 2025. That’s especially important for Lennar, which has been aggressively using rate buydowns and other incentives to keep sales moving in a tough affordability environment. ^[10]

2. Q3 2025 earnings: profit drop, margin pressure, cautious guidance

Lennar’s third‑quarter fiscal 2025 results (for the period ended August 31) are still shaping how investors think about the stock:

GAAP EPS:$2.29, down from $4.26 a year earlier, a profit drop of roughly 46%. ^[11]
Adjusted EPS (excluding mark‑to‑market gains on tech investments): about $2.00, missing analyst expectations around $2.10–2.14. ^[12]
Revenue: roughly $8.81 billion, down 6–9% from the prior year and slightly below estimates near $9.0 billion. ^[13]
Homebuilding gross margin: around 17.5%, a touch below Wall Street’s expectations, as Lennar leaned heavily on incentives like mortgage‑rate buydowns. ^[14]
Deliveries and orders: home deliveries of about 21,584 homes came in a bit light, but new orders grew to over 23,000, up double digits year‑over‑year, with a backlog valued around $6.6 billion. ^[15]

Looking ahead, Lennar issued Q4 2025 EPS guidance of $2.10–$2.30, notably below an earlier Street consensus near $2.74, reinforcing the message that margins will likely remain under pressure even as demand slowly improves. ^[16]

Market reaction at the time was negative — the stock fell in the days after the release — and those earnings dynamics are still baked into today’s valuation.

3. November corporate news: leadership change, spin‑related exchange offer, and a big holder trimming

November has also brought a trio of company‑specific headlines:

Co‑CEO Jon Jaffe to retire

On November 14, 2025, Lennar announced that Co‑CEO and President Jon Jaffe will retire effective December 31, 2025, stepping down from both his executive role and the board after 42 years at the company. Executive Chairman Stuart Miller will become sole Chief Executive Officer, and Lennar does not plan to replace the Co‑CEO role. ^[17]

The company framed the timing as part of a push toward a leaner, more technology‑driven organization focused on building more affordable homes. For investors, consolidating leadership under Miller suggests continuity of strategy, but it also removes a long‑tenured operational leader from the top team. ^[18]

Final results of the Millrose exchange offer

On November 26, 2025, Lennar released the final results of its exchange offer involving Millrose Properties, Inc. (NYSE: MRP), the recently spun‑off land and commercial real‑estate platform. ^[19]

Key details:

Lennar accepted about 8.05 million shares of its own Class A stock in exchange for 33.3 million Millrose Class A shares, which represented roughly 20% of Millrose’s outstanding stock. ^[20]
The offer was oversubscribed; a proration factor of ~8.6% was applied to most tenders, with odd‑lot holders (fewer than 100 shares) fully accepted. ^[21]

Economically, this functions a bit like a tax‑efficient share repurchase funded by the Millrose stake: Lennar reduces its share count while returning Millrose shares to participating investors. Over time, that can boost EPS and sharpen Lennar’s focus on its core homebuilding and financial services segments.

Jefferies Financial Group slashes its Lennar stake

Today, November 28, 2025, MarketBeat highlighted a new 13F filing showing that Jefferies Financial Group cut its Lennar position by about 76.5% in Q2, selling nearly 29,000 shares and leaving 8,851 shares worth around $1 million. ^[22]

The same report notes that:

Institutional investors still own roughly 81% of Lennar’s shares. ^[23]
At recent prices near $131, Lennar trades on a trailing P/E around 13 with a dividend yield near 1.5%, and a 52‑week high around $177. ^[24]

One large holder trimming doesn’t necessarily change the story, but it underscores the mixed institutional sentiment after a year of falling earnings and margin compression.

The 2025 housing backdrop: high rates, tougher buyers, and builder incentives

To understand Lennar stock, you have to watch the U.S. housing market:

The 30‑year fixed mortgage rate has eased from its peak but still sat around 6.3% in mid‑October 2025, according to Freddie Mac data cited by Yahoo Finance — well above pre‑pandemic levels. ^[25]
Homebuilder sentiment slid through much of 2025 as affordability concerns and economic uncertainty cooled demand, even though new‑home construction remains structurally important given tight supply in many markets. ^[26]
Many large builders, including Lennar, have been offering rate buydowns and price discounts to get hesitant buyers off the fence — great for volumes, but a drag on margins. ^[27]

A Wall Street Journal report this month captured the paradox: even when some builders offer mortgages near 4% via buydowns, many potential buyers are still reluctant, suggesting that rate cuts alone may not immediately restore “boom times” for housing. ^[28]

For Lennar, this backdrop means:

Revenue visibility from strong order growth and a sizable backlog. ^[29]
Profit visibility is weaker, as incentives and higher costs squeeze margins. ^[30]

If the Fed does deliver a December rate cut, and mortgage rates grind lower into 2026, Lennar could be well positioned to capture renewed demand — but the turnaround may be gradual rather than explosive.

Valuation, expectations, and how the market is pricing Lennar today

Based on recent data from MarketBeat and Lennar’s filings: ^[31]

Trailing EPS (last four quarters): about $10.1
Trailing P/E: ~12.9
Forward P/E (next year’s earnings): just over 10, with analysts expecting EPS to grow from roughly $12.5 to $15.5 over the coming year — an increase of about 25%, assuming margins stabilize and volumes hold up. ^[32]
Balance sheet: relatively conservative, with debt‑to‑equity around 0.15 and a solid current ratio, giving Lennar flexibility to keep investing and offering incentives while the market is choppy. ^[33]

Analyst sentiment is mixed but not dire:

Aggregated data show a consensus “Hold” rating, with most firms neither pounding the table to buy nor rushing to downgrade to “Sell.” ^[34]
Average 12‑month price targets cluster around the low‑ to mid‑$120s, not far from today’s price, implying modest upside at best in base‑case scenarios. ^[35]

Put simply, the market is pricing Lennar like a cyclical stock in a mid‑cycle slowdown:

If rate cuts, better affordability, and improved margins arrive on schedule, that forward P/E near 10 could look attractive.
If the housing slowdown proves deeper or longer‑lasting, those earnings forecasts may be too optimistic, and the stock could re‑rate lower.

Key things for Lennar investors to watch after today

For anyone tracking Lennar stock following today’s quiet session, the next few weeks and months will revolve around a handful of catalysts:

Federal Reserve meeting – December 9–10, 2025
- A rate cut would likely support homebuilders and could push mortgage rates lower into 2026, boosting sentiment toward Lennar and its peers. ^[36]
Q4 2025 earnings (expected around December 17, 2025)
- Investors will focus on whether margins can hold near the guided 17.5%, how much incentive pressure remains, and whether orders and deliveries stay within management’s ranges. ^[37]
Execution on Millrose and capital allocation
- The completed exchange offer tightens Lennar’s share count; the market will watch for how management deploys capital next — additional buybacks, land strategy, or further balance‑sheet moves. ^[38]
Leadership transition at year‑end
- Jon Jaffe’s retirement and Stuart Miller’s shift to sole CEO will put more attention on any strategic tweaks in 2026, especially around technology, cost structure, and product mix (entry‑level vs move‑up vs active‑adult). ^[39]
Housing data and mortgage rates
- Monthly data on new‑home sales, permits, and mortgage rates will continue to drive sentiment; any sign that incentives can be reduced without killing demand would likely be bullish for Lennar’s margins. ^[40]

Bottom line: What today’s action says about Lennar stock

Today’s flat close near $131.28 doesn’t mean nothing is happening in Lennar — it simply means investors are digesting a lot of information at once:

A weak Q3 with pressured margins and conservative guidance.
A potentially friendlier Fed and improving odds of lower rates in 2026.
A major exchange offer, a leadership transition, and shifting institutional ownership.

For now, the stock looks like it’s balancing between caution and optimism: priced as a cyclical, offering a modest dividend and reasonable valuation, but relying heavily on a housing recovery and disciplined execution to unlock more upside.

Important: This article is for information and commentary only. It is not personalized financial advice or a recommendation to buy or sell any security. Always consider your own financial situation, risk tolerance, and, if needed, consult a licensed financial adviser before making investment decisions.

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