Lennar Corporation (NYSE: LEN), one of the largest U.S. homebuilders, heads into the final stretch of 2025 with its stock stabilizing around the mid‑$130s after a sharp rebound, a major share‑exchange deal, and a coming leadership change that will leave Executive Chairman Stuart Miller as sole CEO. TS2 Tech+1
Below is a comprehensive look at all the key Lennar stock news and context as of Saturday, November 29, 2025.
Lennar Stock Snapshot as of November 29, 2025
U.S. markets were closed today, so the latest trading data for Lennar comes from Friday, November 28, 2025:
- Last close: about $131.30 per share. [1]
- Friday’s trading range: roughly $129.8 – $131.4. [2]
- 52‑week range: about $98.42 – $170+, with the high reached in late November 2024 and the low in April 2025. [3]
- 1‑year performance: Lennar is down roughly 20–24% over the past 12 months, depending on the data source, even after its recent bounce. [4]
- YTD performance: modestly positive (around +2%), helped by this month’s rally. [5]
The most eye‑catching move this week was Tuesday, November 25, when Lennar surged about 6.6% in a single session to close at $131.08, significantly outpacing the broader market. [6]
Over the last week, the stock is up around 6–7%, and about 5–6% over the past month, but it remains notably below last year’s highs and slightly negative on a 12‑month total‑return basis. [7]
Today’s Lennar Stock Headlines (November 29, 2025)
Several fresh articles and filings on November 29, 2025 are shaping investor sentiment around Lennar:
- “Lennar Stock (LEN) on November 29, 2025: Exchange Offer, CEO Change and Q4 2025 Earnings Set‑Up” – A deep‑dive piece summarizing Lennar’s oversubscribed Millrose exchange offer, upcoming leadership transition, and expectations for Q4 earnings, framing the stock as stabilizing after a sharp rebound. TS2 Tech+1
- Institutional Ownership Shifts (MarketBeat):
- Employees Retirement System of Texas disclosed a new stake of 1,942 shares (≈$215,000) in Q2, while highlighting that institutional investors hold about 81% of Lennar’s float. [8]
- Ceredex Value Advisors trimmed its position by 7.6%, selling 25,085 shares and ending Q2 with 307,068 shares (≈0.12% of the company). [9]
- Boston Partners cut its stake by 73.2%, selling 790,549 shares and finishing with 289,337 shares (≈0.11%). [10]
- Valuation & Rebound Coverage: An analysis based on Yahoo Finance data asks whether Lennar’s recent 6.6% rebound represents a new value opportunity, noting that the stock is still down 2–3% year‑to‑date and ~17–20% over 12 months despite strong 3‑ and 5‑year returns. [11]
Together, these pieces reinforce three big themes: a reshaped share base, heavy institutional involvement, and a stock that has bounced but not fully recovered.
Millrose Exchange Offer: Oversubscribed Deal Tightens Lennar’s Share Base
A major corporate action hanging over Lennar for much of the fall is now done.
- On October 10, 2025, Lennar launched an exchange offer allowing holders of Lennar Class A shares to swap them for shares of Millrose Properties (NYSE: MRP), the newly spun‑off land and rental platform in which Lennar retained about 20%. The offer priced Millrose stock at a 6% discount to its market value to incentivize participation. [12]
- After multiple extensions of the expiration date, the offer expired at midnight on November 21, 2025 and was heavily oversubscribed. [13]
- In its November 26 press release, Lennar reported that:
- Shareholders tendered about 85.3 million Lennar Class A shares.
- Only 8,049,594 shares of Lennar Class A were accepted.
- Those accepted shares were exchanged for 33,298,754 shares of Millrose Class A that Lennar held.
- A proration factor of roughly 8.6% applied to most tendered shares, meaning over 90% of shares tendered by non–odd‑lot investors were returned. [14]
From Lennar’s standpoint, the exchange offer shrinks the share count by just over 8 million shares, effectively returning equity capital to participating shareholders while disposing of its remaining Millrose stake. Analysts and AI‑driven commentary frames the oversubscription as a sign that many Lennar shareholders were willing to rotate into Millrose at a discount, while others preferred to keep Lennar for its scale and more diversified earnings mix. TS2 Tech+1
For Lennar stockholders, the key implications are:
- Slightly higher earnings per share over time, all else equal, because of the lower share count.
- A cleaner, more focused story as Lennar moves further along its long‑term “land‑light” strategy, relying more on partnerships and less on directly owning land and rental assets. [15]
Leadership Transition: Co‑CEO Jon Jaffe to Retire, Stuart Miller Becomes Sole CEO
Governance is another major narrative around Lennar this month.
On November 14, 2025, Lennar announced that Jon Jaffe, its Co‑Chief Executive Officer, President and long‑time executive, will retire and step down from the board effective December 31, 2025, after a 42‑year career at the company. [16]
Key points from the announcement and follow‑up coverage:
- After Jaffe’s retirement, Executive Chairman Stuart Miller will continue as Executive Chairman and serve as the sole Chief Executive Officer, ending Lennar’s co‑CEO structure. [17]
- The company explicitly stated it does not plan to replace Jaffe’s co‑CEO role, which effectively centralizes decision‑making authority with Miller. [18]
- Commentary from sector analysts notes that the change could streamline strategy and messaging, but also increases key‑person risk, given Miller’s pivotal role in Lennar’s growth over decades. [19]
For investors, this leadership shift sits alongside the Millrose exchange as part of a broader narrative: simplify the structure, double‑down on core homebuilding and financial services, and preserve flexibility amid a tougher housing cycle.
What Big Money Is Doing: Institutional Flows Around LEN
Today’s MarketBeat filings give a granular look at who is buying and selling Lennar stock: [20]
- Employees Retirement System of Texas
- Opened a new position of 1,942 Lennar shares in Q2, worth about $215,000.
- The article highlights that institutional investors and hedge funds now control roughly 81.1% of Lennar’s shares, underscoring how tightly held the stock is by professional money managers.
- Boston Partners
- Cut its stake by 73.2% in Q2, selling about 790,549 shares.
- It now owns 289,337 shares, or roughly 0.11% of Lennar, valued at around $32 million at the time of the filing.
- Ceredex Value Advisors
- Trimmed its position by 7.6%, selling 25,085 shares.
- Ceredex now holds 307,068 shares (≈0.12%), worth just under $34 million.
The same filings note that other large institutions, such as Kingstone Capital Partners Texas and Manulife (The Manufacturers Life Insurance Company), have previously made sizeable purchases — with Manulife’s stake now close to 8.9 million shares after a significant increase. [21]
Put simply, ownership is very institutional, and flows are mixed: some value‑oriented managers scaled back after the Q3 miss, while others accumulated on weakness.
Earnings Picture: Strong Demand, Lower Margins
Lennar’s fundamentals in 2025 are defined by a trade‑off: healthy order growth and deliveries, but pressure on margins and earnings.
Second Quarter 2025
For Q2 2025, reported in June: [22]
- Revenue: About $8.38 billion, beating Wall Street’s estimate of ~$8.16–$8.29 billion.
- EPS: Around $1.81 per diluted share, down sharply from $3.45 a year earlier and below analyst expectations (~$1.94–$1.96).
- Home deliveries:20,131 homes, up from 19,690 in the prior year.
- Average selling price (ASP): About $389,000, down from roughly $426,000 a year earlier.
- Gross margin on home sales: Roughly 17.8%, compared with 22.6% in Q2 2024.
- New orders: About 22,600 homes, up mid‑single digits year‑over‑year.
Management and outside analysts linked the revenue beat to heavy use of incentives, including mortgage‑rate buydowns and price cuts, which supported volume but compressed margins. [23]
Third Quarter 2025
Q3 2025, reported on September 18, extended those trends — solid activity, but materially weaker profitability: [24]
- Net earnings attributable to Lennar:$591 million vs. $1.2 billion a year earlier.
- EPS:$2.29 per diluted share; $2.00 excluding mark‑to‑market gains on tech investments, compared with adjusted $3.90 a year ago.
- Total revenue: About $8.8 billion, down ~6–9% year‑over‑year and below consensus near $9 billion.
- New orders: Up 12% to 23,004 homes.
- Deliveries:21,584 homes, roughly flat vs. 21,516 in Q3 2024.
- Backlog:16,953 homes, dollar value about $6.6 billion.
- Homebuilding gross margin:17.5%, down from 22.5% a year ago.
- SG&A:8.2% of home‑sales revenue, up from 6.7%.
Reuters and Barron’s both characterized the quarter as a miss on profit and revenue, driven by affordability pressures and heavier incentives, even as new orders surprised to the upside. [25]
Q4 2025 Outlook
Lennar’s Q4 2025 guidance (issued with the Q3 report) calls for: [26]
- Deliveries:22,000–23,000 homes.
- ASP:$380,000–$390,000.
- Homebuilding gross margin: Around 17.5%, similar to Q3.
- SG&A: About 7.8–8.0% of home‑sales revenue.
- Financial Services operating earnings:$130–135 million.
- EPS guidance: roughly $2.10–$2.30 per share.
Third‑party calendars currently estimate a mid‑December earnings release (around December 17–18, 2025), though Lennar has not yet formally posted the Q4 date on its investor‑relations site. [27]
Macro Backdrop: Rates, Affordability and Sector Flows
Lennar doesn’t operate in a vacuum — it sits at the center of a tug‑of‑war between easing interest‑rate expectations and stubborn affordability challenges.
- Average 30‑year mortgage rates sit around the mid‑6% range (about 6.27% in mid‑October), down from over 6.4% a year earlier but still high compared with pre‑pandemic norms. [28]
- An Investopedia piece last week noted that homebuilder stocks jumped after comments from a Federal Reserve official boosted hopes of a Fed rate cut in December, highlighting names like Lennar, D.R. Horton, PulteGroup and others. [29]
Lennar’s own commentary and housing‑market coverage throughout 2025 emphasize that: [30]
- Affordability is the core headwind – buyers are squeezed by high prices, high rates and concerns over job security.
- Lennar has leaned heavily on incentives (including rate buydowns often exceeding 13% of the home price) and lower ASPs to keep orders flowing, at the expense of margins.
- Management sees incentives and lower prices as temporary tools intended to preserve market share, expecting margins to stabilize in the mid‑teens once rates and demand normalize.
This backdrop helps explain why Lennar’s stock can rally 6–7% in a day when rate‑cut odds rise, yet still be down double‑digits over 12 months: the market is trying to balance near‑term margin pain with longer‑term housing demand and potential rate relief.
Valuation, Analyst Targets and Dividend Profile
Analyst View: “Hold” With Slight Downside
Across several platforms, Wall Street’s stance on Lennar is cautious but not bearish:
- MarketBeat aggregates about 19 analysts with an average 12‑month target of ~$121.75, a 7% downside from around $131, and a consensus rating of “Hold.” [31]
- Intellectia, summarizing Yahoo Finance data, finds a similar picture: an average target near $122, a range of $92–$161, and a breakdown of roughly 2 Buy / 10 Hold / 1 Sell, again implying a “Hold” stance overall. [32]
In other words, the Street sees limited upside in the next year at current prices, but not enough downside risk to justify a broad “Sell.”
Fundamental Valuation: All Over the Map
Different valuation tools paint very different pictures of what Lennar is “worth”:
- An Intellectia analysis using discounted cash‑flow (DCF) methods suggests Lennar might be overvalued by more than 50% on a strict DCF basis, yet notes that its current P/E (~12×) looks modestly attractive relative to a “fair” P/E of around 15.5×. [33]
- AlphaSpread’s blended intrinsic value model (DCF + relative) estimates fair value around $154 per share, about 15% above the current price, implying undervaluation. [34]
- Simply Wall St and GuruFocus focus on balance‑sheet strength and long‑term profitability, with some models tagging Lennar as modestly undervalued, while also flagging the sharp decline in earnings and margins versus 2024 peaks. [35]
The takeaway: valuation is highly method‑dependent. Cash‑flow models that assume prolonged margin pressure and slow growth skew cautious; relative‑multiple approaches, especially vs. peers, tend to see more upside.
Dividend and Capital Returns
Lennar has paired its growth strategy with steady shareholder returns:
- The company pays a quarterly dividend of $0.50 per share (or $2.00 annualized), translating to a yield around 1.5% at current prices. [36]
- At the same time, Lennar has been aggressively buying back stock:
- The Millrose exchange effectively retired an additional 8.0 million shares, further shrinking the share count. [39]
For long‑term holders, this combination of dividends + buybacks + exchange retirement means each remaining share represents a larger claim on future earnings, assuming Lennar can stabilize margins.
Key Risks and What to Watch Next
Looking beyond today’s headlines, here’s what investors are watching most closely:
- Q4 2025 Earnings (Mid‑December)
- Whether Lennar can hit its EPS range ($2.10–$2.30) while holding gross margins around 17.5% and keeping cancellations under control. [40]
- Interest‑Rate Path and Mortgage Costs
- Markets are now pricing a decent probability of a Fed rate cut in December, which could push mortgage rates lower and support demand — but timing and magnitude are uncertain. [41]
- Pace of Incentives and ASP Trends
- Margins will depend on how aggressively Lennar must continue rate buydowns and price cuts; any sign that incentives are easing without hurting orders would likely be taken as a bullish signal. [42]
- Execution Under a Single CEO
- From January 1, 2026 onward, investors will watch how Stuart Miller, as both Executive Chairman and CEO, manages strategy, capital allocation, and succession in the absence of a co‑CEO partner. [43]
- Housing Cycle and Macro Shocks
- A deterioration in employment, a reversal in bond yields or renewed spikes in construction costs could quickly pressure volumes and margins, while a smoother landing with lower rates could unlock upside relative to cautious analyst targets. [44]
Final Thoughts (Not Investment Advice)
As of November 29, 2025, Lennar stock sits at the crossroads of three major storylines:
- A rebounding but still‑discounted share price, well off last year’s highs after a year of margin compression. [45]
- A cleaner corporate structure, with the Millrose exchange and heavy buybacks tightening Lennar’s share base. [46]
- A leadership and cycle transition, as Jaffe exits, Miller consolidates control, and markets weigh the odds of rate relief against persistent affordability issues. [47]
Nothing in this article is financial advice or a recommendation to buy or sell Lennar stock. It’s a synthesis of the latest public information as of November 29, 2025. Anyone considering an investment should review Lennar’s filings, earnings calls, and their own risk tolerance — or speak with a qualified financial advisor.
References
1. finance.yahoo.com, 2. finance.yahoo.com, 3. www.financecharts.com, 4. www.financecharts.com, 5. www.financecharts.com, 6. stockanalysis.com, 7. intellectia.ai, 8. www.marketbeat.com, 9. www.marketbeat.com, 10. www.marketbeat.com, 11. finance.yahoo.com, 12. www.investing.com, 13. investors.lennar.com, 14. newsroom.lennar.com, 15. newsroom.lennar.com, 16. newsroom.lennar.com, 17. www.prnewswire.com, 18. newsroom.lennar.com, 19. finance.yahoo.com, 20. www.marketbeat.com, 21. www.marketbeat.com, 22. newsroom.lennar.com, 23. www.reuters.com, 24. investors.lennar.com, 25. www.reuters.com, 26. investors.lennar.com, 27. www.marketbeat.com, 28. www.nasdaq.com, 29. www.investopedia.com, 30. www.reuters.com, 31. www.marketbeat.com, 32. intellectia.ai, 33. intellectia.ai, 34. www.alphaspread.com, 35. simplywall.st, 36. www.gurufocus.com, 37. investors.lennar.com, 38. investors.lennar.com, 39. newsroom.lennar.com, 40. investors.lennar.com, 41. www.investopedia.com, 42. investors.lennar.com, 43. newsroom.lennar.com, 44. www.reuters.com, 45. stockanalysis.com, 46. newsroom.lennar.com, 47. newsroom.lennar.com
