Lennar Corporation (LEN) will double its quarterly dividend $0.25 per share in the fourth quarter of 2020. This is the second dividend increase announced by the homebuilder in 2020 for a total increase of 525.0 percent.

The dividend is payable on October 30, 2020 to holders of record at the close of business on October 16, 2020. A new annualized dividend rate of $1.00 per share yields 1.2% at a stock price of $84.

In a press release dated October 1, 2020, Stuart Miller, Executive Chairman of Lennar, said, "We are increasing our dividend as part of our overall strategy of focusing on total shareholder returns. Given our confidence in our operating platform and resulting cash flow generation, we believe a diversified program of debt reduction, stock repurchase and now an increased dividend, is appropriate."

Lennar Corporation is a homebuilder and provider of real estate related financial services, commercial real estate and investment management. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX, formerly known as Lennar Ventures, drives Lennar's technology, innovation and strategic investments. Lennar Corporation was founded in 1954 and has paid a dividend to shareholders every year since at least 1987.