Lennar and CalAtlantic to merger in almost $10B deal

Lennar Corporation town homes are under construction at Chelsea Place in Tamarac Fla. Lennar is buying Cal Atlantic Group in a $5.7 billion deal that will create the nation’s largest homebuilder as

A rating of 4 or 5 would represent a Sell recommendation.

TRADEMARK VIOLATION WARNING: "CalAtlantic Group, Inc". UBS AG began coverage on shares of CalAtlantic Group in a report on Wednesday, October 25th. They set a "neutral" rating and a $42.00 target price on the stock. Finally, Wedbush initiated coverage on CalAtlantic Group in a research note on Monday, September 19th. But the market is jittery about drug stocks after recent bad news from other companies, and without more information about what was behind about the decision, analysts and the market are assuming the withdrawal portends trouble ahead for Keytruda. The forecast of 4 surveyed investment analysts covering the stock advises investors to Buy stake in the company. CalAtlantic Group presently has an average rating of Hold and an average target price of $40.70.

Having a price of $40.45, CalAtlantic Group (NYSE:CAA) traded 21.31% higher on the day. Following the completion of the sale, the chief executive officer now directly owns 594,600 shares of the company's stock, valued at $21,405,600. The firm has a market capitalization of $3.63 billion, a P/E ratio of 10.81 and a beta of 1.48.

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CalAtlantic Group (NYSE:CAA) last issued its earnings results on Thursday, July 27th. The construction company reported $0.75 earnings per share for the quarter, missing analysts' consensus estimates of $0.78 by ($0.03).

Citi was financial adviser for Lennar while JP Morgan Securities LLC advised CalAtlantic. The firm's revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.83 EPS. 2 analysts recommended Overweight these shares while 1 recommended Underweight, according to FactSet data.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. The ex-dividend date of this dividend is Tuesday, December 13th. CalAtlantic Group's dividend payout ratio (DPR) is presently 5.56%.

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Under this just announced deal, each CalAtlantic share of stock is to be exchanged at a rate of 0.885 shares of Class A Lennar common stock. The shares were sold at an average price of $36.00, for a total transaction of $613,188.00. Arizona State Retirement System lifted its position in shares of CalAtlantic Group by 1.3% during the second quarter.

Shares of CalAtlantic were up over 9% in early Monday premarket trading following the release of the news.

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