Thrivent Financial for Lutherans lessened its stake in shares of Midland States Bancorp, Inc. (NASDAQ:MSBI – Free Report) by 67.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,663 shares of the financial services provider’s stock after selling 31,031 shares during the period. Thrivent Financial for Lutherans owned 0.07% of Midland States Bancorp worth $251,000 as of its most recent filing with the Securities & Exchang ...

Company Overview - PulteGroup, Inc. (PHM) is a homebuilding company based in Atlanta, Georgia, with a market cap of $27.4 billion. The company engages in selling and constructing homes, developing residential land, and providing mortgage financing and title insurance services to home buyers [1]. Stock Performance - PHM shares have outperformed the broader market over the past year, gaining 33.6% compared to the S&P 500 Index's increase of 11.8%. Year-to-date, PHM stock is up 21.6%, while the S&P 500 has experienced a slight decline [2]. - Compared to the SPDR S&P Homebuilders ETF (XHB), which gained about 14.5% over the past year, PHM's year-to-date gains also surpass the ETF's 17.9% returns [3]. Market Demand and Strategy - PulteGroup's strong performance is attributed to high demand in the Midwest, Northeast, and Florida, which has offset weaknesses in Texas and Western markets. The company's Del Webb communities have seen increased active adult sign-ups, contributing to higher gross margins [3]. - To address softer demand, PulteGroup has increased sales incentives and is shifting towards built-to-order homes. Management expresses optimism for the spring 2026 selling season due to improved affordability and lower mortgage rates [3]. Financial Results - In Q4, PulteGroup reported an adjusted EPS of $2.88, exceeding Wall Street expectations of $2.78. The company's revenue reached $4.6 billion, surpassing forecasts of $4.3 billion [4]. - For the current fiscal year ending in December, analysts project an 11.6% decline in EPS to $10.11 on a diluted basis. PulteGroup has a strong earnings surprise history, beating consensus estimates in each of the last four quarters [4]. Analyst Ratings - Among 17 analysts covering PHM stock, the consensus rating is a "Moderate Buy," consisting of eight "Strong Buy" ratings, one "Moderate Buy," seven "Holds," and one "Strong Sell" [5]. - The current analyst configuration is more bullish than two months ago, with seven analysts now suggesting a "Strong Buy" [6].

Miami, Florida-based Lennar Corporation (LEN) constructs and sells single-family attached and detached homes and buys and sells residential land. Valued at $30.2 billion by market cap, the company also provides mortgage financing, title insurance, commercial real estate, investment management, and other financial services. Shares of this leading homebuilder have underperformed the broader market over the past year. LEN has declined 1.2% over this time frame, while the broader S&P 500 Index ($SPX) has ral ...

Company Overview - D.R. Horton, Inc. (DHI) is a leading homebuilding company based in Arlington, Texas, with a market cap of $42.8 billion, constructing various residential homes and providing related services such as mortgage financing and residential lot development [1] Earnings Expectations - DHI is scheduled to announce its fiscal Q1 earnings for 2026 on January 20, with analysts expecting a profit of $1.98 per share, a decrease of 24.1% from $2.61 per share in the same quarter last year [2] - For fiscal 2026, analysts project DHI to report a profit of $11.43 per share, down 1.2% from $11.57 per share in fiscal 2025, but expect EPS to grow 14.3% year-over-year to $13.06 in fiscal 2027 [3] Stock Performance - DHI shares have gained 7.2% over the past 52 weeks, underperforming the S&P 500 Index's 16.5% return but outperforming the State Street Consumer Discretionary Select Sector SPDR ETF's 6.8% increase during the same period [4] Analyst Ratings - Wall Street analysts have a "Moderate Buy" rating on DHI, with 20 analysts covering the stock: seven recommend "Strong Buy," 11 suggest "Hold," and two indicate "Strong Sell." The mean price target for DHI is $164.27, suggesting an 11.8% potential upside from current levels [6] - DHI shares surged 4.1% on December 3 after BTIG initiated coverage with a "Buy" rating and a $186 price target, reflecting a favorable outlook for the U.S. housing market [5]

Core Viewpoint - Lennar Corporation is positioned for potential recovery in the housing market as interest rates show signs of moderation, despite current pressures from high rates and a recent decline in stock value [2][3][4]. Company Overview - Lennar Corporation is a leading homebuilder in the United States, offering a range of homes and financial services, including mortgage financing and title services [1]. - The company is set to release its quarterly earnings on December 16, 2025, with analysts estimating an EPS of $2.23 and revenue of $9.14 billion [1][6]. Market Conditions - The housing market is currently facing challenges due to high interest rates, with the 30-year mortgage rate at 6.19%, slightly above the 6% level that could stabilize demand [2]. - There are indications that if interest rates continue to fall, it could lead to a recovery in the housing market by 2026 [2]. Stock Performance - Lennar's stock has dropped 32% from its previous high, which may present a potential investment opportunity [3][6]. - The stock is trading at a P/E ratio of 11.43 and a price-to-sales ratio of 0.88, suggesting conservative market valuations that could indicate undervaluation [3][6]. Financial Position - Despite a 6% year-over-year revenue decline due to weak demand, Lennar reported a net margin of 9.5% on home sales in the third quarter [4]. - The company has a low debt-to-equity ratio of 0.16 and a strong current ratio of 10.36, reflecting a solid financial position that may allow it to navigate current market challenges [4][6]. Earnings Potential - Lennar's earnings yield of 8.75% indicates significant earnings generation from each dollar invested in its stock [5]. - Management is optimistic about a return to revenue growth as interest rates moderate, making the upcoming earnings release and conference call critical for investors [5].

Core Insights - D.R. Horton, Inc. (DHI) is a leading U.S. homebuilder with a market cap of $46.9 billion, offering a variety of residential properties and mortgage financing services [1][2] Financial Performance - DHI's stock has decreased by 14.7% from its 52-week high of $184.54, reached on September 8, and has declined 7.2% over the past three months, underperforming the S&P 500 Index, which increased by 5.5% during the same period [3] - Year-to-date, DHI is up 12.6%, while the S&P 500 has gained 15.8%. Over the past 52 weeks, DHI's stock has slumped 6.8%, significantly trailing the S&P 500's 12.9% returns [4] Market Conditions - The U.S. housing market is experiencing a downturn, with high mortgage rates and affordability concerns leading to decreased demand for new homes. This has resulted in pressure on DHI's share price [5] - Rising costs, increased sales incentives, and lower average selling prices are affecting profit margins [5] Competitive Landscape - DHI's competitor, Lennar Corporation (LEN), has seen a 25.3% decline over the past 52 weeks and a 4.5% decrease year-to-date, indicating that DHI is performing relatively better in comparison [6] - Analysts maintain a cautiously optimistic outlook for DHI, with a consensus rating of "Moderate Buy" and a mean price target of $164.38, suggesting a 4.5% premium to current levels [6]

Core Points - Lennar Corporation announced that its Exchange Offer for Millrose Properties, Inc. Class A stock was oversubscribed, with 91,972,752 shares of Lennar Class A common stock validly tendered [1][3] - The final exchange ratio was set at 4.1367 shares of Millrose Class A common stock for each share of Lennar Class A common stock tendered [2][15] - Due to the oversubscription, only a portion of the tendered shares will be accepted on a pro rata basis, with approximately 7.97% of the tendered shares expected to be exchanged [4][5] Exchange Offer Details - The Exchange Offer expired on November 21, 2025, with a guaranteed delivery period extending until November 25, 2025 [1] - Stockholders who tendered fewer than 100 shares will not be subject to proration [4] - The total number of shares accepted in the Exchange Offer was 8,049,596 [7] Financial Implications - Shares of Lennar Class A common stock that were not accepted will be returned to stockholders in book-entry form [6] - The Exchange Agent will credit shares of Millrose Class A common stock to accounts of tendering stockholders whose shares were accepted [6] - Checks for fractional shares will be delivered after aggregation and sale in the open market [6]

Core Points - Lennar Corporation is proceeding with an Exchange Offer to exchange approximately 20% of its total outstanding shares of Millrose Properties, Inc. for outstanding shares of Lennar Class A common stock, set to expire on November 21, 2025 [1][2] - Millrose has requested the acceleration of the effectiveness of its registration statement with the SEC, which is necessary for the completion of the Exchange Offer [2] - If the SEC does not declare the registration statement effective by the expiration date, Lennar may need to extend or terminate the Exchange Offer [2] Company Overview - Lennar Corporation, founded in 1954, is a leading builder of quality homes across various segments, including affordable, move-up, and active adult homes [3] - The company also provides financial services, including mortgage financing and title services, primarily for its homebuyers, and develops high-quality multifamily rental properties [3] Additional Information - The Exchange Offer is made solely by the Prospectus, which contains important information about the offer and the companies involved [6][7] - Holders of Lennar Class A common stock can access the Prospectus and related documents free of charge on the SEC's website [8]

Core Insights - PulteGroup, Inc. is a prominent U.S. homebuilder with a market cap of $23.6 billion, offering a variety of residential properties and financial services [1] - The company's stock has underperformed compared to the broader market, with a 9.2% decline over the past 52 weeks, while the S&P 500 Index increased by 14.1% [2] - Despite reporting better-than-expected Q3 2025 EPS of $2.96 and revenue of $4.4 billion, the stock remained unchanged due to concerns over a 16% year-over-year profit drop and a 6% decline in net new orders [4] Financial Performance - PulteGroup's Q3 2025 results showed a profit drop of 16% year-over-year and a decline in net new orders to 6,638 homes [4] - Analysts project a 14.5% decline in EPS for the current fiscal year, expecting it to reach $11.35 [5] - The company has a history of earnings surprises, having beaten consensus estimates in the last four quarters [5] Analyst Ratings - Among 16 analysts covering PulteGroup, the consensus rating is a "Moderate Buy," with eight "Strong Buy" ratings, one "Moderate Buy," and seven "Holds" [5] - Oppenheimer analyst Tyler Batory reiterated a "Buy" rating with a price target of $140, while the mean price target of $137 suggests a 13% premium to current levels [6] - The highest price target of $160 indicates a potential upside of nearly 32% [6]

Core Points - Lennar Corporation is offering to exchange its approximately 20% ownership in Millrose Properties, Inc. for shares of its own Class A common stock, with the Exchange Offer starting immediately and expiring on November 7, 2025, unless extended or terminated [1][2][5] - The Exchange Offer allows Lennar stockholders to exchange shares at a 6% discount, with a limit of 4.1367 shares of Millrose Class A common stock for each share of Lennar Class A common stock tendered [2][3] - The final exchange ratio will be determined based on the average daily volume-weighted average prices of both companies' Class A common stocks on the NYSE during the three trading days prior to the expiration date [3] Exchange Offer Details - The Exchange Offer is registered under the Securities Act of 1933, with a registration statement filed by Millrose with the SEC [4] - The completion of the Exchange Offer is contingent upon the effectiveness of the Registration Statement, which may be delayed due to the current U.S. federal government shutdown [5][6] - Lennar currently holds 33,298,764 shares of Millrose Class A common stock, representing about 20% of the total outstanding shares, and plans to dispose of any unexchanged shares through various methods if the Exchange Offer is not fully subscribed [7] Participation and Advisors - The Exchange Offer is voluntary for Lennar Class A stockholders, and no action is required for those who choose not to participate [8] - Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as dealer managers for the Exchange Offer, while Vestra Advisors, LLC serves as the exclusive financial advisor to Millrose [8]