The Real Deal Miami

Dividend cut for Lennar

October 09, 2008 01:53PM

Miami-based homebuilder Lennar will cut its quarterly dividend by 75 percent as it struggles to hold on to cash and wait for a recovery. It announced that it will pay a dividend of 4 cents to shareholders of record this quarter, compared to a 16-cent dividend in the previous quarter. Chief Executive Stuart Miller said it was a prudent move that allows the company to preserve cash to fund future operations and opportunities.