Convergence Investment Partners LLC Lowers Stake in Toll Brothers Inc. (TOL)
Convergence Investment Partners LLC reduced its stake in Toll Brothers Inc. (NYSE:TOL) by 62.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,502 shares of the construction company’s stock after selling 20,597 shares during the period. Convergence Investment Partners LLC’s holdings in Toll Brothers were worth $494,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of TOL. US Bancorp DE increased its stake in shares of Toll Brothers by 1.8% in the first quarter. US Bancorp DE now owns 2,791 shares of the construction company’s stock valued at $101,000 after buying an additional 49 shares during the last quarter. Cutter & CO Brokerage Inc. increased its stake in shares of Toll Brothers by 1.7% in the first quarter. Cutter & CO Brokerage Inc. now owns 7,384 shares of the construction company’s stock valued at $267,000 after buying an additional 120 shares during the last quarter. World Asset Management Inc increased its stake in shares of Toll Brothers by 1.8% in the second quarter. World Asset Management Inc now owns 10,065 shares of the construction company’s stock valued at $398,000 after buying an additional 181 shares during the last quarter. Mason Street Advisors LLC increased its stake in shares of Toll Brothers by 0.3% in the first quarter. Mason Street Advisors LLC now owns 69,843 shares of the construction company’s stock valued at $2,522,000 after buying an additional 192 shares during the last quarter. Finally, Toronto Dominion Bank increased its stake in shares of Toll Brothers by 10.1% in the first quarter. Toronto Dominion Bank now owns 3,704 shares of the construction company’s stock valued at $134,000 after buying an additional 339 shares during the last quarter. 80.32% of the stock is owned by institutional investors and hedge funds.
Toll Brothers Inc. (TOL) opened at 38.63 on Friday. The company has a market cap of $6.32 billion, a P/E ratio of 15.93 and a beta of 1.52. Toll Brothers Inc. has a 12-month low of $26.65 and a 12-month high of $41.07. The firm has a 50-day moving average price of $39.46 and a 200-day moving average price of $36.82.
Toll Brothers (NYSE:TOL) last posted its quarterly earnings data on Tuesday, May 23rd. The construction company reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.10. Toll Brothers had a return on equity of 9.71% and a net margin of 7.67%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the business earned $0.51 EPS. Toll Brothers’s revenue was up 22.2% compared to the same quarter last year. On average, equities research analysts forecast that Toll Brothers Inc. will post $3.15 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Friday, July 14th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date was Wednesday, July 12th. Toll Brothers’s dividend payout ratio (DPR) is presently 13.17%.
Several analysts have weighed in on the company. Barclays PLC downgraded Toll Brothers from an “equal weight” rating to an “underweight” rating and set a $37.00 price objective for the company. in a research report on Tuesday, July 11th. Mizuho reiterated a “buy” rating on shares of Toll Brothers in a research report on Tuesday, July 11th. BidaskClub upgraded Toll Brothers from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Zacks Investment Research upgraded Toll Brothers from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Tuesday, August 8th. Finally, Royal Bank Of Canada boosted their price objective on Toll Brothers from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, July 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $39.67.
In other Toll Brothers news, insider Robert I. Toll sold 273,033 shares of Toll Brothers stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $38.00, for a total transaction of $10,375,254.00. Following the completion of the sale, the insider now directly owns 7,420,317 shares of the company’s stock, valued at approximately $281,972,046. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Joseph R. Sicree sold 4,500 shares of Toll Brothers stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $38.50, for a total value of $173,250.00. Following the sale, the insider now directly owns 27,267 shares of the company’s stock, valued at $1,049,779.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 403,533 shares of company stock valued at $15,456,475. 8.78% of the stock is currently owned by corporate insiders.
About Toll Brothers
Toll Brothers, Inc is engaged in designing, building, marketing, selling and arranging financing for detached and attached homes in luxury residential communities. The Company operates through two segments: Traditional Home Building and Toll Brothers City Living (City Living). Within the Traditional Home Building segment, it operates in five geographic segments in the United States: the North, consisting of Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York; the Mid-Atlantic, consisting of Delaware, Maryland, Pennsylvania and Virginia; the South, consisting of Florida, North Carolina and Texas; the West, consisting of Arizona, Colorado, Nevada and Washington, and California.
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