Bank of America Corp DE Invests $125.91 Million in Toll Brothers Inc. $TOL

Key Points

• Bank of America acquired 764,261 Toll Brothers shares worth approximately $125.9 million, representing about 0.82% of the homebuilder. Institutional investors collectively own 91.76% of the company.
• Analyst sentiment remains favorable, with 12 Buy ratings, five Holds and one Sell; the stock carries a “Moderate Buy” consensus and an average price target of $167.43.
• Toll Brothers exceeded quarterly expectations with EPS of $2.97 and revenue of $2.66 billion, though revenue declined 9.7% year over year. The company also declared a quarterly dividend of $0.26 per share, yielding approximately 0.8% annually.

Bank of America Corp DE purchased a new stake in Toll Brothers Inc. (NYSE:TOL - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 764,261 shares of the construction company's stock, valued at approximately $125,912,000. Bank of America Corp DE owned about 0.82% of Toll Brothers as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of TOL. BlackRock Inc. acquired a new stake in Toll Brothers in the 2nd quarter valued at $1,610,696,000. Dimensional Fund Advisors LP grew its position in Toll Brothers by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 2,990,447 shares of the construction company's stock valued at $408,062,000 after acquiring an additional 100,718 shares in the last quarter. Jennison Associates LLC grew its position in Toll Brothers by 30.1% in the first quarter. Jennison Associates LLC now owns 1,418,543 shares of the construction company's stock valued at $193,589,000 after acquiring an additional 327,953 shares in the last quarter. Norges Bank purchased a new stake in shares of Toll Brothers during the fourth quarter valued at approximately $168,312,000. Finally, Bamco Inc. NY raised its stake in shares of Toll Brothers by 0.8% during the fourth quarter. Bamco Inc. NY now owns 1,166,270 shares of the construction company's stock valued at $157,703,000 after purchasing an additional 9,385 shares during the period. Hedge funds and other institutional investors own 91.76% of the company's stock.

Analyst Upgrades and Downgrades

TOL has been the subject of a number of recent analyst reports. BTIG Research assumed coverage on shares of Toll Brothers in a report on Tuesday, June 9th. They set a "buy" rating for the company. Barclays boosted their price objective on shares of Toll Brothers from $115.00 to $122.00 and gave the stock an "underweight" rating in a report on Tuesday, July 14th. Benchmark began coverage on Toll Brothers in a research note on Tuesday, June 9th. They set a "buy" rating for the company. Piper Sandler lowered Toll Brothers from an "overweight" rating to a "neutral" rating in a research report on Tuesday, June 9th. Finally, UBS Group boosted their price target on Toll Brothers from $187.00 to $195.00 and gave the stock a "buy" rating in a research note on Thursday, August 20th. Twelve investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $167.43.

Toll Brothers Stock Performance

Shares of TOL stock opened at $132.99 on Friday. The company has a market cap of $12.25 billion, a P/E ratio of 10.67, a PEG ratio of 1.08 and a beta of 1.34. The business has a 50 day moving average of $145.78 and a two-hundred day moving average of $143.92. Toll Brothers Inc. has a 52 week low of $123.14 and a 52 week high of $168.36. The company has a quick ratio of 0.55, a current ratio of 4.53 and a debt-to-equity ratio of 0.32.

Toll Brothers (NYSE:TOL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 18th. The construction company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.93 by $0.04. Toll Brothers had a return on equity of 14.21% and a net margin of 11.14%.The business had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter last year, the business posted $3.73 EPS. The business's revenue was down 9.7% on a year-over-year basis. As a group, analysts anticipate that Toll Brothers Inc. will post 12.81 EPS for the current year.

Toll Brothers Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Stockholders of record on Friday, October 9th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, October 9th. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. Toll Brothers's dividend payout ratio is currently 8.35%.

About Toll Brothers

Toll Brothers, Inc is a luxury homebuilding company that designs, constructs, markets and sells residential properties in the United States. The company develops communities featuring single-family detached homes, townhomes and condominiums, as well as active-adult communities and urban high-rise residences. Its offerings generally target move-up, luxury and resort-style homebuyers, with homes available in a range of designs, locations and customization options.

Through related operations, Toll Brothers also provides mortgage financing, title and settlement services, homeowners insurance and other services that support the home purchase process.

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