Municipal Employees Retirement System of Michigan cut its stake in Toll Brothers Inc. (NYSE:TOL) by 17.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 57,120 shares of the construction company’s stock after selling 12,040 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Toll Brothers were worth $2,257,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Tower Bridge Advisors increased its stake in Toll Brothers by 2.7% in the second quarter. Tower Bridge Advisors now owns 167,496 shares of the construction company’s stock valued at $6,618,000 after buying an additional 4,375 shares during the period. Russell Investments Group Ltd. increased its stake in Toll Brothers by 6.8% in the second quarter. Russell Investments Group Ltd. now owns 152,760 shares of the construction company’s stock valued at $6,040,000 after buying an additional 9,723 shares during the period. PGGM Investments bought a new stake in Toll Brothers during the second quarter valued at approximately $1,470,000. First Citizens Bank & Trust Co. increased its stake in Toll Brothers by 29.6% in the second quarter. First Citizens Bank & Trust Co. now owns 12,924 shares of the construction company’s stock valued at $511,000 after buying an additional 2,951 shares during the period. Finally, Insight Capital Research & Management Inc. bought a new stake in Toll Brothers during the second quarter valued at approximately $1,145,000. 80.44% of the stock is currently owned by institutional investors and hedge funds.
Shares of Toll Brothers Inc. (NYSE TOL) traded up 0.81% during trading on Friday, hitting $38.73. The stock had a trading volume of 1,004,887 shares. Toll Brothers Inc. has a 12-month low of $26.65 and a 12-month high of $41.07. The stock has a market cap of $6.34 billion, a price-to-earnings ratio of 15.97 and a beta of 1.52. The stock’s 50-day moving average is $39.47 and its 200-day moving average is $36.63.
Toll Brothers (NYSE:TOL) last released its quarterly earnings results on Tuesday, May 23rd. The construction company reported $0.73 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter last year, the company posted $0.51 earnings per share. The business’s revenue was up 22.2% on a year-over-year basis. On average, equities research analysts expect that Toll Brothers Inc. will post $3.15 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Friday, July 14th were given a dividend of $0.08 per share. The ex-dividend date was Wednesday, July 12th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.83%. Toll Brothers’s payout ratio is 13.17%.
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A number of research analysts have recently issued reports on the company. Barclays PLC downgraded Toll Brothers from an “equal weight” rating to an “underweight” rating and set a $37.00 price target on the stock. in a report on Tuesday, July 11th. Mizuho reissued a “buy” rating on shares of Toll Brothers in a 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 target for the company in a research report on Tuesday. Finally, Royal Bank Of Canada upped their price target on Toll Brothers from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, July 13th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. Toll Brothers presently has an average rating of “Buy” and an average target price of $39.67.
In other news, insider Robert I. Toll sold 273,033 shares of the business’s stock in a transaction on Thursday, May 25th. The shares were 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 Securities & Exchange Commission, which can be accessed through this link. Also, Director Stephen A. Novick sold 85,000 shares of the business’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $39.08, for a total transaction of $3,321,800.00. Following the completion of the transaction, the director now owns 24,417 shares in the company, valued at approximately $954,216.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 405,500 shares of company stock valued at $15,531,221. Insiders own 8.78% of the company’s stock.
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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