Corebridge Financial Inc. Trims Stock Holdings in Toll Brothers, Inc. (NYSE:TOL)

Corebridge Financial Inc. reduced its stake in shares of Toll Brothers, Inc. (NYSE:TOL) by 5.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 114,250 shares of the construction company’s stock after selling 7,134 shares during the period. Corebridge Financial Inc. owned 0.11% of Toll Brothers worth $14,390,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TOL. FMR LLC boosted its position in shares of Toll Brothers by 97.7% in the third quarter. FMR LLC now owns 2,118,459 shares of the construction company’s stock worth $327,281,000 after purchasing an additional 1,046,758 shares during the period. Raymond James Financial Inc. bought a new position in Toll Brothers in the 4th quarter worth $43,615,000. Jennison Associates LLC increased its stake in Toll Brothers by 38.7% in the 4th quarter. Jennison Associates LLC now owns 1,226,271 shares of the construction company’s stock worth $154,449,000 after buying an additional 341,980 shares in the last quarter. Empowered Funds LLC raised its holdings in Toll Brothers by 228.1% during the fourth quarter. Empowered Funds LLC now owns 232,180 shares of the construction company’s stock valued at $29,243,000 after acquiring an additional 161,408 shares during the period. Finally, Castleark Management LLC purchased a new position in shares of Toll Brothers in the third quarter valued at about $23,629,000. 91.76% of the stock is currently owned by institutional investors.

Toll Brothers Stock Performance

NYSE TOL opened at $111.07 on Wednesday. The company has a market cap of $11.09 billion, a P/E ratio of 7.64, a P/E/G ratio of 1.02 and a beta of 1.77. The business’s 50 day moving average price is $120.51 and its 200-day moving average price is $137.10. Toll Brothers, Inc. has a fifty-two week low of $102.49 and a fifty-two week high of $169.52. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.80 and a current ratio of 4.65.

Toll Brothers (NYSE:TOL) last announced its earnings results on Tuesday, February 18th. The construction company reported $1.75 earnings per share for the quarter, missing the consensus estimate of $1.99 by ($0.24). The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Toll Brothers had a net margin of 14.03% and a return on equity of 18.32%. Sell-side analysts predict that Toll Brothers, Inc. will post 13.83 earnings per share for the current year.

Toll Brothers Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Friday, April 11th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.90%. The ex-dividend date of this dividend is Friday, April 11th. This is an increase from Toll Brothers’s previous quarterly dividend of $0.23. Toll Brothers’s dividend payout ratio is 6.88%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TOL. Wedbush reissued an “outperform” rating and set a $175.00 target price on shares of Toll Brothers in a research note on Friday, February 14th. Seaport Res Ptn raised shares of Toll Brothers from a “strong sell” rating to a “hold” rating in a report on Monday, January 27th. Evercore ISI raised their target price on shares of Toll Brothers from $181.00 to $184.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. UBS Group decreased their price target on shares of Toll Brothers from $185.00 to $183.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Finally, Bank of America cut their price objective on Toll Brothers from $156.00 to $140.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $147.57.

Insiders Place Their Bets

In other news, Director Christine Garvey sold 420 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $110.58, for a total value of $46,443.60. Following the transaction, the director now directly owns 13,186 shares in the company, valued at approximately $1,458,107.88. This represents a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Martin P. Connor sold 11,140 shares of Toll Brothers stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $126.07, for a total transaction of $1,404,419.80. Following the sale, the chief financial officer now owns 20,618 shares of the company’s stock, valued at $2,599,311.26. The trade was a 35.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,764 shares of company stock worth $1,476,523 over the last quarter. Company insiders own 1.54% of the company’s stock.

About Toll Brothers

Toll Brothers, Inc, together with its subsidiaries, designs, builds, markets, sells, and arranges finance for a range of detached and attached homes in luxury residential communities in the United States. It designs, builds, markets, and sells condominiums through Toll Brothers City Living. The company also develops a range of single-story living and first-floor primary bedroom suite home designs, as well as communities with recreational amenities, such as golf courses, marinas, pool complexes, country clubs, and fitness and recreation centers; and develops, operates, and rents apartments.