Market News

Toll Brothers Bumps Up Quarterly Dividend By 54%; Street Says Hold

Toll Brothers, the builder of luxury homes, increased its quarterly cash dividend by 54% to $0.17 per share. Shares rose 1% in Tuesday’s extended trading session after closing slightly lower on the day.

Toll Brothers (TOL) announced that the new dividend will be paid on April 23 to shareholders of record as of April 9. The company initiated the dividend policy in April 2017 with a quarterly payout of $0.08 per share.

The company’s annual dividend of $0.68 per share now reflects a dividend yield of 1.24%.

Toll Brothers CEO Douglas C. Yearley, Jr. said, “We are committed to profitable and sustainable growth and remain extremely focused on capital efficiency and return on equity.” (See Toll Brothers stock analysis on TipRanks)

On March 2, Argus Research analyst Chris Graja increased the stock’s price target to $62 (12.8% upside potential) from $56 and maintained a Buy rating.

The analyst highlights that “the company’s Q1 results were better than expected while its CEO has indicated that the housing market is very strong thanks to historically low interest rates, a tight supply of new and existing homes, favorable demographics, and heightened appreciation for home ownership.”

The rest of the Street is sidelined on the stock with a Hold consensus rating based on 4 Buys, 4 Holds, and 3 Sells. The average analyst price target of $57.64 implies 4.9% upside potential to current levels. Shares have increased 28.8% so far this year.

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