FORT WASHINGTON, PA — Toll Brothers, Inc. (NYSE: TOL), a leading national builder of luxury homes, recently declared a quarterly cash dividend of $0.21 per share. This payout, approved by the company’s Board of Directors, will be made on January 26, 2023, to shareholders recorded as of the close of business on January 12, 2023.
In addition to the dividend announcement, Toll Brothers also revealed that its Board has approved a new 20 million share repurchase authorization, replacing the existing one. Since May 2022, when the previous authorization was issued, the company has repurchased approximately 13.3 million shares, representing 12% of the shares outstanding at that time. The total purchase price for these repurchased shares amounted to roughly $800 million, averaging $60.15 per share.
Douglas C. Yearley, Jr., the chairman and chief executive officer of Toll Brothers, emphasized the company’s dedication to maximizing shareholder returns. “Over the past decade, we have demonstrated our commitment to shareholder returns. We have reduced our outstanding share count by nearly 40% through buybacks, net of share issuances, and have increased our dividend from $0.08 per share since commencing it in 2017 to $0.21 per share today,” stated Yearley.
The repurchases under the new authorization may be executed in various ways, including open market transactions, privately negotiated transactions, issuer tender offers, or other financial arrangements. The timing and total amount of stock repurchases will hinge upon numerous factors, such as business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, among others. As previously disclosed, Toll Brothers has allocated $400 million for share repurchases in fiscal 2024. The Board did not set an expiration date for this repurchase program.
In other news, Toll Brothers announced the appointment of Judith A. Reinsdorf and Katherine M. Sandstrom to the company’s Board of Directors. Carl B. Marbach, age 82, has notified the company of his decision not to seek re-election, and he will step down from the Board at the next annual meeting of stockholders in March 2024.
Reinsdorf and Sandstrom bring a wealth of experience to the Board. Reinsdorf, previously served as executive vice president and general counsel of Johnson Controls International plc and Tyco International. She currently chairs the nominating and governance committee of the board of directors of EnPro Inc and is on the boards of Nurix Therapeutics, Inc., University of Rochester, and the New Jersey Chapter of the National Association of Corporate Directors.
Sandstrom, the chair of the board of Healthpeak Properties, Inc., has over two decades of experience with Heitman LLC, a real estate management firm. She also serves on the boards of EastGroup Properties, Inc., and Urban Edge Properties, both real estate investment trusts. The appointments of Reinsdorf and Sandstrom provide Toll Brothers with additional expertise and insights, supporting its growth and shareholder value creation strategies.
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