TOL - Toll Brothers Announces Cash Dividend and Reauthorizes Share Repurchase Program | Benzinga
FORT WASHINGTON, Pa., Dec. 13, 2023 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (TollBrothers.com), the nation's leading builder of luxury homes, today announced that its Board of Directors has approved a quarterly cash dividend to shareholders. The dividend of $0.21 per share will be paid on January 26, 2023 to shareholders of record on the close of business on January 12, 2023.
Toll Brothers also announced today that its Board of Directors has approved a new 20 million share repurchase authorization to replace its existing authorization. From May 2022 (the date of the previous authorization) through December 12, 2023, the Company repurchased approximately 13.3 million shares, or 12% of shares outstanding in May 2022, for an aggregate purchase price of approximately $800 million, or approximately $60.15 per share.
Douglas C. Yearley, Jr., chairman and chief executive officer, stated: "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. With our solid balance sheet, strong operating cash flow and modest level of net debt, we have the ability to continue investing in our business to drive long-term growth while returning capital to Company owners. This new reauthorization will provide us additional flexibility to execute on this disciplined capital allocation strategy."
Under the new authorization, repurchases may be made in open market transactions, privately negotiated transactions (including accelerated share repurchases), issuer tender offers or other financial arrangements or transactions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. As previously disclosed, the Company has budgeted $400 million of share repurchases in fiscal 2024. The Board of Directors did not fix any expiration date for this repurchase program.
ABOUT TOLL BROTHERS
Toll Brothers, Inc., a Fortune 500 Company, is the nation's leading builder of luxury homes. The Company was founded 56 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of ...