BlackRock Inc. acquired 9.78 million shares of luxury homebuilder Toll Brothers for approximately $1.61 billion. The purchase, disclosed in a 13F filing with the Securities and Exchange Commission, gives the asset manager a 10.46% ownership stake.
The investment follows a third-quarter earnings report where Toll Brothers exceeded analyst expectations. The company reported earnings per share of $2.97. Quarterly revenue reached $2.66 billion. Toll Brothers also reaffirmed its full-year revenue guidance of approximately $10.5 billion.
Analysts currently maintain a Moderate Buy consensus rating on the stock. BlackRock’s significant position signals confidence in the homebuilder despite ongoing challenges in the broader housing market.