Toll Brothers, Inc. ( TOL Quick Quote TOL - Free Report) has been focusing on expanding reach in new and existing locations. To that end, it unveiled Regency at Folsom Ranch — an amenity-rich, 55+ active-adult community set — in California. The community set, which is a collection of five new homes, will offer 15 new designs featuring single-story homes ranging from approximately 1,400-2,500 square feet with 2-3 bedrooms, 2-3.5 bathrooms and 2-2.5-car garages. Also, it will provide covered patios for luxury indoor-to-outdoor living. Todd Callahan, division president of Toll Brothers in NC, said “Buyers will be able to choose from a variety of exquisite single-story plans with open-concept living areas, an abundance of windows to maximize views and light, and seamless indoor-to-outdoor living spaces. With luxury single-level living, resort-style amenities, and a full social calendar, there’s really nothing else like Regency at Folsom Ranch in this market.” Apart from Regency at Folsom Ranch, Toll Brothers has opened its first luxury townhome community — Tremont Station — in Charlotte, N.C. Located in the heart of Charlotte’s vibrant South End, Tremont Station is a low-maintenance community comprised of 103 homes ranging from approximately 1,830-2,292 square feet. Solid Expansion Spree & Favorable Housing Markets Bode Well
Toll Brothers has secured some of the most sought-after urban locations in the country, where land is scarce and approvals are not easy to obtain. The company has been expanding geographically via opening new communities and selective acquisitions.
Toll Brothers’ extensive geographic footprint and deep land position will allow it to grow its community count in fiscal 2021 and 2022, attributable to faster-than-anticipated sale of existing communities. Management is now targeting community count growth of 310 for third-quarter fiscal 2021 and 340 for fiscal 2021, which will reflect accelerating land acquisition and development to meet the resurgence in homebuyer demand. Image Source: Zacks Investment Research
Shares of Toll Brothers have gained 32.2% in the past six months compared with the
industry's 14.2% rally. The upside is likely to continue, given accretive acquisitions, its focus on affordable luxury communities and solid housing market backdrop. Owing to favorable housing market fundamentals, Toll Brothers has witnessed a rise in consumer demand, which in turn drove new orders. For second-quarter fiscal 2021, its net signed contracts or orders were up 84.9% year over year. Also, backlog grew 57.2% year over year to 10,104 homes. New single-family homes’ demand has seen a v-shaped recovery throughout the country and Toll Brothers is not an exception. A combination of lower interest rates and rising need for more work-at-home space positively impacted affordability, thereby helping the company to deliver solid performance. Zacks Rank
Toll Brothers — which shares space with
PulteGroup, Inc. ( PHM Quick Quote PHM - Free Report) , M.D.C. Holdings, Inc. ( MDC Quick Quote MDC - Free Report) and D.R. Horton, Inc. ( DHI Quick Quote DHI - Free Report) in the same industry — currently carries a Zacks Rank #1 (Strong Buy). You can see . the complete list of today's Zacks #1 Rank stocks here Time to Invest in Legal Marijuana
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