TOLL BROTHERS INC TOL
COM · Common Stock · CUSIP 889478103 · ISIN US8894781033
American home builder
- SectorIndustrials
- IndustryOperative Builders
- HeadquartersFort Washington, PA
- Founded1986
- Websitetollbrothers.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($30.7m this quarter). Holder counts are more reliable. Shares outstanding: 95.0m as of 2025-12-17, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $135.05. Options: 25 managers hold calls ($211.0m notional), 25 hold puts ($226.1m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 383 |
| Q4 2022 | 428 |
| Q1 2023 | 450 |
| Q2 2023 | 519 |
| Q3 2023 | 520 |
| Q4 2023 | 575 |
| Q1 2024 | 644 |
| Q2 2024 | 660 |
| Q3 2024 | 719 |
| Q4 2024 | 722 |
| Q1 2025 | 665 |
| Q2 2025 | 663 |
| Q3 2025 | 721 |
| Q4 2025 | 737 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 302 | 305 |
| Q2 2024 | 319 | 317 |
| Q3 2024 | 370 | 313 |
| Q4 2024 | 307 | 361 |
| Q1 2025 | 290 | 389 |
| Q2 2025 | 355 | 302 |
| Q3 2025 | 382 | 277 |
| Q4 2025 | 311 | 355 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $168.1m | $172.2m | 1.02 |
| Q2 2025 | $174.0m | $205.4m | 1.18 |
| Q3 2025 | $236.5m | $279.4m | 1.18 |
| Q4 2025 | $211.0m | $226.1m | 1.07 |
Biggest buyers
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +3.2m |
| CITADEL ADVISORS LLC | Added | +946.5k |
| Junto Capital Management LP | New | +403.3k |
| JENNISON ASSOCIATES LLC | Added | +373.0k |
| TWO SIGMA INVESTMENTS, LP | Added | +320.7k |
| Balyasny Asset Management L.P. | Added | +284.0k |
| MUFG Securities EMEA plc | New | +226.0k |
| TORONTO DOMINION BANK | New | +226.0k |
| VICTORY CAPITAL MANAGEMENT INC | Added | +188.6k |
| TWO SIGMA ADVISERS, LP | Added | +160.1k |
Biggest sellers
| Holocene Advisors, LP | Reduced | -1.2m |
| BlackRock, Inc. | Reduced | -976.7k |
| JPMORGAN CHASE & CO | Reduced | -899.6k |
| Nuveen, LLC | Reduced | -606.8k |
| FMR LLC | Reduced | -380.3k |
| Qube Research & Technologies Ltd | Reduced | -338.6k |
| VANGUARD GROUP INC | Reduced | -295.7k |
| AQR CAPITAL MANAGEMENT LLC | Reduced | -282.4k |
| CANADA LIFE ASSURANCE Co | Reduced | -264.2k |
| Cannell & Spears LLC | Reduced | -218.3k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $71.2m526.5k shares |
| IMC-Chicago, LLC | Added | $28.2m208.2k shares |
| CITADEL ADVISORS LLC | Reduced | $22.6m166.9k shares |
| JANE STREET GROUP, LLC | Reduced | $18.4m136.3k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $9.0m66.9k shares |
| SIMPLEX TRADING, LLC | Reduced | $8.0m58.8k shares |
| JPMORGAN CHASE & CO | Reduced | $7.6m56.4k shares |
| Twin Tree Management, LP | New | $7.0m51.6k shares |
| Point72 Asset Management, L.P. | Added | $6.9m51.2k shares |
| Qube Research & Technologies Ltd | Reduced | $5.8m43.0k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $58.3m430.9k shares |
| CITADEL ADVISORS LLC | Reduced | $36.4m269.5k shares |
| IMC-Chicago, LLC | Reduced | $25.2m186.1k shares |
| JANE STREET GROUP, LLC | Added | $18.9m139.7k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $15.6m115.5k shares |
| SIMPLEX TRADING, LLC | Added | $13.7m101.1k shares |
| JPMORGAN CHASE & CO | Reduced | $7.6m56.4k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $7.0m51.8k shares |
| Qube Research & Technologies Ltd | Reduced | $6.5m48.4k shares |
| Twin Tree Management, LP | Added | $6.0m44.7k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution +0.5 pts · filed 2026-09-04 | 10.1% |
| GREENHAVEN ASSOCIATES INC 13G · institution +0.4 pts · filed 2026-01-06 | 5.9% |
| Capital World Investors 13G · institution new · filed 2025-11-13 | 5.4% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 5.2% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 6 | $9.7m | — |
| Q2 2024 | 0 | — | 4 | $2.9m | — |
| Q3 2024 | 0 | — | 5 | $37.4m | — |
| Q4 2024 | 0 | — | 4 | $5.9m | — |
| Q1 2025 | 0 | — | 2 | $795.2k | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 1 | $8.6k | 8 | $9.9m | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.02% of their portfolio | 10.1m $1.4bn | Reduced -976.7k |
| VANGUARD GROUP INC 0.02% of their portfolio | 9.2m $1.2bn | Reduced -295.7k |
| GREENHAVEN ASSOCIATES INC 12.28% of their portfolio | 5.6m $757.7m | Added +22.2k |
| Capital World Investors 0.10% of their portfolio | 5.2m $702.6m | Added +8.6k |
| STATE STREET CORP 0.02% of their portfolio | 3.4m $455.8m | Reduced -92.3k |
| FMR LLC 0.02% of their portfolio | 3.3m $448.0m | Reduced -380.3k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.05% of their portfolio | 3.3m $446.8m | Added +3.2m |
| DIMENSIONAL FUND ADVISORS LP 0.08% of their portfolio | 2.9m $390.8m | Reduced -11.3k |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 2.3m $312.0m | Added +410 |
| AQR CAPITAL MANAGEMENT LLC 0.16% of their portfolio | 2.2m $297.6m | Reduced -282.4k |
| NORGES BANK 0.02% of their portfolio | 1.2m $168.3m | Not comparable |
| BAMCO INC /NY/ 0.43% of their portfolio | 1.2m $157.7m | Added +9.4k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 1.1m $153.0m | Reduced -197.9k |
| MORGAN STANLEY 0.01% of their portfolio | 1.1m $149.5m | Added +35.7k |
| VICTORY CAPITAL MANAGEMENT INC 0.08% of their portfolio | 1.1m $149.5m | Added +188.6k |
| JENNISON ASSOCIATES LLC 0.09% of their portfolio | 1.1m $147.5m | Added +373.0k |
| CITADEL ADVISORS LLC 0.10% of their portfolio | 1.1m $142.6m | Added +946.5k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 1.0m $139.9m | Added +14.4k |
| Holocene Advisors, LP 0.28% of their portfolio | 998.4k $135.0m | Reduced -1.2m |
| NORTHERN TRUST CORP 0.01% of their portfolio | 859.7k $116.3m | Reduced -35.0k |
| LSV ASSET MANAGEMENT 0.25% of their portfolio | 853.5k $115.4m | Reduced -40.7k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 759.1k $102.6m | Added +21.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 704.0k $95.2m | Added +4.8k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.32% of their portfolio | 678.8k $91.8m | Added +55.0k |
| Balyasny Asset Management L.P. 0.16% of their portfolio | 627.0k $84.8m | Added +284.0k |
| TWO SIGMA INVESTMENTS, LP 0.12% of their portfolio | 611.1k $82.6m | Added +320.7k |
| FIRST TRUST ADVISORS LP 0.06% of their portfolio | 603.1k $81.5m | Added +14.1k |
| RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio | 549.7k $74.4m | Added +66.0k |
| MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio | 513.5k $69.4m | Added +57.2k |
| JANUS HENDERSON GROUP PLC 0.03% of their portfolio | 466.7k $63.1m | Added +39.9k |
| Walleye Capital LLC 0.34% of their portfolio | 444.7k $60.1m | Added +75.2k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.09% of their portfolio | 424.0k $57.3m | Reduced -134.0k |
| TWO SIGMA ADVISERS, LP 0.11% of their portfolio | 406.0k $54.9m | Added +160.1k |
| Junto Capital Management LP 1.22% of their portfolio | 403.3k $54.5m | New |
| UBS Group AG 0.01% of their portfolio | 388.4k $52.5m | Reduced -174.6k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 364.4k $49.3m | Reduced -1.1k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.06% of their portfolio | 343.0k $46.7m | Reduced -1.0k |
| ANCHOR CAPITAL ADVISORS LLC 1.33% of their portfolio | 340.1k $46.0m | Reduced -19.0k |
| BASSWOOD CAPITAL MANAGEMENT, L.L.C. 1.96% of their portfolio | 327.7k $44.3m | Added +2.9k |
| BARCLAYS PLC 0.02% of their portfolio | 311.3k $42.1m | Reduced -52.7k |
| Bridgewater Associates, LP 0.15% of their portfolio | 310.3k $42.0m | Reduced -84.1k |
| MARSHALL WACE, LLP 0.04% of their portfolio | 277.1k $37.5m | Added +32.4k |
| Pictet Asset Management Holding SA 0.04% of their portfolio | 275.0k $37.2m | Reduced -156.1k |
| Invesco Ltd. 0.00% of their portfolio | 270.7k $36.6m | Added +14.2k |
| RHUMBLINE ADVISERS 0.03% of their portfolio | 267.5k $36.2m | Reduced -1.3k |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. 0.35% of their portfolio | 262.4k $35.5m | Reduced -5.6k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 252.1k $34.1m | Reduced -899.6k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 242.4k $32.8m | Reduced -14.2k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 240.4k $32.5m | Added +63.8k |
| Retirement Systems of Alabama 0.10% of their portfolio | 227.8k $30.8m | Reduced -3.0k |
| TORONTO DOMINION BANK 0.05% of their portfolio | 226.0k $30.6m | New |
| MUFG Securities EMEA plc 0.36% of their portfolio | 226.0k $30.6m | New |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 207.3k $28.0m | Reduced -10.8k |
| Allianz Asset Management GmbH 0.03% of their portfolio | 206.1k $27.9m | Reduced -20.8k |
| DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC 1.32% of their portfolio | 200.5k $27.1m | Reduced -3.2k |
| Qube Research & Technologies Ltd 0.04% of their portfolio | 197.7k $26.7m | Reduced -338.6k |
| Quantinno Capital Management LP 0.05% of their portfolio | 192.7k $26.1m | Added +106.0k |
| SG Americas Securities, LLC 0.03% of their portfolio | 190.5k $25.8m | Added +123.2k |
| Swiss National Bank 0.02% of their portfolio | 190.0k $25.7m | Reduced -300 |
| COOKSON PEIRCE & CO INC 1.05% of their portfolio | 187.4k $25.3m | Reduced -6.8k |
| California Public Employees Retirement System 0.01% of their portfolio | 182.9k $24.7m | Added +11.7k |
| ASSETMARK, INC 0.05% of their portfolio | 180.3k $24.4m | Reduced -8.6k |
| Nuveen, LLC 0.01% of their portfolio | 180.0k $24.3m | Reduced -606.8k |
| IEQ CAPITAL, LLC 0.07% of their portfolio | 174.9k $23.7m | Reduced -12.4k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 167.7k $22.7m | Added +18.8k |
| BANK OF NOVA SCOTIA 0.03% of their portfolio | 167.1k $22.6m | Added +149.5k |
| Cerity Partners LLC 0.03% of their portfolio | 166.9k $22.6m | Added +76.3k |
| Prana Capital Management, LP 0.81% of their portfolio | 164.8k $22.3m | Added +9.3k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 162.1k $21.9m | Reduced -45.7k |
| RBF Capital, LLC 0.50% of their portfolio | 161.0k $21.8m | Added +80.5k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 157.8k $21.3m | Reduced -27.4k |
| Legal & General Group Plc 0.00% of their portfolio | 156.7k $21.2m | Reduced -41.0k |
| Point72 Asset Management, L.P. 0.03% of their portfolio | 152.3k $20.6m | New |
| Rafferty Asset Management, LLC 0.07% of their portfolio | 152.1k $20.6m | Added +2.3k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 151.4k $20.5m | Reduced -25.7k |
| Woodline Partners LP 0.08% of their portfolio | 150.5k $20.3m | Reduced -167.7k |
| CITIGROUP INC 0.01% of their portfolio | 147.1k $19.9m | Added +16.0k |
| Interval Partners, LP 0.43% of their portfolio | 137.0k $18.5m | New |
| GATEWAY INVESTMENT ADVISERS LLC 0.16% of their portfolio | 127.4k $17.2m | Added +695 |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.03% of their portfolio | 126.4k $17.1m | First filing |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 124.9k $16.9m | Reduced -4.6k |
| Union Bancaire Privee, UBP SA 0.00% of their portfolio | 121.1k $137 | Unchanged |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.03% of their portfolio | 119.3k $16.1m | Reduced -2.8k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.04% of their portfolio | 118.3k $16.0m | Reduced -781 |
| Caisse de depot et placement du Quebec 0.03% of their portfolio | 113.8k $15.4m | Added +6.4k |
| Connor, Clark & Lunn Investment Management Ltd. 0.04% of their portfolio | 113.5k $15.4m | New |
| MILFORD FUNDS LTD 0.29% of their portfolio | 109.7k $14.8m | First filing |
| Distillate Capital Partners LLC 0.76% of their portfolio | 108.5k $14.7m | Reduced -1.4k |
| Allspring Global Investments Holdings, LLC 0.02% of their portfolio | 108.4k $14.7m | Added +21.9k |
| DAVIS R M INC 0.25% of their portfolio | 107.4k $14.5m | Reduced -11.1k |
| Amundi 0.00% of their portfolio | 107.0k $14.5m | Reduced -11.0k |
| AGF MANAGEMENT LTD 0.06% of their portfolio | 106.1k $14.3m | Reduced -3.2k |
| SummitTX Capital, L.P. 0.43% of their portfolio | 105.9k $14.3m | Reduced -49.8k |
| NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio | 103.2k $14.0m | Reduced -2.1k |
| Riverstone Advisors, LLC 6.20% of their portfolio | 97.2k $13.1m | Reduced -2.1k |
| LPL Financial LLC 0.00% of their portfolio | 97.0k $13.1m | Added +7.4k |
| Verition Fund Management LLC 0.07% of their portfolio | 96.2k $13.0m | Reduced -7.4k |
| LYELL WEALTH MANAGEMENT, LP 0.94% of their portfolio | 95.6k $12.9m | Added +4.1k |
| De Lisle Partners LLP 1.65% of their portfolio | 95.0k $12.8m | Unchanged |
| GDS Wealth Management 0.78% of their portfolio | 92.8k $12.5m | Added +5.4k |