Toll Brothers Chairman Unloads Shares

WASHINGTON ( TheStreet) -- Toll Brothers' ( TOL) executive chairman Robert I. Toll has been divesting his stake in his namesake company.

The homebuilder 's executive chairman and former CEO sold 500,000 shares, according to a Jan. 11 filing with the Securities and Exchange Commission.

The shares sold for $20.47 each for a total value of $10.2 million, diluting Toll's stake in the company to 14.1 million shares. As of a Dec. 6 filing, Toll held 14.9 million shares, or 8.92%, of Toll Brothers.

Toll Brothers shares were 0.2% higher at $20.37 Wednesday afternoon.

Toll Brothers surprised investors with a return to year-over-year profitability in its fiscal fourth quarter, and recently said deposits jumped 10% in the second half of November compared with year-earlier results.

Elsewhere in the sector, Lennar ( LEN), which posted better-than-expected fiscal-fourth quarter earnings on Tuesday, said new-home deliveries were down 12% in its recent quarter to 3,089. Orders for new homes fell 5% to 2,520.

KB Home ( KBH), which posted a surprise quarterly profit on Friday, said fewer homes delivered in its recent quarter was partially offset by an increase in the average selling price.

Small-cap builder Hovnanian Enterprises ( HOV) sold 13% fewer homes in its fiscal fourth quarter, while completed sales fell almost 17% year-over-year, despite narrowing its net losses.

Lennar shares were 0.8% higher Wednesday at $20.40, KB Home added 2% to $15.08 and Hovnanian rose 2.2% to $4.62.

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