257,264 Shares in Travel + Leisure Co. $TNL Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 257,264 shares of Travel + Leisure Co. during the second quarter, worth approximately $19.7 million and representing about 0.42% of the company. Institutional investors collectively own 87.54% of TNL.
• Analysts maintain a favorable outlook, with 11 Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $89.18.
• Travel + Leisure reported quarterly EPS of $1.88, matching estimates, while revenue of $1.06 billion exceeded forecasts and rose 4.4% year over year. The company also declared a $0.60 quarterly dividend, equivalent to a 3.8% yield.

Bank of America Corp DE bought a new stake in Travel + Leisure Co. (NYSE:TNL - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 257,264 shares of the company's stock, valued at approximately $19,663,000. Bank of America Corp DE owned about 0.42% of Travel + Leisure at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Travel + Leisure during the second quarter worth $543,957,000. Norges Bank bought a new position in shares of Travel + Leisure in the 4th quarter worth about $62,162,000. Bank of New York Mellon Corp bought a new position in shares of Travel + Leisure in the 2nd quarter worth about $55,087,000. Gotham Asset Management LLC lifted its stake in shares of Travel + Leisure by 139.2% in the 4th quarter. Gotham Asset Management LLC now owns 631,336 shares of the company's stock valued at $44,528,000 after purchasing an additional 367,356 shares during the period. Finally, Quantinno Capital Management LP lifted its stake in shares of Travel + Leisure by 21.7% in the 1st quarter. Quantinno Capital Management LP now owns 1,305,515 shares of the company's stock valued at $90,329,000 after purchasing an additional 232,711 shares during the period. Institutional investors and hedge funds own 87.54% of the company's stock.

Analyst Upgrades and Downgrades

TNL has been the topic of several research analyst reports. Citigroup restated a "market outperform" rating on shares of Travel + Leisure in a research report on Thursday, July 23rd. Mizuho lifted their target price on Travel + Leisure from $105.00 to $107.00 and gave the stock an "outperform" rating in a report on Thursday, July 23rd. Barclays boosted their price target on Travel + Leisure from $74.00 to $77.00 and gave the company an "equal weight" rating in a research note on Thursday, July 23rd. The Goldman Sachs Group upgraded Travel + Leisure from a "neutral" rating to a "buy" rating and set a $85.00 price target on the stock in a report on Monday, June 1st. Finally, Morgan Stanley raised their price objective on shares of Travel + Leisure from $83.00 to $85.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 18th. Eleven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $89.18.

Travel + Leisure Stock Performance

NYSE:TNL opened at $62.80 on Friday. Travel + Leisure Co. has a 52 week low of $58.07 and a 52 week high of $81.00. The firm has a 50-day moving average price of $70.93 and a two-hundred day moving average price of $70.95. The firm has a market cap of $3.84 billion, a price-to-earnings ratio of 17.16, a price-to-earnings-growth ratio of 0.43 and a beta of 1.15.

Travel + Leisure (NYSE:TNL - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The company reported $1.88 earnings per share for the quarter, hitting analysts' consensus estimates of $1.88. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Travel + Leisure had a negative return on equity of 46.91% and a net margin of 5.81%.The company's revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.65 EPS. As a group, sell-side analysts forecast that Travel + Leisure Co. will post 7.7 earnings per share for the current year.

Travel + Leisure Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Wednesday, September 16th. Travel + Leisure's dividend payout ratio is 65.57%.

Insider Buying and Selling at Travel + Leisure

In other news, CAO Thomas Michael Duncan sold 20,000 shares of Travel + Leisure stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $74.16, for a total transaction of $1,483,200.00. Following the sale, the chief accounting officer directly owned 5,307 shares in the company, valued at $393,567.12. The trade was a 79.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kimberly Marshall sold 32,691 shares of the business's stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $75.00, for a total transaction of $2,451,825.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 86,635 shares of company stock worth $6,503,559 in the last quarter. 4.01% of the stock is currently owned by company insiders.

Travel + Leisure Profile

Travel + Leisure Co NYSE: TNL is a hospitality and leisure company focused primarily on vacation ownership, membership, and travel services. The company develops, sells, and manages vacation ownership interests and related travel products through brands that include Club Wyndham, WorldMark by Wyndham, Margaritaville Vacation Club, and Travel + Leisure Co vacation ownership offerings.

The company also operates RCI, a vacation exchange network that enables members of affiliated vacation ownership programs to exchange accommodations in destinations around the world.

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