Bank of Nova Scotia Buys Shares of 112,100 Travel + Leisure Co. (NYSE:TNL)

Key Points

• Bank of Nova Scotia acquired a new stake in Travel + Leisure Co. by purchasing 112,100 shares valued at approximately $5.19 million, representing 0.17% ownership.
• Insiders have sold a total of 323,474 shares of Travel + Leisure stock worth nearly $20 million over the last quarter, indicating significant insider trading activity.
• Mizuho upgraded Travel + Leisure to an "outperform" rating, increasing the price target to $72.00, while the overall consensus rating remains "Moderate Buy" with a target of $62.30.

Bank of Nova Scotia purchased a new position in shares of Travel + Leisure Co. (NYSE:TNL - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 112,100 shares of the company's stock, valued at approximately $5,188,000. Bank of Nova Scotia owned about 0.17% of Travel + Leisure as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of TNL. Commonwealth Equity Services LLC boosted its position in Travel + Leisure by 31.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 5,906 shares of the company's stock valued at $298,000 after buying an additional 1,397 shares during the last quarter. LPL Financial LLC boosted its position in Travel + Leisure by 1.2% in the fourth quarter. LPL Financial LLC now owns 37,983 shares of the company's stock valued at $1,916,000 after buying an additional 468 shares during the last quarter. Pictet Asset Management Holding SA boosted its position in Travel + Leisure by 19.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 10,271 shares of the company's stock valued at $518,000 after buying an additional 1,638 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its position in Travel + Leisure by 77.2% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 8,197 shares of the company's stock valued at $414,000 after buying an additional 3,570 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in Travel + Leisure by 18.1% in the fourth quarter. Wells Fargo & Company MN now owns 68,228 shares of the company's stock valued at $3,442,000 after buying an additional 10,437 shares during the last quarter. Hedge funds and other institutional investors own 87.54% of the company's stock.

Travel + Leisure Stock Down 0.4%

Shares of TNL stock traded down $0.21 during trading hours on Friday, hitting $58.88. 493,557 shares of the company's stock were exchanged, compared to its average volume of 800,934. The firm has a market cap of $3.82 billion, a P/E ratio of 10.15, a P/E/G ratio of 0.57 and a beta of 1.43. The firm has a 50 day moving average of $54.75 and a two-hundred day moving average of $51.13. Travel + Leisure Co. has a fifty-two week low of $37.77 and a fifty-two week high of $63.31.

Travel + Leisure (NYSE:TNL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $1.65 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.01). The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.01 billion. Travel + Leisure had a negative return on equity of 47.47% and a net margin of 10.14%. The company's quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.52 earnings per share. On average, equities analysts forecast that Travel + Leisure Co. will post 6.46 earnings per share for the current fiscal year.

Travel + Leisure Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Friday, June 13th. Travel + Leisure's dividend payout ratio is currently 38.62%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TNL. The Goldman Sachs Group dropped their target price on Travel + Leisure from $62.00 to $44.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Mizuho upgraded Travel + Leisure from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $63.00 to $72.00 in a research report on Thursday, July 24th. Barclays upped their price objective on Travel + Leisure from $39.00 to $54.00 and gave the stock an "underweight" rating in a research report on Thursday, July 24th. Wall Street Zen upgraded Travel + Leisure from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, JMP Securities upped their price objective on Travel + Leisure from $60.00 to $70.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $62.30.

Insider Transactions at Travel + Leisure

In related news, Director Denny Marie Post sold 5,500 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $50.20, for a total value of $276,100.00. Following the completion of the transaction, the director directly owned 4,477 shares of the company's stock, valued at approximately $224,745.40. This represents a 55.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kimberly Marshall sold 16,500 shares of the stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $60.00, for a total value of $990,000.00. Following the completion of the transaction, the insider directly owned 56,736 shares of the company's stock, valued at approximately $3,404,160. This represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 323,474 shares of company stock worth $19,908,918 in the last quarter. 3.75% of the stock is owned by insiders.

About Travel + Leisure

Travel + Leisure Co, together with its subsidiaries, provides hospitality services and travel products in the United States and internationally. The company operates in two segments, Vacation Ownership; and Travel and Membership. The Vacation Ownership segment develops, markets, and sells vacation ownership interests (VOIs) to individual consumers, as well as provides consumer financing in connection with the sale of VOIs; and property management services at resorts.