Victory Capital Management Inc. Decreases Stock Position in Travel + Leisure Co. (NYSE:TNL)

Key Points

• Victory Capital Management Inc. reduced its stake in Travel + Leisure Co. by 24.5%, owning 0.20% of the company, valued at $6.30 million, after selling 44,136 shares this quarter.
• Recent research reports from various analysts show mixed opinions on Travel + Leisure, with target prices ranging from $44.00 to $70.00, and an average rating of "Moderate Buy."
• Travel + Leisure announced a quarterly dividend of $0.56 per share, representing a 3.55% dividend yield, while institutional investors own 87.54% of the company’s stock.

Victory Capital Management Inc. trimmed its holdings in Travel + Leisure Co. (NYSE:TNL - Free Report) by 24.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 136,149 shares of the company's stock after selling 44,136 shares during the quarter. Victory Capital Management Inc. owned approximately 0.20% of Travel + Leisure worth $6,302,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of TNL. HighTower Advisors LLC increased its holdings in shares of Travel + Leisure by 3.2% in the 4th quarter. HighTower Advisors LLC now owns 9,982 shares of the company's stock valued at $504,000 after acquiring an additional 314 shares during the period. Commonwealth Equity Services LLC increased its stake in Travel + Leisure by 31.0% in the 4th 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 period. Teacher Retirement System of Texas increased its stake in Travel + Leisure by 25.2% in the 4th quarter. Teacher Retirement System of Texas now owns 33,102 shares of the company's stock valued at $1,670,000 after buying an additional 6,663 shares during the period. Sei Investments Co. increased its stake in Travel + Leisure by 8.2% in the 4th quarter. Sei Investments Co. now owns 200,492 shares of the company's stock valued at $10,115,000 after buying an additional 15,126 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in Travel + Leisure in the 4th quarter valued at $752,000. 87.54% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TNL. Barclays boosted their price objective on shares of Travel + Leisure from $39.00 to $54.00 and gave the company an "underweight" rating in a research note on Thursday. Morgan Stanley dropped their price objective on shares of Travel + Leisure from $61.00 to $52.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. The Goldman Sachs Group dropped their price objective on shares of Travel + Leisure from $62.00 to $44.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Mizuho upgraded shares of Travel + Leisure from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $63.00 to $72.00 in a research report on Thursday. Finally, JMP Securities boosted their target price on shares of Travel + Leisure from $60.00 to $70.00 and gave the stock a "market outperform" rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $62.30.

Insider Activity at Travel + Leisure

In other news, insider Jeffrey Myers sold 110,885 shares of the company's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $62.33, for a total transaction of $6,911,462.05. Following the completion of the transaction, the insider owned 142,553 shares of the company's stock, valued at $8,885,328.49. This represents a 43.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Thomas Michael Duncan sold 8,201 shares of the company's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $62.24, for a total transaction of $510,430.24. Following the transaction, the chief accounting officer directly owned 20,000 shares of the company's stock, valued at approximately $1,244,800. This represents a 29.08% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 199,020 shares of company stock worth $12,123,076. Corporate insiders own 3.75% of the company's stock.

Travel + Leisure Stock Up 2.2%

Shares of Travel + Leisure stock traded up $1.37 on Friday, hitting $63.07. The company's stock had a trading volume of 1,050,356 shares, compared to its average volume of 744,214. Travel + Leisure Co. has a 52-week low of $37.77 and a 52-week high of $63.28. The firm has a fifty day moving average price of $52.47 and a 200-day moving average price of $50.55. The company has a market capitalization of $4.09 billion, a P/E ratio of 10.44, a price-to-earnings-growth ratio of 0.60 and a beta of 1.38.

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). Travel + Leisure had a net margin of 10.14% and a negative return on equity of 47.47%. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the firm posted $1.52 EPS. The company's revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, analysts expect that Travel + Leisure Co. will post 6.46 earnings per share for the current year.

Travel + Leisure Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date was Friday, June 13th. Travel + Leisure's dividend payout ratio is currently 38.62%.

Travel + Leisure Company Profile

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.