American International Group Inc. cut its stake in Travel + Leisure Co. (NYSE:TNL – Get Rating) by 4.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 126,863 shares of the company’s stock after selling 5,707 shares during the quarter. American International Group Inc. owned 0.16% of Travel + Leisure worth $4,618,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. EWG Elevate Inc. bought a new position in shares of Travel + Leisure during the fourth quarter worth $25,000. Penserra Capital Management LLC acquired a new stake in Travel + Leisure during the 1st quarter worth $31,000. Lazard Asset Management LLC bought a new position in Travel + Leisure during the first quarter worth about $34,000. Belpointe Asset Management LLC acquired a new position in Travel + Leisure in the fourth quarter valued at about $35,000. Finally, Bessemer Group Inc. increased its holdings in shares of Travel + Leisure by 29.3% in the third quarter. Bessemer Group Inc. now owns 1,385 shares of the company’s stock worth $48,000 after acquiring an additional 314 shares in the last quarter. 88.54% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on TNL shares. Credit Suisse Group lifted their price objective on Travel + Leisure from $31.00 to $36.00 and gave the company an “underperform” rating in a report on Thursday, February 23rd. Bank of America started coverage on shares of Travel + Leisure in a report on Monday, April 17th. They issued an “underperform” rating and a $42.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Travel + Leisure from $69.00 to $62.00 in a report on Thursday, April 27th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $50.43.
Travel + Leisure Stock Up 5.0 %
Travel + Leisure (NYSE:TNL – Get Rating) last issued its quarterly earnings results on Wednesday, April 26th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.10. Travel + Leisure had a net margin of 10.17% and a negative return on equity of 43.00%. The firm had revenue of $879.00 million for the quarter, compared to analyst estimates of $840.65 million. During the same period in the previous year, the business earned $0.69 EPS. The company’s revenue was up 8.7% compared to the same quarter last year. As a group, sell-side analysts expect that Travel + Leisure Co. will post 5.53 EPS for the current year.
Travel + Leisure Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be paid a $0.45 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $1.80 annualized dividend and a dividend yield of 4.57%. Travel + Leisure’s dividend payout ratio is presently 40.27%.
Insiders Place Their Bets
In other news, insider Olivier Chavy sold 2,650 shares of Travel + Leisure stock in a transaction dated Friday, March 17th. The shares were sold at an average price of $37.51, for a total value of $99,401.50. Following the completion of the transaction, the insider now owns 12,411 shares of the company’s stock, valued at approximately $465,536.61. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director George Herrera sold 2,069 shares of the stock in a transaction on Friday, March 17th. The stock was sold at an average price of $37.53, for a total value of $77,649.57. Following the sale, the director now owns 5,838 shares in the company, valued at approximately $219,100.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Olivier Chavy sold 2,650 shares of Travel + Leisure stock in a transaction on Friday, March 17th. The stock was sold at an average price of $37.51, for a total transaction of $99,401.50. Following the transaction, the insider now directly owns 12,411 shares of the company’s stock, valued at $465,536.61. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,619 shares of company stock valued at $477,409. 2.07% of the stock is currently owned by corporate insiders.
Travel + Leisure Profile
Travel + Leisure Co is a membership and leisure travel company, with a portfolio of nearly 20 resort, travel club, and lifestyle travel brands. It operates through Vacation Ownership and Travel and Membership segments. The Vacation Ownership segment is involved in developing, marketing, and selling vacation ownership interests to individual consumers, providing consumer financing in connection with the sale of vacation ownership interests, and providing property management services at resorts.
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