Travel + Leisure (NYSE:TNL) Shares Gap Up After Better-Than-Expected Earnings

Travel + Leisure Co. (NYSE:TNL)’s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $45.44, but opened at $47.25. Travel + Leisure shares last traded at $48.58, with a volume of 132,843 shares changing hands.

The company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.08. Travel + Leisure had a net margin of 11.35% and a negative return on equity of 46.63%. The firm had revenue of $993.00 million during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the prior year, the company posted $1.54 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis.

Travel + Leisure Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 4.20%. The ex-dividend date of this dividend was Friday, September 13th. Travel + Leisure’s payout ratio is 33.39%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Truist Financial lowered their price target on shares of Travel + Leisure from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. Barclays upped their price target on Travel + Leisure from $40.00 to $41.00 and gave the stock an “underweight” rating in a report on Thursday. Tigress Financial lifted their price objective on Travel + Leisure from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, July 29th. JPMorgan Chase & Co. raised their price target on Travel + Leisure from $53.00 to $63.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Travel + Leisure from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.00.

Insider Activity at Travel + Leisure

In other Travel + Leisure news, Director George Herrera sold 2,193 shares of Travel + Leisure stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $42.48, for a total value of $93,158.64. Following the completion of the sale, the director now directly owns 6,352 shares of the company’s stock, valued at approximately $269,832.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Amandine Robin-Caplan sold 3,246 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $41.84, for a total transaction of $135,812.64. Following the completion of the sale, the insider now directly owns 24,491 shares of the company’s stock, valued at $1,024,703.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director George Herrera sold 2,193 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $42.48, for a total value of $93,158.64. Following the completion of the transaction, the director now directly owns 6,352 shares in the company, valued at $269,832.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.02% of the company’s stock.

Hedge Funds Weigh In On Travel + Leisure

Hedge funds and other institutional investors have recently modified their holdings of the company. Swedbank AB purchased a new position in Travel + Leisure in the first quarter valued at approximately $33,598,000. Millennium Management LLC raised its stake in shares of Travel + Leisure by 440.7% in the 2nd quarter. Millennium Management LLC now owns 614,141 shares of the company’s stock valued at $27,624,000 after acquiring an additional 500,554 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Travel + Leisure by 4.6% during the 4th quarter. Vanguard Group Inc. now owns 10,722,330 shares of the company’s stock valued at $419,136,000 after acquiring an additional 466,640 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Travel + Leisure by 318.4% in the 2nd quarter. Acadian Asset Management LLC now owns 405,252 shares of the company’s stock valued at $18,217,000 after purchasing an additional 308,391 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Travel + Leisure in the second quarter valued at about $7,480,000. 87.54% of the stock is owned by institutional investors and hedge funds.

Travel + Leisure Price Performance

The firm has a 50-day simple moving average of $44.57 and a 200 day simple moving average of $44.62. The company has a market capitalization of $3.32 billion, a PE ratio of 7.95, a price-to-earnings-growth ratio of 0.62 and a beta of 1.62.

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.