Travel + Leisure (NYSE:TNL) Upgraded by Bank of America to “Buy” Rating

Bank of America upgraded shares of Travel + Leisure (NYSE:TNL) from an underperform rating to a buy rating in a research note published on Monday, MarketBeat reports. Bank of America currently has $60.00 price objective on the stock, up from their prior price objective of $40.00.

TNL has been the topic of a number of other research reports. Stifel Nicolaus boosted their target price on shares of Travel + Leisure from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Barclays boosted their price objective on shares of Travel + Leisure from $41.00 to $48.00 and gave the stock an “underweight” rating in a research note on Friday, December 13th. Tigress Financial boosted their price objective on shares of Travel + Leisure from $58.00 to $64.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Morgan Stanley initiated coverage on shares of Travel + Leisure in a report on Monday, January 6th. They issued an “overweight” rating and a $67.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Travel + Leisure from $56.00 to $63.00 and gave the company an “overweight” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.55.

Travel + Leisure Price Performance

Shares of NYSE:TNL opened at $54.31 on Monday. The company’s 50 day simple moving average is $52.65 and its 200 day simple moving average is $48.27. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of 9.22, a price-to-earnings-growth ratio of 0.68 and a beta of 1.64. Travel + Leisure has a 1 year low of $39.66 and a 1 year high of $56.91.

Travel + Leisure Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $2.00 annualized dividend and a dividend yield of 3.68%. Travel + Leisure’s dividend payout ratio is currently 33.96%.

Insider Activity

In related news, insider Geoffrey Richards sold 4,607 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $54.25, for a total value of $249,929.75. Following the sale, the insider now owns 120,602 shares in the company, valued at $6,542,658.50. This represents a 3.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders have sold 19,016 shares of company stock worth $1,042,863. Company insiders own 4.02% of the company’s stock.

Institutional Investors Weigh In On Travel + Leisure

A number of institutional investors and hedge funds have recently made changes to their positions in TNL. Sei Investments Co. raised its holdings in shares of Travel + Leisure by 22.6% in the 2nd quarter. Sei Investments Co. now owns 143,009 shares of the company’s stock worth $6,430,000 after acquiring an additional 26,338 shares during the last quarter. Cubist Systematic Strategies LLC grew its position in Travel + Leisure by 85.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 19,083 shares of the company’s stock worth $858,000 after purchasing an additional 8,776 shares in the last quarter. Squarepoint Ops LLC bought a new stake in Travel + Leisure in the 2nd quarter worth about $1,369,000. Millennium Management LLC grew its position in Travel + Leisure by 440.7% in the 2nd quarter. Millennium Management LLC now owns 614,141 shares of the company’s stock worth $27,624,000 after purchasing an additional 500,554 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in Travel + Leisure by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 9,932 shares of the company’s stock worth $447,000 after purchasing an additional 3,307 shares in the last quarter. Institutional investors and hedge funds own 87.54% of the company’s stock.

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.