ORLANDO - Travel + Leisure Co. (NYSE:TNL) has announced an increase in its quarterly cash dividend, signaling confidence in the company's future growth and cash generation capabilities. The board of directors declared the dividend on the company's common stock to be raised by 11%, resulting in a new payout of $0.50 per share, up from the previous $0.45 per share.
This dividend is scheduled to be paid on March 29, 2024, to shareholders who are on record as of March 21, 2024. Mike Hug, the Chief Financial Officer of Travel + Leisure Co., stated that this decision is a reflection of the board's belief in the company's robust prospects for growth and its ability to continue producing substantial cash flow after meeting its capital requirements.
The increased dividend is part of Travel + Leisure's balanced capital allocation strategy, which also prioritizes share repurchases, investments in organic growth, balance sheet enhancements, and the pursuit of strategic mergers and acquisitions when they are deemed appropriate.
Travel + Leisure Co. is recognized as a global leader in membership and leisure travel. The company has made significant strides in the vacation industry by introducing innovative vacation ownership programs through Club Wyndham and establishing RCI, the first vacation exchange network.
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