Michael Dean Brown, who serves as a Director and as President & CEO of Travel & Leisure Co. (NYSE: TNL), sold shares of the company's common stock over two trading days, February 23 and 24, 2026, in transactions that amounted to $6.89 million in proceeds.
The sales occurred at prices between $73.15 and $75.08. On February 23, Brown disposed of 17,203 shares at a weighted average price of $73.15, 48,329 shares at a weighted average price of $74.32 and 1,328 shares at a weighted average price of $75.08. On February 24, he sold 25,738 shares at a weighted average price of $74.85 and 200 shares at a weighted average price of $74.63.
Concurrently with the share sales, Brown exercised stock options to acquire additional company shares. He exercised options to obtain 66,860 shares on February 23 and 25,938 shares on February 24 at an exercise price of $44.38. The aggregate value associated with those option exercises is reported as 4118375.
Following these transactions, Brown's direct ownership in Travel & Leisure stands at 427,821 shares.
Separately, Travel + Leisure Co. released fourth-quarter financial results that exceeded analyst expectations on multiple metrics. Adjusted diluted earnings per share for the quarter were $1.83, beating Citizens' estimate of $1.74 and the consensus estimate of $1.81.
The company's adjusted EBITDA for the period reached $272 million, ahead of Citizens' forecast of $256 million and the consensus figure of $258.6 million. Reported sales for the quarter were $1,026 million, surpassing Oppenheimer's projection of $983 million and the broader Street estimate of $998 million.
Following the quarterly results, two research firms revised their price targets upward while maintaining positive ratings. Citizens raised its price target on Travel + Leisure stock to $90 from $80, and Oppenheimer increased its target to $85 from $75; both firms kept an Outperform rating.
In related corporate finance activity noted in the same reporting period, Wyndham Hotels & Resorts announced the pricing of a $650 million senior notes offering due in 2033. Wyndham stated it intends to use the proceeds to repay outstanding borrowings and for general corporate purposes.
These items - executive-level stock transactions, option exercises, quarterly operating results that topped expectations, analyst target revisions and a sizeable debt offering by a lodging peer - are contemporaneous developments for companies operating in the travel, leisure and hospitality sectors. The public record supplied here documents the transactions and reported results without attributing motive or projecting subsequent market moves.