Geoffrey Richards, Chief Operating Officer of Vacation Ownership at Travel + Leisure Co. (TNL +0.34%), completed an open-market sale of 1,100 shares of the hospitality company on Oct. 29, 2025, according to the SEC Form 4 filing. The transaction was worth a little more than $71,000.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold | 1,100 |
| Transaction value | ~$71,500 |
| Post-transaction shares | 111,677 |
| Post-transaction value (direct ownership) | ~$7.2 million |
Transaction value based on SEC Form 4 weighted average purchase price ($65.00) as of 2025-10-29.
Key questions
What is the significance of this sale in the context of Geoffrey Richards' historical trading?
This was a fairly small transaction. Historically, his sell transactions have been larger, including much more selling activity in November.
How does the timing of this sale relate to recent market performance?
The sale occurred after a period of strong share price appreciation. Shares were priced at $65 for the transaction and have risen more since that sale.
What does the sale imply about Geoffrey Richards' ongoing economic exposure to Travel + Leisure Co?
Following this disposition, Geoffrey Richards holds less Travel + Leisure stock, though his count of restricted stock units remains unchanged.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $3.97 billion |
| Net income (TTM) | $409 million |
| Dividend yield | 3.28% |
| 1-year price change | 24.45% |
* 1-year performance calculated using Dec. 5, 2025, as the reference date (calendar year basis, not fiscal year).
Company snapshot
Travel + Leisure serves individual consumers seeking vacation ownership, travel memberships, and exchange services, with a focus on leisure travelers in the U.S. and internationally. The company's core products and services include vacation ownership interests, vacation exchange brands, home exchange networks, travel technology platforms, and direct-to-consumer rentals.
It generates revenue primarily through the sale and financing of vacation ownership interests, recurring membership and exchange fees, and property management services at resorts.
Travel + Leisure Co. is a leading provider in the travel services industry, operating with a diversified business model across vacation ownership and travel membership segments.
NYSE: TNL
Key Data Points
Foolish take
Richards' sale in October represented a very small portfolio adjustment, less than 1% of his total common stock holdings, and came at an opportune time, with shares up materially for the year to about $65. The company reported its Q3 earnings results on Oct. 22, and investors pushed the shares up 15% that day in response to its strong quarterly performance.
In November, Richards sold more shares of Travel + Leisure on two separate occasions. He disposed of around 9,500 shares total on Nov. 12 and 13 and another 62,525 shares on Nov. 24. All of the sales in November were also around the $65-per-share price, meaning the transactions for that month totaled nearly $4.7 million.
The stock has performed well recently, up nearly 25% as of Dec. 5, outpacing the S&P 500's 13% rise. Executives may choose to sell their shares for any number of reasons, and it's not clear what motivated Richards to sell this fall, though he may have wanted to lock in some gains after the stock's strong recent performance. As of the most recent SEC filings, he still holds about 40,000 common shares and 116,000 restricted stock units.
Glossary
Open-market sale: The sale of securities on a public exchange at prevailing market prices.
SEC Form 4: A regulatory filing that discloses insider trades of company stock by officers, directors, or significant shareholders.
Direct ownership: Holding securities in one’s own name, not through intermediaries or indirect vehicles.
Disposition: The act of selling or otherwise transferring ownership of an asset.
Weighted average purchase price: The average cost per share, calculated by weighting each purchase price by the number of shares bought at that price.
Economic exposure: The degree to which an individual or entity is affected financially by changes in the value of an asset.
Insider trading: Buying or selling a company’s securities by individuals with access to nonpublic, material information about the company.
Dividend yield: A financial ratio showing how much a company pays in dividends each year relative to its share price.
Vacation ownership interests: Legal rights to use a property, typically a resort, for a set period each year (often called timeshares).
Exchange fees: Charges paid by members to swap or exchange vacation ownership intervals or memberships.
TTM: The 12-month period ending with the most recent quarterly report.
