Travel + Leisure Co. (TNL), formerly Wyndham Destinations, Inc., will raise its quarterly dividend to 40 cents per share. This comes after a 5 cent dividend hike in Q4 of 2021. TNL has now raised its dividend 2 straight years.

The dividend is payable March 31, 2022 to shareholders of record as of March 15, 2022. On an annualized basis, the dividend increases to $1.60 per share, up over 33 percent from the annualized level of $1.20 per share that was in place one year ago.

“We ended 2021 with increased return of capital to shareholders and we are pleased that the strength of the business has allowed us to increase the dividend once again in 2022,” said Mike Hug, chief financial officer of Travel + Leisure Co. “We are excited about the foundation we have laid for future growth, and the opportunities we have ahead of us.”

Travel + Leisure Co. (NYSE:TNL) is a membership and leisure travel company, with nearly 20 travel brands across its resort, travel club, and lifestyle portfolio. The company provides vacation experiences and travel inspiration to millions of owners, members, and subscribers every year through its products and services: Wyndham Destinations, the largest vacation ownership company with more than 245 vacation club resort locations across the globe; Panorama, the world’s foremost membership travel business that includes the largest vacation exchange company and subscription travel brands; and Travel + Leisure Group, featuring top travel content and travel services including the brand’s eponymous travel club.