Vestis (NYSE:VSTS) Stock Price Up 6.8% Following Dividend Announcement

Vestis Co. (NYSE:VSTS)’s share price traded up 6.8% on Thursday following a dividend announcement from the company. The stock traded as high as $14.45 and last traded at $14.22. 501,226 shares traded hands during trading, a decline of 76% from the average session volume of 2,115,807 shares. The stock had previously closed at $13.31.

The newly announced dividend which will be paid on Monday, January 6th. Investors of record on Friday, December 13th will be paid a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date is Friday, December 13th.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on VSTS shares. Barclays increased their price target on Vestis from $10.00 to $13.00 and gave the stock an “underweight” rating in a report on Friday. Robert W. Baird cut Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 target price for the company. in a research note on Thursday, August 8th. Baird R W lowered Vestis from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 8th. The Goldman Sachs Group raised their price objective on shares of Vestis from $13.60 to $15.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Vestis from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $17.43.

Vestis Trading Up 2.6 %

The business has a fifty day moving average of $14.58 and a 200-day moving average of $13.26. The company has a debt-to-equity ratio of 1.67, a current ratio of 2.37 and a quick ratio of 2.02.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of VSTS. Barclays PLC increased its position in shares of Vestis by 445.4% during the third quarter. Barclays PLC now owns 51,981 shares of the company’s stock worth $774,000 after acquiring an additional 42,450 shares in the last quarter. M&T Bank Corp acquired a new position in Vestis during the 3rd quarter valued at about $169,000. Public Employees Retirement System of Ohio increased its holdings in Vestis by 105.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 122,255 shares of the company’s stock worth $1,822,000 after purchasing an additional 62,675 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in shares of Vestis by 104.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 2,000 shares of the company’s stock worth $30,000 after purchasing an additional 1,020 shares during the last quarter. Finally, Weiss Asset Management LP bought a new position in shares of Vestis in the third quarter valued at approximately $1,232,000. Institutional investors and hedge funds own 97.40% of the company’s stock.

Vestis Company Profile

Vestis Corporation provides uniform rentals and workplace supplies in the United States and Canada. Its products include uniform options, such as shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments, and flame-resistant garments, as well as shoes and accessories; and workplace supplies, including managed restroom supply services, first-aid supplies and safety products, floor mats, towels, and linens.