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

Vestis Co. (NYSE:VSTS)’s stock price rose 6.8% on Thursday following a dividend announcement from the company. The company traded as high as $14.45 and last traded at $14.22. Approximately 501,226 shares were traded during trading, a decline of 76% from the average daily 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 $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date of this dividend is Friday, December 13th.

Wall Street Analyst Weigh In

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

Vestis Trading Up 2.6 %

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

Institutional Investors Weigh In On Vestis

A number of institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its holdings in shares of Vestis by 223.0% during the second quarter. AQR Capital Management LLC now owns 3,753,889 shares of the company’s stock worth $45,197,000 after purchasing an additional 2,591,593 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in Vestis by 111.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,631,652 shares of the company’s stock worth $39,212,000 after buying an additional 1,384,413 shares during the period. Forest Avenue Capital Management LP bought a new stake in shares of Vestis in the 3rd quarter valued at about $19,486,000. Granite Investment Partners LLC acquired a new stake in shares of Vestis in the second quarter valued at about $13,752,000. Finally, Bayberry Capital Partners LP bought a new position in shares of Vestis during the first quarter worth about $16,380,000. 97.40% of the stock is owned by institutional investors.

About Vestis

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.