Victory Capital Management Inc. Sells 2,196,673 Shares of Vestis Co. (NYSE:VSTS)

Victory Capital Management Inc. lowered its holdings in shares of Vestis Co. (NYSE:VSTS) by 97.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,635 shares of the company’s stock after selling 2,196,673 shares during the period. Victory Capital Management Inc.’s holdings in Vestis were worth $693,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wahed Invest LLC acquired a new stake in shares of Vestis during the 4th quarter valued at about $42,000. TFO Wealth Partners LLC bought a new position in Vestis during the fourth quarter worth about $42,000. PNC Financial Services Group Inc. acquired a new stake in Vestis during the fourth quarter valued at approximately $65,000. CWM LLC grew its stake in shares of Vestis by 1,958.5% in the 1st quarter. CWM LLC now owns 4,817 shares of the company’s stock valued at $93,000 after purchasing an additional 4,583 shares during the period. Finally, nVerses Capital LLC acquired a new position in shares of Vestis in the 2nd quarter worth approximately $61,000. Institutional investors own 97.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. William Blair started coverage on Vestis in a research note on Friday, May 31st. They issued a “market perform” rating on the stock. Baird R W downgraded shares of Vestis from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 8th. Robert W. Baird cut shares of Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 target price for the company. in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group boosted their price target on shares of Vestis from $12.50 to $13.80 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $16.69.

Vestis Stock Performance

VSTS opened at $15.71 on Friday. Vestis Co. has a 1-year low of $8.92 and a 1-year high of $22.37. The firm has a 50-day moving average price of $13.51 and a two-hundred day moving average price of $14.40. The company has a debt-to-equity ratio of 1.67, a quick ratio of 2.02 and a current ratio of 2.37.

Vestis (NYSE:VSTS) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.06. The firm had revenue of $698.20 million during the quarter, compared to analysts’ expectations of $688.33 million. Vestis had a net margin of 4.13% and a return on equity of 18.00%. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, analysts expect that Vestis Co. will post 0.64 earnings per share for the current year.

Vestis Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Friday, September 13th will be issued a $0.035 dividend. This represents a $0.14 annualized dividend and a yield of 0.89%. The ex-dividend date is Friday, September 13th.

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.