Vestis (NYSE:VSTS) Price Target Raised to $16.00

Vestis (NYSE:VSTS) had its price objective hoisted by JPMorgan Chase & Co. from $15.00 to $16.00 in a research report released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other brokerages also recently weighed in on VSTS. Baird R W downgraded Vestis from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 8th. The Goldman Sachs Group raised their target price on shares of Vestis from $12.50 to $13.80 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Robert W. Baird lowered shares of Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 price target for the company. in a research note on Thursday, August 8th. Finally, Barclays boosted their price objective on Vestis from $10.00 to $13.00 and gave the stock an “underweight” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $17.43.

Vestis Price Performance

NYSE VSTS opened at $16.02 on Friday. The company has a 50-day moving average price of $14.60 and a two-hundred day moving average price of $13.33. The stock has a market cap of $2.11 billion and a price-to-earnings ratio of 100.13. The company has a current ratio of 1.73, a quick ratio of 2.02 and a debt-to-equity ratio of 1.40. Vestis has a 52 week low of $8.92 and a 52 week high of $22.37.

Vestis Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders 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 of this dividend is Friday, December 13th. Vestis’s dividend payout ratio is presently 87.51%.

Hedge Funds Weigh In On Vestis

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brooklyn Investment Group acquired a new stake in shares of Vestis during the third quarter worth approximately $27,000. Nomura Asset Management Co. Ltd. boosted its position in Vestis by 104.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 2,000 shares of the company’s stock valued at $30,000 after purchasing an additional 1,020 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Vestis in the third quarter valued at about $41,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Vestis in the 3rd quarter worth about $51,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Vestis in the 2nd quarter valued at approximately $44,000. Institutional investors and hedge funds own 97.40% of the company’s stock.

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.