Delap Wealth Advisory LLC Invests $157,000 in Vestis Co. (NYSE:VSTS)

Delap Wealth Advisory LLC purchased a new stake in shares of Vestis Co. (NYSE:VSTS) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 12,864 shares of the company’s stock, valued at approximately $157,000.

Several other hedge funds have also recently bought and sold shares of the business. DAVENPORT & Co LLC acquired a new position in shares of Vestis in the 1st quarter valued at about $21,712,000. Hsbc Holdings PLC acquired a new position in Vestis in the 4th quarter valued at approximately $4,646,000. Madison Avenue Partners LP lifted its position in Vestis by 1,124.5% in the 4th quarter. Madison Avenue Partners LP now owns 1,346,980 shares of the company’s stock worth $28,475,000 after buying an additional 1,236,980 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Vestis by 2,290.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 101,064 shares of the company’s stock valued at $1,948,000 after buying an additional 96,836 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Vestis in the first quarter worth $7,364,000. 97.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

VSTS has been the topic of a number of recent research reports. William Blair began coverage on Vestis in a research note on Friday, May 31st. They issued a “market perform” rating on the stock. Baird R W downgraded Vestis from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 8th. The Goldman Sachs Group raised their price objective 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. Finally, Robert W. Baird downgraded 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. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Vestis presently has a consensus rating of “Hold” and a consensus target price of $16.69.

Vestis Price Performance

Shares of Vestis stock opened at $15.71 on Friday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 2.02 and a current ratio of 2.37. The firm has a fifty day simple moving average of $13.51 and a 200-day simple moving average of $14.40. Vestis Co. has a 1-year low of $8.92 and a 1-year high of $22.37.

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

Vestis Announces Dividend

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