Vestis Co. (NYSE:VSTS) Shares Sold by State Street Corp

State Street Corp lowered its stake in shares of Vestis Co. (NYSE:VSTS) by 2.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,875,316 shares of the company’s stock after selling 97,499 shares during the quarter. State Street Corp owned about 2.95% of Vestis worth $57,887,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of VSTS. Raymond James & Associates purchased a new stake in Vestis during the 2nd quarter worth approximately $1,205,000. Fifth Third Bancorp increased its position in shares of Vestis by 5,618.1% in the 2nd quarter. Fifth Third Bancorp now owns 21,157 shares of the company’s stock valued at $259,000 after acquiring an additional 20,787 shares during the period. Louisiana State Employees Retirement System raised its stake in Vestis by 1.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 66,100 shares of the company’s stock worth $808,000 after acquiring an additional 1,000 shares during the last quarter. Crossmark Global Holdings Inc. lifted its position in Vestis by 9.6% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 21,747 shares of the company’s stock worth $266,000 after acquiring an additional 1,900 shares during the period. Finally, nVerses Capital LLC purchased a new stake in Vestis during the 2nd quarter valued at about $61,000. 97.40% of the stock is owned by hedge funds and other institutional investors.

Vestis Stock Performance

VSTS opened at $15.72 on Thursday. The firm has a fifty day moving average price of $15.02 and a 200 day moving average price of $13.85. Vestis Co. has a 1 year low of $8.92 and a 1 year high of $22.37. The stock has a market cap of $2.07 billion, a P/E ratio of 98.26 and a beta of 1.17. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.73 and a quick ratio of 1.36.

Vestis (NYSE:VSTS) last released its quarterly earnings data on Thursday, November 21st. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.02). Vestis had a net margin of 0.75% and a return on equity of 9.07%. The firm had revenue of $684.28 million during the quarter, compared to analysts’ expectations of $693.54 million. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. Equities research analysts anticipate that Vestis Co. will post 0.66 earnings per share for the current year.

Vestis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Shareholders of record on Friday, December 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 of this dividend is Friday, December 13th. Vestis’s payout ratio is currently 87.50%.

Analyst Ratings Changes

Several brokerages have recently issued reports on VSTS. The Goldman Sachs Group raised their price objective on Vestis from $13.60 to $15.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. upped their price objective on shares of Vestis from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Finally, Barclays raised their target price on shares of Vestis from $10.00 to $13.00 and gave the stock an “underweight” rating in a report on Friday, November 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $15.73.

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.