Vestis Co. Announces Quarterly Dividend of $0.04 (NYSE:VSTS)

Vestis Co. (NYSE:VSTS) declared a quarterly dividend on Friday, November 22nd,Wall Street Journal reports. Shareholders of record on Friday, December 13th will be given a dividend of 0.035 per share on Monday, January 6th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date is Friday, December 13th.

Vestis has a payout ratio of 18.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Vestis to earn $0.73 per share next year, which means the company should continue to be able to cover its $0.14 annual dividend with an expected future payout ratio of 19.2%.

Vestis Stock Performance

Shares of VSTS traded up $0.52 during trading hours on Friday, reaching $16.14. 1,998,605 shares of the company traded hands, compared to its average volume of 2,136,190. The company has a debt-to-equity ratio of 1.67, a current ratio of 2.37 and a quick ratio of 2.02. The business has a fifty day moving average price of $14.58 and a 200-day moving average price of $13.26. Vestis has a 12-month low of $8.92 and a 12-month high of $22.37.

Analyst Ratings Changes

A number of research analysts have recently weighed in on VSTS shares. Barclays increased their price objective on Vestis from $10.00 to $13.00 and gave the company an “underweight” rating in a report on Friday. Robert W. Baird downgraded shares of Vestis from an “outperform” rating to a “neutral” rating and set a $13.00 price target on the stock. in a report on Thursday, August 8th. Baird R W cut shares of Vestis from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of Vestis from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, The Goldman Sachs Group raised their target price on shares of Vestis from $13.60 to $15.00 and gave the stock a “neutral” rating in a report on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $17.43.

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.