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

Vestis Co. (NYSE:VSTS) declared a quarterly dividend on Thursday, November 21st,Wall Street Journal reports. Investors 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 yield of 0.84%. The ex-dividend date is Friday, December 13th.

Vestis has a dividend payout ratio of 21.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Vestis to earn $0.83 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 16.9%.

Vestis Stock Up 2.0 %

Shares of NYSE:VSTS opened at $16.62 on Wednesday. The firm has a market capitalization of $2.19 billion, a P/E ratio of 103.88 and a beta of 1.15. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.36 and a current ratio of 1.73. The stock has a 50 day moving average price of $14.85 and a 200-day moving average price of $13.68. Vestis has a 52-week low of $8.92 and a 52-week high of $22.37.

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on VSTS. Barclays upped their price objective on shares of Vestis from $10.00 to $13.00 and gave the stock an “underweight” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. upped their price target on Vestis from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Finally, The Goldman Sachs Group boosted their target price on Vestis from $13.60 to $15.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $16.91.

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.