M&T Bank Corp Invests $169,000 in Vestis Co. (NYSE:VSTS)

M&T Bank Corp purchased a new stake in Vestis Co. (NYSE:VSTS) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 11,348 shares of the company’s stock, valued at approximately $169,000.

A number of other large investors also recently made changes to their positions in VSTS. Brooklyn Investment Group bought a new stake in Vestis in the 3rd quarter valued at about $27,000. Nomura Asset Management Co. Ltd. grew 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 worth $30,000 after buying an additional 1,020 shares in the last quarter. Capital Performance Advisors LLP bought a new position in Vestis during the 3rd quarter worth $41,000. Canada Pension Plan Investment Board acquired a new position in Vestis in the 2nd quarter valued at $44,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Vestis in the 3rd quarter valued at $51,000. Institutional investors own 97.40% of the company’s stock.

Vestis Price Performance

Shares of NYSE:VSTS opened at $15.59 on Friday. The firm has a 50 day simple moving average of $15.04 and a 200 day simple moving average of $13.86. The company has a market cap of $2.05 billion, a price-to-earnings ratio of 97.44 and a beta of 1.17. Vestis Co. has a one year low of $8.92 and a one year high of $22.37. 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 announced its quarterly earnings results on Thursday, November 21st. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.02). The firm had revenue of $684.28 million during the quarter, compared to the consensus estimate of $693.54 million. Vestis had a net margin of 0.75% and a return on equity of 9.07%. The company’s revenue for the quarter was down 4.4% on a year-over-year basis. Research analysts predict that Vestis Co. will post 0.66 earnings per share for the current fiscal year.

Vestis Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 0.90%. The ex-dividend date is Friday, December 13th. Vestis’s dividend payout ratio (DPR) is currently 87.50%.

Analysts Set New Price Targets

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

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.