Comerica Bank Raises Holdings in Unifirst Corporation $UNF

Key Points

• Comerica Bank increased its stake in UniFirst Corporation by 55.1%, bringing its total shares to 16,153, worth approximately $2.81 million.
• UniFirst recently reported $2.13 earnings per share for the last quarter, exceeding expectations by $0.04, while quarterly revenue grew by 1.2% year-over-year.
• The company declared a quarterly dividend of $0.35 per share, contributing to an annualized dividend yield of 0.8%.

Comerica Bank lifted its stake in shares of Unifirst Corporation (NYSE:UNF - Free Report) by 55.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,153 shares of the textile maker's stock after purchasing an additional 5,739 shares during the quarter. Comerica Bank owned about 0.09% of Unifirst worth $2,811,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in UNF. Voss Capital LP acquired a new position in shares of Unifirst during the 1st quarter worth $28,529,000. T. Rowe Price Investment Management Inc. grew its stake in shares of Unifirst by 353.8% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 171,346 shares of the textile maker's stock worth $29,815,000 after purchasing an additional 133,588 shares during the period. Ulysses Management LLC acquired a new position in shares of Unifirst during the 4th quarter worth $8,318,000. Nuveen LLC acquired a new position in shares of Unifirst during the 1st quarter worth $8,081,000. Finally, Millennium Management LLC grew its stake in Unifirst by 148.4% in the 4th quarter. Millennium Management LLC now owns 76,742 shares of the textile maker's stock valued at $13,130,000 after acquiring an additional 45,850 shares during the last quarter. 78.17% of the stock is owned by institutional investors and hedge funds.

Unifirst Trading Down 0.8%

Shares of NYSE UNF traded down $1.42 during midday trading on Friday, reaching $177.19. 15,438 shares of the stock were exchanged, compared to its average volume of 127,720. The company has a market capitalization of $3.29 billion, a P/E ratio of 21.77 and a beta of 0.86. Unifirst Corporation has a 52-week low of $156.34 and a 52-week high of $243.70. The stock has a 50 day moving average price of $175.34 and a 200-day moving average price of $183.24.

Unifirst (NYSE:UNF - Get Free Report) last issued its quarterly earnings results on Wednesday, July 2nd. The textile maker reported $2.13 EPS for the quarter, topping analysts' consensus estimates of $2.09 by $0.04. The business had revenue of $610.78 million during the quarter, compared to the consensus estimate of $614.50 million. Unifirst had a net margin of 6.18% and a return on equity of 7.35%. The company's quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.20 earnings per share. Unifirst has set its FY 2025 guidance at 7.600-8.00 EPS. On average, analysts forecast that Unifirst Corporation will post 7.71 earnings per share for the current year.

Unifirst Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Friday, September 5th. Unifirst's dividend payout ratio is presently 17.20%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on UNF. JPMorgan Chase & Co. began coverage on shares of Unifirst in a research note on Monday, July 14th. They issued an "underweight" rating and a $175.00 price objective on the stock. UBS Group lowered their price objective on shares of Unifirst from $196.00 to $194.00 and set a "neutral" rating on the stock in a research note on Monday, June 30th. Robert W. Baird set a $197.00 price objective on shares of Unifirst in a research note on Monday, June 30th. Finally, Barclays set a $152.00 price objective on shares of Unifirst and gave the company an "underweight" rating in a research note on Monday, June 30th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and an average target price of $179.50.

About Unifirst

UniFirst Corporation provides workplace uniforms and protective work wear clothing in the United States, Europe, and Canada. The company operates through U.S. and Canadian Rental and Cleaning, Manufacturing, Specialty Garments Rental and Cleaning, and First Aid segments. It designs, manufactures, personalizes, rents, cleans, delivers, and sells a range of uniforms and protective clothing, including shirts, pants, jackets, coveralls, lab coats, smocks, and aprons; and specialized protective wear, such as flame resistant and high visibility garments.