M&T Bank Corp Takes Position in UniFirst Corporation $UNF

Key Points

• M&T Bank Corp bought 14,962 shares of UniFirst (NYSE:UNF) in Q4, a new stake valued at about $2.886 million representing roughly 0.08% ownership.
• UniFirst reported Q1 EPS of $1.13 (missing the $1.21 estimate) while revenue rose to $622.51M (above estimates), and the company declared a quarterly dividend of $0.365 (annualized $1.46, ~0.6% yield).
• Insider activity: VP David Martin Katz sold 1,464 shares at an average $237.54 (~$347,758), trimming his stake by 18.47%; institutional investors hold about 78.17% of the company.

M&T Bank Corp bought a new stake in UniFirst Corporation (NYSE:UNF - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 14,962 shares of the textile maker's stock, valued at approximately $2,886,000. M&T Bank Corp owned approximately 0.08% of UniFirst as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Geneos Wealth Management Inc. grew its stake in UniFirst by 474.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 155 shares of the textile maker's stock valued at $27,000 after purchasing an additional 128 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in UniFirst by 378.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker's stock valued at $29,000 after purchasing an additional 121 shares in the last quarter. Danske Bank A S acquired a new stake in UniFirst during the 3rd quarter valued at approximately $33,000. Cornerstone Planning Group LLC acquired a new stake in UniFirst during the 3rd quarter valued at approximately $36,000. Finally, Brown Brothers Harriman & Co. grew its stake in UniFirst by 1,244.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 336 shares of the textile maker's stock valued at $56,000 after purchasing an additional 311 shares in the last quarter. Institutional investors and hedge funds own 78.17% of the company's stock.

Insider Activity

In related news, VP David Martin Katz sold 1,464 shares of the firm's stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $237.54, for a total value of $347,758.56. Following the sale, the vice president owned 6,461 shares of the company's stock, valued at approximately $1,534,745.94. This trade represents a 18.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.86% of the company's stock.

UniFirst Trading Down 0.7%

Shares of NYSE UNF opened at $258.31 on Tuesday. The company has a market cap of $4.67 billion, a price-to-earnings ratio of 35.00 and a beta of 0.66. UniFirst Corporation has a 12-month low of $147.66 and a 12-month high of $283.77. The stock's 50 day simple moving average is $254.72 and its 200 day simple moving average is $208.89.

UniFirst (NYSE:UNF - Get Free Report) last announced its quarterly earnings results on Wednesday, April 1st. The textile maker reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.08). The company had revenue of $622.51 million during the quarter, compared to the consensus estimate of $614.91 million. UniFirst had a return on equity of 6.49% and a net margin of 5.49%.The company's revenue for the quarter was up 3.4% on a year-over-year basis. During the same period last year, the business posted $1.31 EPS. As a group, equities analysts forecast that UniFirst Corporation will post 7.21 earnings per share for the current fiscal year.

UniFirst Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a $0.365 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.46 annualized dividend and a dividend yield of 0.6%. UniFirst's dividend payout ratio (DPR) is 19.78%.

Analyst Ratings Changes

Several research firms recently issued reports on UNF. UBS Group upped their price target on shares of UniFirst from $206.00 to $260.00 and gave the company a "neutral" rating in a report on Thursday, April 2nd. Robert W. Baird set a $198.00 price target on shares of UniFirst in a report on Thursday, January 8th. Barclays upped their price target on shares of UniFirst from $250.00 to $280.00 and gave the company an "equal weight" rating in a report on Thursday, March 12th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of UniFirst in a report on Wednesday, January 21st. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, UniFirst has an average rating of "Reduce" and an average price target of $228.25.

UniFirst Company Profile

UniFirst Corporation NYSE: UNF is a leading provider of customized uniform rental and facility service programs in North America and Europe. The company specializes in the rental, laundering and maintenance of workwear, corporate apparel and protective garments for a broad range of industries, including manufacturing, automotive, hospitality, healthcare and food processing. UniFirst also offers a suite of facility service products such as entrance mats, restroom supplies, wipers, mops and hygienic services designed to help customers maintain clean and safe environments.

In addition to its core uniform rental business, UniFirst has expanded its product portfolio to include safety and first-responder gear, flame-resistant clothing, high-visibility apparel and personal protective equipment (PPE).

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