UniFirst Corporation $UNF Position Boosted by Bank of America Corp DE

Key Points

• Bank of America increased its UniFirst stake by 16% in the first quarter, owning 151,925 shares valued at approximately $38.2 million. Institutional investors collectively hold 78.17% of the company.
• UniFirst reported quarterly revenue of $634.4 million, up 3.9% year over year and above estimates, but EPS of $1.09 fell well short of the $1.93 consensus. Analysts maintain a consensus “Hold” rating with an average price target of $246.67.
• The company declared a quarterly dividend of $0.365, equivalent to an annualized $1.46 payout and a 0.5% yield. Shares opened at $288.73, near their 12-month high of $306.67.

Bank of America Corp DE boosted its holdings in UniFirst Corporation (NYSE:UNF - Free Report) by 16.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 151,925 shares of the textile maker's stock after acquiring an additional 20,956 shares during the quarter. Bank of America Corp DE owned 0.84% of UniFirst worth $38,223,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Modus Advisors LLC acquired a new stake in UniFirst in the fourth quarter worth about $28,000. EverSource Wealth Advisors LLC lifted its stake in shares of UniFirst by 378.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 153 shares of the textile maker's stock worth $29,000 after acquiring an additional 121 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of UniFirst by 474.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 155 shares of the textile maker's stock worth $27,000 after acquiring an additional 128 shares during the period. Danske Bank A S acquired a new stake in UniFirst in the third quarter worth approximately $33,000. Finally, Brown Brothers Harriman & Co. increased its position in shares of 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 during the period. Institutional investors own 78.17% of the company's stock.

UniFirst Stock Down 0.4%

Shares of UniFirst stock opened at $288.73 on Friday. UniFirst Corporation has a 12-month low of $147.66 and a 12-month high of $306.67. The stock has a 50 day moving average price of $278.29 and a two-hundred day moving average price of $259.75. The stock has a market capitalization of $5.22 billion, a P/E ratio of 45.54 and a beta of 0.63.

UniFirst (NYSE:UNF - Get Free Report) last released its quarterly earnings results on Wednesday, July 1st. The textile maker reported $1.09 EPS for the quarter, missing analysts' consensus estimates of $1.93 by ($0.84). UniFirst had a net margin of 4.65% and a return on equity of 6.44%. The firm had revenue of $634.40 million during the quarter, compared to the consensus estimate of $627.66 million. During the same period in the prior year, the business earned $2.13 EPS. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. Sell-side analysts anticipate that UniFirst Corporation will post 7.49 earnings per share for the current year.

UniFirst Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued a $0.365 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.46 dividend on an annualized basis and a yield of 0.5%. UniFirst's dividend payout ratio is 23.03%.

Analysts Set New Price Targets

A number of research firms have recently commented on UNF. UBS Group set a $262.00 price objective on UniFirst in a research note on Monday, July 6th. Weiss Ratings cut shares of UniFirst from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 9th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat, UniFirst presently has a consensus rating of "Hold" and an average price target of $246.67.

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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