Vest Financial LLC Raises Stake in Unifirst Corporation $UNF

Key Points

• Vest Financial LLC significantly increased its stake in UniFirst Corporation by 174.9% during the second quarter, owning 10,626 shares valued at around $2 million.
• Several institutional investors, including SageView Advisory Group and Fifth Third Bancorp, also raised their positions in UniFirst, indicating increased interest among large investors in the company.
• Analysts maintain a mixed outlook on UniFirst, with a consensus rating of "Reduce" and an average target price of $179.50, reflecting concerns over the stock's potential performance.

Vest Financial LLC raised its position in shares of Unifirst Corporation (NYSE:UNF - Free Report) by 174.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,626 shares of the textile maker's stock after purchasing an additional 6,760 shares during the quarter. Vest Financial LLC owned 0.06% of Unifirst worth $2,000,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. SageView Advisory Group LLC raised its position in shares of Unifirst by 4.0% during the first quarter. SageView Advisory Group LLC now owns 1,643 shares of the textile maker's stock valued at $286,000 after buying an additional 63 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Unifirst by 59.9% during the first quarter. GAMMA Investing LLC now owns 227 shares of the textile maker's stock valued at $39,000 after buying an additional 85 shares during the last quarter. DAVENPORT & Co LLC raised its position in shares of Unifirst by 1.1% during the first quarter. DAVENPORT & Co LLC now owns 7,613 shares of the textile maker's stock valued at $1,325,000 after buying an additional 86 shares during the last quarter. Cetera Investment Advisers raised its position in shares of Unifirst by 4.1% during the first quarter. Cetera Investment Advisers now owns 2,323 shares of the textile maker's stock valued at $404,000 after buying an additional 92 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Unifirst by 88.7% during the first quarter. Fifth Third Bancorp now owns 266 shares of the textile maker's stock valued at $46,000 after buying an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 78.17% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on UNF shares. UBS Group reduced their price objective on shares of Unifirst from $196.00 to $194.00 and set a "neutral" rating on the stock in a research report on Monday, June 30th. Robert W. Baird set a $197.00 price objective on shares of Unifirst in a research report on Monday, June 30th. Weiss Ratings reiterated a "hold (c)" rating on shares of Unifirst in a research report on Wednesday, October 8th. Barclays set a $152.00 price target on shares of Unifirst and gave the stock an "underweight" rating in a research report on Monday, June 30th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Unifirst in a research report on Monday, July 14th. They issued an "underweight" rating and a $175.00 price target on the stock. Three investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $179.50.

Unifirst Price Performance

Shares of NYSE UNF opened at $163.25 on Wednesday. The stock has a market capitalization of $3.03 billion, a price-to-earnings ratio of 20.06 and a beta of 0.86. Unifirst Corporation has a 12 month low of $156.21 and a 12 month high of $243.70. The firm's 50 day simple moving average is $171.41 and its 200-day simple moving average is $176.38.

Unifirst Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 5th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.9%. Unifirst's dividend payout ratio (DPR) is presently 17.20%.

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.

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